3881 W Flagler St #102 · Miami, FL 33134

$198,500

1 bd · 1.0 ba · 540 sqft · Condo public records · 11 Days on market

Built 1965 $646/mo HOA · 22% of rent

---

Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +24.5/30.0
• 1% rule +9.8/10.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

VERY CLEAN AND WELL KEPT AND READY TO MOVE IN. ONE ASSIGNED PARKING SPACE PLUS GUEST SPACES. COIN LAUNDRY IN BUILDING FOR YOUR CONVENIENCE. CENTRALLY LOCATED ON FLAGLER STREET IN THE HEART OF MIAMI. EASY ACCESS TO HIGHWAYS, SCHOOLS, SHOPPING CENTERS, RESTAURANTS AND MUCH MORE. THIS IS A 55+ COMMUNITY AND HAS COMPLETED THE 40 YEAR RECERTIFICATION REQUIRED BY THE COUNTY. NO LEASE ALLOWED UNTIL AFTER 26 MONTHS OF OWNERSHIP.

Key facts

• Ground floor condo
• Medical services
• Secure parking

Tags

• GROUND FLOOR CONDO
• SECURE PARKING
• PUBLIC TRANSPORTATION
• SHOPPING
• DINING
• MEDICAL SERVICES

Property features AI

Finance

• Other: Homestead exemption claimed
• Financial info: Total monthly fees reported as $646; Total annual fees reported as $7,752; Lease restrictions apply
• HOA & community: Monthly association fee of $323 (includes pool, maintenance of structure, and security); Association approval required; Buyer approval required for community; Senior community; pets not allowed; Association managed by NPM / Neighborhood Property Management

Exterior

• Security: Community security included in association
• Utilities: Public water; Public sewer; Cable available; Electricity connected
• Home design: Residential condominium; One-story building (unit on floor 1); Faces south
• Construction: Block and concrete construction; Concrete roof; Slab foundation; Built as part of 3881 West Flagler Condo
• Exterior features: In-ground pool; Asphalt road access

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: 1 bedroom
• Flooring: Ceramic tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Living room and dining room combo; Three or more levels
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $198k.

Deal economics

• At list price, monthly cash flow is $407 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $198k).
• Cap rate 8.8% vs local median 1.9% in Miami — 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.

Location & tenants

• Location reads 78/100 on livability (#177 in FL, #2,724 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F, 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.
• Market conditions: Rents flat; 304 active listings in the ZIP; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• This rent runs 35% of the median local income ($100k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→26/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $198,500

Questions for the listing agent

1. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.48% ✓
• Cap rate: 8.75%
• Cash-on-cash: 8.78%
• DSCR: 1.39
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.92% rent growth · sell at horizon

5-year hold

• IRR: -5.9%
• Equity multiple: 0.79×
• Total profit: $-11,920
• Equity at exit: $29,597

10-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $759
• Equity at exit: $17,163

Cash invested: $55,580 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33134

• Rents YoY: 0.9%
• Active inventory: 304
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,945 medium
• Mortgage (P&I): −$1,041
• Tax from tax record: −$150 /mo · $1,801/yr
• Insurance: −$83
• HOA: −$646
• Vacancy / Maint / Mgmt: −$618
• Net cashflow: $407

Break-even live

Break-even rent $2,430

Max offer price $198,500

Occupancy floor 81%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $49,625
• Closing costs: $5,955
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $646 · $7,752/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-18
   days on market $198,500 Active 11 DOM
2. 2026-06-17
   days on market $198,500 Active 10 DOM
3. 2026-06-16
   days on market $198,500 Active 9 DOM
4. 2026-06-15
   days on market $198,500 Active 8 DOM
5. 2026-06-13
   days on market $198,500 Active 6 DOM
6. 2026-06-09
   days on market $198,500 Active 2 DOM
7. 2026-06-08
   remarks 419-char remark
8. 2026-06-08
   listed $198,500 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $1,801 · $150/mo
• Projected year-2 tax: $1,801 · $150/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥104°F today · 26 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,338
• − Mortgage interest: −$11,119
• − Property taxes: −$1,801
• − Insurance: −$992
• − Repairs & maintenance: −$2,827
• − Management: −$2,827
• − HOA: −$7,752
• − Depreciation: −$5,775
• Taxable income: $2,245
• Est. tax owed @ 24.0%: −$539
• After-tax cash flow: $4,342/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Miami-Dade
• NCES district ID: 1200390
• Math proficiency: 45% ▼ -16.00%
• Reading proficiency: 54% ▼ -5.00%
• Median HH income: $43,928
• Composite: 41.76/100
• National rank: #3397
• State rank: #40 of 73 in FL

Livability — Miami

• Score: 78/100
• State rank: #177
• US rank: #2724

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment C- Housing B- Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 827,308
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 38,174
• Household income: $99,766
• Rent vs Own: 42.3% rent · 57.7% own
• Severe rent burden: 1812.0

Population outlook (Miami-Dade County) Hauer SSP2

• Today (2025): 3,126,439 people
• By 2030: 3,325,765 · +6.4%
• By 2040: 3,697,561 · +18.3%
• By 2050: 4,012,134 · +28.3%
• By 2075: 4,605,612 · +47.3%
• By 2100: 4,866,598 · +55.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (75%)
• Race & ethnicity: Hispanic / Latino 75% Two or more races 45% White 21% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2% Cuban 41% Dominican 1% Salvadoran 2%
• Common ancestry: Lithuanian 2% Russian 2% Romanian 1%
• Foreign-born: 55% · Canada, Jamaica, Dominican Republic
• Languages at home: 22% English-only · Spanish 71% Other Indo-European 4% French/Haitian/Cajun 1%

Political lean MEDSL · Miami-Dade

• 2024 margin: R (+11.4) · D 43.9% · R 55.4%
• 2008→2024 swing: -27.6pp toward R · 2008: 16.1pp · 2024: -11.4pp
• All cycles: 2024: R+11.4 2020: D+7.3 2016: D+29.6 2012: D+23.7 2008: D+16.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1014.50%
• Current HPI: 402.6405
• Rent YoY: ▲ 0.92%
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+530.2% since first listed

15 events — show timeline

• 2026-06-07 Listed $198,500 Stellar MLS as Distributed by MLS Grid
• 2022-12-28 Sold (Public Records) $175,000 Public Records
• 2022-12-22 Sold (MLS) $175,000 MARMLS
• 2022-12-06 Pending — MARMLS
• 2022-11-16 Listed $179,500 MARMLS
• 2022-09-26 Sold (Public Records) $125,000 Public Records
• 2022-09-23 Sold (MLS) $125,000 MARMLS
• 2022-09-06 Contingent — MARMLS
• 2022-08-26 Price Changed $155,000 MARMLS
• 2022-08-26 Relisted — MARMLS
• 2022-07-27 Contingent — MARMLS
• 2022-06-09 Listed $165,000 MARMLS
• 2012-11-30 Sold (MLS) $65,000 MARMLS
• 2000-08-29 Sold (Public Records) $45,000 Public Records
• 1983-05-01 Sold (Public Records) $31,500 Public Records

Property tax history

+7.2%/yr

Latest (2025): $1,801 · +3.6% YoY. Source: county tax records.