None

Miami Beach, FL 33140

$1,099,000F

6 bd · 4.0 ba · 2,553 sqft · Built 1932 · MultiFamily · Active · 315 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,095/mo
• Mortgage (P&I): −$5,763
• Tax + insurance: −$2,626
• HOA: −$0
• Vac / Maint / Mgmt: −$1,280
• Net cashflow: $-3,574/mo
• Annual: $-42,888/yr
• Cap rate: 2.86%
• Cash-on-cash: -12.27%
• DSCR: 0.45
• 1% rule: 0.55%
• Cash to close: $307,720

Investor read

• This is a 6-bed/4.0-bath multifamily listed at $1.10M.
• At list price, monthly cash flow is $-4k ($-43k/yr) — negative.
• To cash-flow at today's rent, offer at most $468k (57.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $610k (44.5% below list).
• It's been on market 315 days — a 12% lower offer ($967k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $468k (57.4% below list) — sets the bar for cash-flow.
• In year one you build about $18k of equity ($8k loan paydown + $11k appreciation (1.0% local appreciation)).
• Location reads 80/100 on livability (#108 in FL, #1,672 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: housing C-, amenities D-, cost of living F.
• Miami-Dade (suburban): math 45% / reading 54% proficiency, ranked #40 of 73 in FL (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: flood insurance adds $427/mo; built in 1932 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.5%/yr); 672 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• By year 4, paydown + projected appreciation supports a ~$66k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→27/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 2.9% vs local median 1.5% in Miami Beach — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $6,095/mo this rent would consume 68% of the median local household income ($107k/yr) (locally 870% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 315 days. Have you received any prior offers? Is the seller open to a 57% concession, seller financing, or rate buy-down credit?
• Built in 1932 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?