4050 NW 135th St Unit 15-11 · Opa-locka, FL 33054

$200,000

2 bd · 2.0 ba · 928 sqft · Condo public records · 3 Days on market

Built 1974 $255/mo HOA · 12% of rent

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Why this score? — see what drove the D 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 +11.4/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Schools +4.2/10.0
• Rent growth +3.7/5.0
• DSCR +3.3/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 beds 1 bath unit fully updated with granite countertops and SS appliances with tiled floors, centrally located, close to shopping, schools, Palmetto Expressway. Assigned parking for 2 cars.

Key facts

• Upgraded bathroom
• Mature mango tree
• Easy commute

Tags

• OPEN CONCEPT LAYOUT
• MATURE MANGO TREE
• UPGRADED BATHROOM
• IN UNIT WASHER AND DRYER
• ASSIGNED PARKING SPACES
• EASY COMMUTE

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Monthly association fee of $255; HOA covers common areas, grounds maintenance, structure maintenance, parking, roof and trash

Exterior

• Parking: 2 covered spaces; Garage with 2 spaces
• Security: Smoke detector(s)
• Utilities: Electric power; Central air conditioning; Electric water heater
• Home design: Block construction; Single-story (entry level 2); 2 total stories; Effective year built
• Construction: Block construction
• Exterior features: Fenced yard; Complex fenced

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Flooring: Tile flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Kitchen island; Split bedroom layout; Smoke detector(s)
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $-223 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (19.7% below list).
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $161k (19.7% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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 rising fast (+4.9%/yr); 141 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $2,083/mo this rent would consume 55% of the median local household income ($46k/yr) (locally 1811% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $55k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $152/mo.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $160,618 (19.7% below list)

Questions for the listing agent

1. 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?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.04% ✓
• Cap rate: 5.87%
• Cash-on-cash: -1.52%
• DSCR: 0.93
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.86% rent growth · sell at horizon

5-year hold

• IRR: -21.3%
• Equity multiple: 0.24×
• Total profit: $-42,307
• Equity at exit: $29,821

10-year hold

• IRR: -9.6%
• Equity multiple: 0.34×
• Total profit: $-36,858
• Equity at exit: $17,292

Cash invested: $56,000 (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 33054

• Home prices YoY: -15.9%
• Rents YoY: 4.9%
• Active inventory: 141
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,083 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$329 /mo · $3,951/yr
• Insurance: −$83
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$255
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $-223

Break-even live

Break-even rent $2,365

Max offer price $160,618

Occupancy floor —

Sensitivity live

Price	-10% $-110	-5% $-166	+0% $-223	+5% $-280	+10% $-336
Rent	-10% $-387	-5% $-305	+0% $-223	+5% $-141	+10% $-58
Rate	-1.0pp $-122	-0.5pp $-172	base $-223	+0.5pp $-275	+1.0pp $-327

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $255 · $3,060/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-08
   statusdays on market $200,000 Pending 3 DOM
2. 2026-06-07
   remarks 693-char remark
3. 2026-06-07
   pricedays on marketlisting id $200,000 Active 2 DOM
4. 2026-06-01
   days on market $255,000 Active 364 DOM
5. 2026-05-31
   days on market $255,000 Active 363 DOM
6. 2025-06-02
   listed $255,000 Active
7. 2022-07-14
   soldstatus $180,000
8. 2022-07-08
   soldstatus $180,000 Closed 191-char remark

   Show marketing remark (191 chars)

   2 beds 1 bath unit fully updated with granite countertops and SS appliances with tiled floors, centrally located, close to shopping, schools, Palmetto Expressway. Assigned parking for 2 cars.

9. 2022-05-06
   status Pending 191-char remark

   Show marketing remark (191 chars)

   2 beds 1 bath unit fully updated with granite countertops and SS appliances with tiled floors, centrally located, close to shopping, schools, Palmetto Expressway. Assigned parking for 2 cars.

10. 2022-04-25
    historical Active Under Contract 191-char remark

    Show marketing remark (191 chars)

    2 beds 1 bath unit fully updated with granite countertops and SS appliances with tiled floors, centrally located, close to shopping, schools, Palmetto Expressway. Assigned parking for 2 cars.

11. 2022-03-15
    listed $195,000 Active 191-char remark

    Show marketing remark (191 chars)

    2 beds 1 bath unit fully updated with granite countertops and SS appliances with tiled floors, centrally located, close to shopping, schools, Palmetto Expressway. Assigned parking for 2 cars.

12. 2006-06-19
    soldstatus $102,000
13. 2000-08-30
    soldstatus $35,000
14. 1984-12-01
    soldstatus $28,200
15. 1981-09-01
    soldstatus $32,500

ⓘ 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: $3,951 · $329/mo
• Projected year-2 tax: $3,951 · $329/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 6/10 Major FEMA zone AH · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥105°F today · 30 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,995
• − Mortgage interest: −$11,203
• − Property taxes: −$3,951
• − Insurance: −$2,824
• − Repairs & maintenance: −$2,000
• − Management: −$2,000
• − HOA: −$3,060
• − Depreciation: −$5,818
• Taxable loss: −$5,861
• Est. tax savings @ 24.0%: +$1,407
• After-tax cash flow: $-1,269/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 — Opa-locka

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Opa-locka, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 68,714
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 31,055
• Household income: $45,710
• Rent vs Own: 51.6% rent · 48.4% own
• Severe rent burden: 1811.0

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: Majority Black (51%)
• Race & ethnicity: Black 51% Hispanic / Latino 44% Two or more races 29% White 3%
• Hispanic origin (detail): Puerto Rican 2% Cuban 27% Dominican 3%
• Common ancestry: Hispanic 5%
• Foreign-born: 36% · Canada, Jamaica, Vietnam
• Languages at home: 52% English-only · Spanish 42% French/Haitian/Cajun 5% Chinese 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: ▼ -129.05%
• Current HPI: 681.4827
• Rent YoY: ▲ 4.86%
• 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

+684.6% since first listed

10 events — show timeline

• 2025-06-02 Listed $255,000 MARMLS
• 2022-07-14 Sold (Public Records) $180,000 Public Records
• 2022-07-08 Sold (MLS) $180,000 MARMLS
• 2022-05-06 Pending — MARMLS
• 2022-04-25 Contingent — MARMLS
• 2022-03-15 Listed $195,000 MARMLS
• 2006-06-19 Sold (Public Records) $102,000 Public Records
• 2000-08-30 Sold (Public Records) $35,000 Public Records
• 1984-12-01 Sold (Public Records) $28,200 Public Records
• 1981-09-01 Sold (Public Records) $32,500 Public Records

Property tax history

+9.9%/yr

Latest (2025): $3,951 · +6.9% YoY. Source: county tax records.