1975 NW 24th Ct · Miami, FL 33125

$1,400,000

5 bd · 3.0 ba · 2,417 sqft · MultiFamily public records · 81 Days on market

Built 1948

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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 +17.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• Schools +4.2/10.0
• 1% rule +4.1/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

This fully renovated and fully rented triplex is a superb investment opportunity. The property has been renovated to a high standard, with new flooring, updated kitchens and bathrooms, stainless appliances throughout. Each unit is currently rented out to long-term tenants, providing a steady stream of income. The triplex features three separate units, each with its own entrance and utility meters. This allows for easy management and maintenance of the property. The spacious units include a mix of tree and two-bedroom layouts, making them attractive to a variety of renters. Located in a in the heart of Allapattah and minutes away from Wynwood, this triplex is in close proximity to shops, restaurants, and public transportation.

Key facts

• Fully renovated
• Updated bathrooms
• Private entrance

Tags

• FULLY RENOVATED
• UPDATED KITCHENS
• UPDATED BATHROOMS
• STAINLESS STEEL APPLIANCES
• IMPACT WINDOWS
• PRIVATE ENTRANCE

Property features AI

Finance

• Other: Zoning description: 3900
• Financial info: Total actual rent reported: $111,000 annually; Unit rents reported: $2,650; $3,050; $3,550; Rent includes gardener
• HOA & community: No HOA details provided

Exterior

• Parking: Total of 3 parking spaces
• Security: No security features provided
• Utilities: Cable available; Public water; Public sewer
• Home design: Single-story building
• Construction: Block construction; Shingle roof; Year built not specified
• Exterior features: Less than quarter acre lot

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Three 3-bedroom units; One 4-bedroom unit; Three 2-bedroom units
• Flooring: Ceramic tile
• Bathrooms: Units with 1 full bathroom (2-bedroom units); Units with 2 full bathrooms (3- and 4-bedroom units)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Impact glass windows; Ceramic tile flooring
• Laundry & utility: No laundry or utility room details provided

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $1.40M.

Deal economics

• At list price, monthly cash flow is $566 ($7k/yr) — positive. Per door: $189/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.27M (9.4% below list).
• Recommended offer: $1.27M (9.4% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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 soft (-1.4%/yr); 239 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $12,681/mo this rent would consume 338% of the median local household income ($45k/yr) (locally 5223% 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 $10k of loan paydown is wiped out by about $42k 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

• It's been on market 81 days — a 6% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 4y ago; this cycle's ask has dropped $95k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $1.14M; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,268,100 (9.4% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.91% ✗
• Cap rate: 7.14%
• Cash-on-cash: 3.04%
• DSCR: 1.14
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -16.9%
• Equity multiple: 0.42×
• Total profit: $-227,947
• Equity at exit: $208,745

10-year hold

• IRR: -15.4%
• Equity multiple: 0.25×
• Total profit: $-295,507
• Equity at exit: $121,046

Cash invested: $392,000 (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 33125

• Rents YoY: -1.4%
• Active inventory: 239
• Price-to-rent: 27.6×

Monthly cashflow live

• Estimated rent: $12,681 medium
• Mortgage (P&I): −$7,342
• Tax from tax record: −$1,101 /mo · $13,209/yr
• Insurance: −$583
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,663
• Net cashflow: $566

Break-even live

Break-even rent $11,965

Max offer price $1,400,000

Occupancy floor 91%

Sensitivity live

Price	-10% $1,358	-5% $962	+0% $566	+5% $169	+10% $-227
Rent	-10% $-436	-5% $65	+0% $566	+5% $1,066	+10% $1,567
Rate	-1.0pp $1,271	-0.5pp $922	base $566	+0.5pp $203	+1.0pp $-166

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$12,681
Total (3 units)			$12,681

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: $350,000
• Closing costs: $42,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2951 NW 13th St Unit 1399868P Miami, FL	4.0–8.0	3.5–6.0	3745	$14,816	$3.96	8d	2	0.69mi

