2101 Brickell Ave #1911

Miami, FL 33129

$455,000D

1 bd · 1.0 ba · 791 sqft · Built 2004 · Condo · Active · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,876/mo
• Mortgage (P&I): −$2,386
• Tax + insurance: −$802
• HOA: −$150
• Vac / Maint / Mgmt: −$814
• Net cashflow: $-276/mo
• Annual: $-3,307/yr
• Cap rate: 5.57%
• Cash-on-cash: -2.60%
• DSCR: 0.88
• 1% rule: 0.85%
• Cash to close: $127,400

Investor read

• This is a 1-bed/1.0-bath condo listed at $455k.
• At list price, monthly cash flow is $-276 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $406k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $388k (14.8% below list).
• It's been on market 95 days — a 9% lower offer ($414k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $388k (14.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-1.2%/yr); year-one equity from $3k of loan paydown is wiped out by about $5k 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: Coral Way K-8 Center (math 49% / reading 62%, grade C, #855 of 2,144 statewide, top 41%, 1,064 students, 49% FRL); Ponce De Leon Middle School (math 36% / reading 55%, grade D+, #305 of 571 statewide, top 54%, 888 students, 60% FRL); Miami Senior High School (math 21% / reading 41%, grade F, #429 of 667 statewide, top 65%, 2,905 students, 69% FRL) — zoned schools at 59% FRL track the district average.
• Market conditions: Rents rising (+2.2%/yr); 236 active listings in the ZIP; high-income renter base; 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.
• Current owner paid $155k; list at $455k implies a 194% gain — meaningful room to come down on a strong offer.
• Cap rate 5.6% 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.
• This rent runs 41% of the median local income ($113k/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 95 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• 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?
• 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?