1568 Pennsylvania Ave #328 · Miami Beach, FL 33139

$325,000

1 bd · 1.0 ba · 654 sqft · Condo public records · 13 Days on market

Built 2008 $601/mo HOA · 16% of rent

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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 +15.6/30.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• DSCR +4.8/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Appreciation +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks

Welcome to Etruria Condo, a beautifully restored Art Deco gem in the heart of South Beach, offering historic charm, modern upgrades, and an unbeatable location. This top-floor corner residence, the largest line in the building, is filled with natural light and features impact windows for comfort and peace of mind. Thoughtfully renovated, the condo showcases a modern kitchen with stainless steel appliances, custom cabinetry, and ample prep space. Rich Brazilian teak wood floors add warmth and elegance throughout, while the updated bathroom offers stylish contemporary finishes. An in-unit washer and dryer add everyday convenience. Rebuilt in 2008, Etruria is a private, gated, garden-style com

Key facts

• Custom cabinetry
• Modern kitchen
• Impact windows

Tags

• TOP-FLOOR CORNER RESIDENCE
• IMPACT WINDOWS
• MODERN KITCHEN
• STAINLESS STEEL APPLIANCES
• CUSTOM CABINETRY
• BRAZILIAN TEAK WOOD FLOORS

Property features AI

Finance

• Financial info: Pets allowed
• HOA & community: Monthly association fee of $601; Association includes cable TV, internet, and water; Association provides trash service

Exterior

• Parking: On-street parking
• Security: Smoke detectors
• Home design: 2-story property; Entry on level 2; Property is attached
• Construction: Block construction; Resale property
• Exterior features: Fenced; Complex is fenced

Interior

• Kitchen: Built-in oven; Self-cleaning oven; Microwave; Dishwasher; Refrigerator
• Bedrooms: Bedroom located on the main level
• Flooring: Hardwood; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: First-floor entry; Bedroom on the main level; Hardwood and wood flooring
• Laundry & utility: Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $325k.

Deal economics

• At list price, monthly cash flow is $-287 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $274k (15.6% below list).
• Meets the 1% rule at list price ($4k rent vs $325k).
• Recommended offer: $274k (15.6% below list) — sets the bar for cash-flow.
• Cap rate 6.8% 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.

Location & tenants

• 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.
• Zoned schools: Miami Beach Feinberg/Fisher K-8 (math 37% / reading 34%, grade F, #1,684 of 2,144 statewide, top 79%, 842 students, 61% FRL); Miami Beach Nautilus Middle School (math 46% / reading 58%, grade C+, #217 of 571 statewide, top 40%, 918 students, 44% FRL); Miami Beach Senior High School (math 21% / reading 48%, grade F, #386 of 667 statewide, top 59%, 2,175 students, 40% FRL) — zoned schools average 48% FRL vs 64% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents soft (-0.4%/yr); 1216 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $3,736/mo this rent would consume 64% of the median local household income ($70k/yr) (locally 4052% 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 (-2.2%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 12y 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.
• Current owner paid $248k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• 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 8→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $274,220 (15.6% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.15% ✓
• Cap rate: 6.81%
• Cash-on-cash: 1.83%
• DSCR: 1.08
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.19% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -21.2%
• Equity multiple: 0.23×
• Total profit: $-70,079
• Equity at exit: $60,348

10-year hold

• IRR: -23.1%
• Equity multiple: -0.26×
• Total profit: $-114,335
• Equity at exit: $48,954

Cash invested: $91,000 (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 33139

• Home prices YoY: -0.8%
• Rents YoY: -0.4%
• Active inventory: 1216
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $3,736 medium
• Mortgage (P&I): −$1,704
• Tax from tax record: −$372 /mo · $4,462/yr
• Insurance: −$135
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$601
• Vacancy / Maint / Mgmt: −$785
• Net cashflow: $-287

Break-even live

Break-even rent $4,100

Max offer price $274,220

Occupancy floor —

Sensitivity live

Price	-10% $-103	-5% $-195	+0% $-287	+5% $-379	+10% $-471
Rent	-10% $-583	-5% $-435	+0% $-287	+5% $-140	+10% $8
Rate	-1.0pp $-124	-0.5pp $-205	base $-287	+0.5pp $-372	+1.0pp $-457