Listing history 33 events

1. 2026-06-18
   days on market $1,400,000 Active 81 DOM
2. 2026-06-17
   days on market $1,400,000 Active 80 DOM
3. 2026-06-16
   days on market $1,400,000 Active 79 DOM
4. 2026-06-15
   days on market $1,400,000 Active 78 DOM
5. 2026-06-13
   days on market $1,400,000 Active 76 DOM
6. 2026-06-09
   days on market $1,400,000 Active 72 DOM
7. 2026-06-08
   pricedays on market $1,400,000 Active 71 DOM
8. 2026-06-07
   days on market $1,450,000 Active 70 DOM
9. 2026-06-04
   days on market $1,450,000 Active 67 DOM
10. 2026-06-03
    days on market $1,450,000 Active 66 DOM
11. 2026-06-02
    days on market $1,450,000 Active 65 DOM
12. 2026-06-01
    days on market $1,450,000 Active 64 DOM
13. 2026-05-31
    days on market $1,450,000 Active 63 DOM
14. 2026-05-09
    price $1,450,000
15. 2026-03-20
    listed $1,495,000 Active
16. 2025-03-27
    soldstatus $1,138,800
17. 2025-03-20
    soldstatus $1,175,000 Closed 735-char remark

    Show marketing remark (735 chars)

    This fully renovated and fully rented triplex is a superb investment opportunity. The property has been renovated to a high standard, with new flooring, updated kitchens and bathrooms, stainless appliances throughout. Each unit is currently rented out to long-term tenants, providing a steady stream of income. The triplex features three separate units, each with its own entrance and utility meters. This allows for easy management and maintenance of the property. The spacious units include a mix of tree and two-bedroom layouts, making them attractive to a variety of renters. Located in a in the heart of Allapattah and minutes away from Wynwood, this triplex is in close proximity to shops, restaurants, and public transportation.

18. 2025-01-22
    status Active 735-char remark

    Show marketing remark (735 chars)

    This fully renovated and fully rented triplex is a superb investment opportunity. The property has been renovated to a high standard, with new flooring, updated kitchens and bathrooms, stainless appliances throughout. Each unit is currently rented out to long-term tenants, providing a steady stream of income. The triplex features three separate units, each with its own entrance and utility meters. This allows for easy management and maintenance of the property. The spacious units include a mix of tree and two-bedroom layouts, making them attractive to a variety of renters. Located in a in the heart of Allapattah and minutes away from Wynwood, this triplex is in close proximity to shops, restaurants, and public transportation.

19. 2024-11-12
    status Pending 735-char remark

    Show marketing remark (735 chars)

    This fully renovated and fully rented triplex is a superb investment opportunity. The property has been renovated to a high standard, with new flooring, updated kitchens and bathrooms, stainless appliances throughout. Each unit is currently rented out to long-term tenants, providing a steady stream of income. The triplex features three separate units, each with its own entrance and utility meters. This allows for easy management and maintenance of the property. The spacious units include a mix of tree and two-bedroom layouts, making them attractive to a variety of renters. Located in a in the heart of Allapattah and minutes away from Wynwood, this triplex is in close proximity to shops, restaurants, and public transportation.

20. 2024-08-20
    price $1,225,000 735-char remark

    Show marketing remark (735 chars)

    This fully renovated and fully rented triplex is a superb investment opportunity. The property has been renovated to a high standard, with new flooring, updated kitchens and bathrooms, stainless appliances throughout. Each unit is currently rented out to long-term tenants, providing a steady stream of income. The triplex features three separate units, each with its own entrance and utility meters. This allows for easy management and maintenance of the property. The spacious units include a mix of tree and two-bedroom layouts, making them attractive to a variety of renters. Located in a in the heart of Allapattah and minutes away from Wynwood, this triplex is in close proximity to shops, restaurants, and public transportation.

21. 2024-05-07
    price $1,275,000 735-char remark

    Show marketing remark (735 chars)

    This fully renovated and fully rented triplex is a superb investment opportunity. The property has been renovated to a high standard, with new flooring, updated kitchens and bathrooms, stainless appliances throughout. Each unit is currently rented out to long-term tenants, providing a steady stream of income. The triplex features three separate units, each with its own entrance and utility meters. This allows for easy management and maintenance of the property. The spacious units include a mix of tree and two-bedroom layouts, making them attractive to a variety of renters. Located in a in the heart of Allapattah and minutes away from Wynwood, this triplex is in close proximity to shops, restaurants, and public transportation.

