1250 S Miami Ave #1109

Miami, FL 33130

$410,000F

1 bd · 1.0 ba · 783 sqft · Built 2004 · Condo · Pending · 364 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,609/mo
• Mortgage (P&I): −$2,150
• Tax + insurance: −$724
• HOA: −$882
• Vac / Maint / Mgmt: −$758
• Net cashflow: $-905/mo
• Annual: $-10,861/yr
• Cap rate: 3.84%
• Cash-on-cash: -8.77%
• DSCR: 0.61
• 1% rule: 0.88%
• Cash to close: $114,800

Investor read

• This is a 1-bed/1.0-bath condo listed at $410k.
• At list price, monthly cash flow is $-905 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $250k (39.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $361k (12.0% below list).
• It's been on market 364 days — a 12% lower offer ($361k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $250k (39.0% below list) — sets the bar for cash-flow.
• Local home prices are declining (-1.8%/yr); year-one equity from $3k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• 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.
• Zoned schools: Southside Preparatory Academy (math 54% / reading 61%, grade C+, #764 of 2,144 statewide, top 36%, 929 students, 39% FRL); Shenandoah Middle School (math 34% / reading 44%, grade F, #381 of 571 statewide, top 67%, 1,296 students, 72% FRL); Booker T. Washington Senior High (math 12% / reading 19%, grade F, #604 of 667 statewide, top 91%, 1,014 students, 60% FRL).
• Zoned-school proficiency averages 37% at this address vs 50% district-wide (-12 pts) — the specific schools serving this property underperform the Miami-Dade average; the district grade overstates school quality for this exact location.
• Watch-outs: flood insurance adds $66/mo; HOA is 24% of rent.
• Market conditions: Rents soft (-0.5%/yr); 642 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 8 sale attempts since 11y ago; this cycle's ask is 14543% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $268k; list at $410k implies a 53% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.8% 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.

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 364 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
• 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.
• 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?