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1602 Meridian Ave Miami Beach, FL	4.0	1.0–3.0	917	$6,932	$7.56	16d	1	0.12mi
2201 Collins Ave Miami Beach, FL	1.0–3.0	1.0–2.0	1121	$22,000	$19.62	26d	2	0.77mi

HOA detail condo

• Monthly dues: $601 · $7,212/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-17
   status $325,000 Pending 13 DOM
2. 2026-06-17
   days on market $325,000 Active 13 DOM
3. 2026-06-16
   days on market $325,000 Active 12 DOM
4. 2026-06-15
   days on market $325,000 Active 11 DOM
5. 2026-06-13
   days on market $325,000 Active 9 DOM
6. 2026-06-09
   days on market $325,000 Active 5 DOM
7. 2026-06-08
   days on market $325,000 Active 4 DOM
8. 2026-06-07
   days on market $325,000 Active 3 DOM
9. 2026-06-04
   remarks 699-char remark
10. 2026-06-04
    listed $325,000 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: $4,462 · $372/mo
• Projected year-2 tax: $4,462 · $372/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 8 d/yr ≥101°F today · 31 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: $44,836
• − Mortgage interest: −$18,205
• − Property taxes: −$4,462
• − Insurance: −$6,744
• − Repairs & maintenance: −$3,587
• − Management: −$3,587
• − HOA: −$7,212
• − Depreciation: −$9,455
• Taxable loss: −$8,415
• Est. tax savings @ 24.0%: +$2,020
• After-tax cash flow: $-1,430/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 Beach

• Score: 80/100
• State rank: #108
• US rank: #1672

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami Beach, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 90,533
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 33,753
• Household income: $69,793
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 4052.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Hispanic / Latino 51% White 40% Two or more races 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 15% Salvadoran 3%
• Common ancestry: Lithuanian 3% Scotch-Irish 2% Romanian 2%
• Foreign-born: 56% · Canada, Jamaica, Dominican Republic
• Languages at home: 37% English-only · Spanish 49% Other Indo-European 5% French/Haitian/Cajun 3%

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: ▼ -2.19%
• Current HPI: 277.9321
• Rent YoY: ▼ -0.36%
• 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

+14.0% since first listed

27 events — show timeline

• 2026-06-04 Listed $325,000 MARMLS
• 2025-10-07 Rental Removed $2,200 MARMLS
• 2025-09-19 Listed for Rent $2,200 MARMLS
• 2023-09-27 Rental Removed $2,300 MARMLS
• 2023-09-02 Listed for Rent $2,300 MARMLS
• 2021-05-26 Sold (Public Records) $248,000 Public Records
• 2021-05-14 Sold (MLS) $248,000 MARMLS
• 2021-04-05 Pending — MARMLS
• 2021-03-12 Price Changed $267,900 MARMLS
• 2021-02-19 Listed $270,000 MARMLS
• 2020-12-26 Listing Removed — MARMLS
• 2020-06-29 Price Changed $295,000 MARMLS
• 2020-06-29 Listed $305,000 MARMLS
• 2019-07-31 Listing Removed — MARMLS
• 2019-07-10 Price Changed $285,000 MARMLS
• 2019-05-31 Listing Removed — Beaches MLS
• 2019-01-31 Listed $299,000 MARMLS
• 2019-01-24 Listed $299,000 Beaches MLS
• 2016-04-22 Sold (MLS) $285,000 MARMLS
• 2016-04-05 Pending — MARMLS
• 2015-12-02 Listed $309,000 MARMLS
• 2015-12-02 Listing Removed — MARMLS
• 2015-11-17 Price Changed $309,000 MARMLS
• 2015-03-14 Price Changed $315,000 MARMLS
• 2014-10-21 Price Changed $323,000 MARMLS
• 2014-01-10 Listed $335,000 MARMLS
• 2013-01-28 Sold (Public Records) $285,000 Public Records

Property tax history

-1.5%/yr

Latest (2025): $4,462 · -3.8% YoY. Source: county tax records.