🔥🔥Hot Miami 4/2 SFH w/ 1/1 Legal addition (High Rental Potential 🤑🤑 Exceeds the 1% Rule!!)🔥🔥

Description

CONTRACT FOR SALE!

NW 59th Ave Miami, FL 33126

COE: On or before February 28, 2024

Asking Price: $529,000

ARV: $730,000

Avg Rents: $6,100

4 BR / 2 BA Single-Family Residence with 1 BR / 1 BA Legal Addition
2,052 Sqft
Lot Size 4,880 sqft
Built 1959
Solid house w/ great rents in the area.
Main house is a 3/2 with a legal enclosure as a 4th bedroom.
Has a legal 1/1 addition which was built after 2000.
Separate detached utility/storage shed in the back and covered back patio.
Main repair needed is a new shingle roof, as it’s leaking in a couple of locations which are pictured.
HVAC is in working condition, though older.
Back due taxes for 2022 and 2023 (totaling $11,694.99) to be paid by the buyer.
Property shall be delivered vacant to the buyer.
Title work is under way and expected to return with clean title and no liens.
$10k EMD required within 24 hours of offer acceptance.

Rental Comps:

Rent 1: $4,500
Rent 2: $1,600
Total rents: $6,100
7.5% Cap Rate
Meets and exceeds the 1% Rule!

Nearby Comps:

Property 1: 5403 Sw 5th Ter, Miami, FL 33134
3 BR / 2 BA – 1,818 sqft
Sold for $760,000 on 08/29/2023
Property 2: 351 SW 51st Ave, Miami, FL 33134
4 BR / 2 BA – 1,892 sqft
Sold for $760,000 on 10/27/2023
Property 3: 411 NW 51st Ave, Miami, FL 33126
5 BR / 4 BA – 2,188 sqft
Sold for $751,000 on 06/29/2023
Property 4: 5660 SW 3rd St, Miami, FL 33134
4 BR / 4 BA – 2,094 sqft
Sold for $750,000 on 09/11/2023
Property 5: 131 SW 51st Pl, Miami, FL 33134
4 BR / 3 BA – 1,911 sqft
Sold for $731,000 on 05/18/2023
Property 6: 111 SW 58th Ct, Miami, FL 33144
5 BR / 4 BA – 2,111 sqft
Sold for $695,000 on 08/28/2023
Active: 550 NW 58th Ct, Miami, FL 33126
4 BR / 3 BA – 2,070 sqft
Listed for $999,500 on 01/02/2024
NEW CONSTRUCTION (Property on the same block)