22. 2024-03-18
    listed $1,300,000 Active 735-char remark

    Show marketing remark (735 chars)

    This fully renovated and fully rented triplex is a superb investment opportunity. The property has been renovated to a high standard, with new flooring, updated kitchens and bathrooms, stainless appliances throughout. Each unit is currently rented out to long-term tenants, providing a steady stream of income. The triplex features three separate units, each with its own entrance and utility meters. This allows for easy management and maintenance of the property. The spacious units include a mix of tree and two-bedroom layouts, making them attractive to a variety of renters. Located in a in the heart of Allapattah and minutes away from Wynwood, this triplex is in close proximity to shops, restaurants, and public transportation.

23. 2024-03-12
    historical
24. 2024-01-12
    listed $1,300,000 Active
25. 2024-01-11
    historical
26. 2023-08-18
    listed $1,300,000 Active
27. 2023-06-20
    historical
28. 2023-03-27
    price $1,299,000
29. 2023-03-27
    price $1,399,000
30. 2023-03-08
    listed $1,400,000 Active
31. 2022-07-14
    soldstatus $550,000 Closed
32. 2022-06-15
    status Pending
33. 2022-06-13
    listed $525,000 Active

ⓘ 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: $13,209 · $1,101/mo
• Projected year-2 tax: $13,209 · $1,101/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 8/10 Severe FEMA zone AE · 97% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 💨 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: $152,172
• − Mortgage interest: −$78,422
• − Property taxes: −$13,209
• − Insurance: −$12,118
• − Repairs & maintenance: −$12,174
• − Management: −$12,174
• − Depreciation: −$40,727
• Taxable loss: −$16,652
• Est. tax savings @ 24.0%: +$3,997
• After-tax cash flow: $10,784/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): 56,897
• Household income: $44,979
• Rent vs Own: 74.0% rent · 26.0% own
• Severe rent burden: 5223.0

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 (92%)
• Race & ethnicity: Hispanic / Latino 92% Two or more races 52% White 4% Black 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 46% Dominican 3% Salvadoran 1%
• Common ancestry: Hispanic 1%
• Foreign-born: 68% · Canada, Jamaica, Dominican Republic
• Languages at home: 9% English-only · Spanish 90%

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: ▼ -402.98%
• Current HPI: 476.1631
• Rent YoY: ▼ -1.39%
• 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

+176.2% since first listed

20 events — show timeline

• 2026-05-09 Price Changed $1,450,000 MARMLS
• 2026-03-20 Listed $1,495,000 MARMLS
• 2025-03-27 Sold (Public Records) $1,138,800 Public Records
• 2025-03-20 Sold (MLS) $1,175,000 MARMLS
• 2025-01-22 Relisted — MARMLS
• 2024-11-12 Pending — MARMLS
• 2024-08-20 Price Changed $1,225,000 MARMLS
• 2024-05-07 Price Changed $1,275,000 MARMLS
• 2024-03-18 Listed $1,300,000 MARMLS
• 2024-03-12 Listing Removed — MARMLS
• 2024-01-12 Listed $1,300,000 MARMLS
• 2024-01-11 Listing Removed — MARMLS
• 2023-08-18 Listed $1,300,000 MARMLS
• 2023-06-20 Listing Removed — MARMLS
• 2023-03-27 Price Changed $1,299,000 MARMLS
• 2023-03-27 Price Changed $1,399,000 MARMLS
• 2023-03-08 Listed $1,400,000 MARMLS
• 2022-07-14 Sold (MLS) $550,000 MARMLS
• 2022-06-15 Pending — MARMLS
• 2022-06-13 Listed $525,000 MARMLS

Property tax history

+6.8%/yr

Latest (2025): $13,209 · +5.3% YoY. Source: county tax records.