8003 W 6th Ave Unit M

Hialeah, FL 33014

$239,000D

3 bd · 2.0 ba · 1,090 sqft · Built 1971 · Condo · Pending · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,787/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$502
• HOA: −$520
• Vac / Maint / Mgmt: −$585
• Net cashflow: $-74/mo
• Annual: $-892/yr
• Cap rate: 6.25%
• Cash-on-cash: -0.14%
• DSCR: 0.99
• 1% rule: 1.17%
• Cash to close: $66,920

Investor read

• This is a 3-bed/2.0-bath condo listed at $239k.
• At list price, monthly cash flow is $-74 ($-892/yr) — negative.
• To cash-flow at today's rent, offer at most $226k (5.5% below list).
• Meets the 1% rule at list price ($3k rent vs $239k).
• It's been on market 63 days — a 6% lower offer ($225k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $225k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#288 in FL, #4,774 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+; Watch: amenities F, employment D-.
• 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: North Twin Lakes Elementary School (math 50% / reading 52%, grade C-, #1,043 of 2,144 statewide, top 49%, 500 students, 75% FRL); Miami Lakes Middle School (math 56% / reading 64%, grade B, #135 of 571 statewide, top 24%, 1,011 students, 61% FRL); Hialeah-Miami Lakes Senior High (math 21% / reading 33%, grade F, #478 of 667 statewide, top 73%, 1,344 students, 68% FRL) — zoned schools at 68% FRL track the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising (+1.8%/yr); 103 active listings in the ZIP; 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 13y ago; this cycle's ask has dropped $60k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $157k; list at $239k implies a 52% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; 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.
• Cap rate 6.3% vs local median 3.5% in Hialeah — 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.
• This rent runs 43% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1971 — 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.