Score
0Miami, FL
7650 NE 5th Ave
750K
3 beds
2 baths
1,481 sqft
3 bd • 2 ba • 1,481 sf
This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
List Price
$750,000
Price/Sq.Ft
$506
Year Built
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
The property at 7650 NE 5th Ave, Miami, FL 33138 offers several attractive features. At 1,481 sqft, it's spacious enough for a 3-bedroom home, providing good value at $506.41/sqft, which is slightly below the Miami average of $515/sqft for similar properties. The location in the Upper Eastside neighborhood is desirable, with proximity to trendy areas like the Design District and Wynwood. The living room features large windows allowing ample natural light and views of lush greenery outside. The hardwood floors appear to be in excellent condition, adding both aesthetic appeal and value. The interior design shows a modern, minimalist approach with clean lines and a neutral color palette, which appeals to a wide range of buyers. The open floor plan visible in the image suggests good flow and versatility in the living space.
The Bad
While the property has many positives, there are some potential drawbacks. The asking price of $750,000 is significantly higher than what the median income in the area ($57,063) would typically support, potentially limiting the pool of local buyers. The lack of detailed information about the year built, property features, and utilities is concerning and may hide potential issues or needed updates. The absence of a property description and room details makes it difficult to fully assess the condition and any recent improvements. Given Miami's climate, the lack of information about the HVAC system, hurricane preparedness features, or flood mitigation measures is a notable omission.
The Ugly
The most concerning aspects of this property revolve around the unknown factors and potential hidden costs. Without knowing the year built, it's impossible to gauge the age of major systems like plumbing, electrical, and roofing. In Miami's harsh climate, these systems can deteriorate quickly and replacements can be extremely costly. The lack of information about hurricane protection features is particularly worrying, as upgrading windows, doors, and roofing to meet current codes could easily cost $30,000-$50,000. Flood insurance, which is likely required given Miami's vulnerability to sea-level rise, could add $2,000-$4,000 annually to ownership costs. Property taxes in Miami-Dade County are also high, potentially adding another $10,000-$15,000 to annual expenses.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
This property is best suited for buyers with a household income of at least $200,000, based on the purchase price and estimated additional costs. It would appeal to professionals or small families who value a central location and modern aesthetic. The property could be ideal for those working in nearby business districts or in creative industries, given its proximity to art-centric neighborhoods. Investors might also find it attractive for short-term rentals, as the area is popular with tourists and the open layout is well-suited for vacation stays.
Not For
This property is not suitable for first-time homebuyers or those relying primarily on local median incomes. It's also not ideal for large families needing more than three bedrooms or extensive outdoor space. Buyers seeking a turnkey property with all information and systems verified should look elsewhere, given the lack of detailed property information. Those with low risk tolerance or unable to handle potentially significant additional costs for upgrades and insurance should also consider other options.
Demographics
Area Median Income
$57,063
Property History
Price History
Ownership Timeline
$750,000Cash Purchase
Nov 30, 2022Jeremy Hugh FinerJennie Mercedes Perri
Warranty Deed
Standard Sale (Purchase/Resales)
$440,000Financed
May 15, 2018Nicolas Mencia, Tessa MenciaJeremy Hugh Finer
Warranty Deed
Standard Sale (Purchase/Resales)
$370,000Financed
May 10, 2016Federal National Mortgage Association, Fannie MaeTessa Mencia, Nicolas Mencia
Special Warranty Deed
Standard Sale (Purchase/Resales)
$325,100Cash Purchase
Oct 15, 2015Phillip G Wilson, Case #2012-012116-Ca-01Federal National Mortgage Association
Trustees Deed
Foreclosure
$335,000Cash Purchase
Aug 27, 2004David RichmanPhillip G Wilson
Warranty Deed
Standard Sale (Purchase/Resales)
$200,000Financed
Aug 7, 2003Aurora FormosaDavid Richman
Warranty Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
Aug 6, 2003Frank M Lopez Delrincon, Maria ArceDavid Richman
Warranty Deed
Standard Sale (Purchase/Resales)
$38,000Cash Purchase
Jan 4, 2003Aurora Formosa, Marie ArceAurora Formosa
Intrafamily Transfer
Non-Arm's Length Transactions
Sunlight Analysis
Visualize how sunlight affects this property throughout the day and year.
Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
5.4/10
AverageMiddle
3.8/10
Below AverageHigh
5.5/10
AverageFinancials
Monthly Costs
Market Rent (3 bed)
Get a detailed estimate on Zillow$1,362
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$750,000
Price/sqft
$506
Layout
3 bd•2 ba
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$707,083
6.1%
Your price is 6.1% above average
Median Price
$770,000
2.6%
Based on 6 recent sales
Price per Sq.Ft
$486
4.2%
Your price is 4.2% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 8940 NE 8th Ave #1203, Miami, FL 33138 | $555,000 | 1,270 | 2 | 2 | $43713.7% | 11/11/2024 |
| 740 NE 83rd St, Miami, FL 33138 | $770,000 | 1,416 | 2 | 2 | $5447.4% | 9/16/2024 |
| 754 NE 82nd St, Miami, FL 33138 | $855,000 | 1,491 | 3 | 2 | $57313.2% | 8/29/2024 |
| 8635 N Miami Ave, El Portal, FL 33150 | $552,500 | 1,255 | 3 | 2 | $44013.1% | 10/19/2024 |
| 770 NE 69th St #2A, Miami, FL 33138 | $460,000 | 1,506 | 2 | 2 | $30539.7% | 8/26/2024 |
| 469 NE 69th St, Miami, FL 33138 | $1,050,000 | 1,698 | 3 | 2 | $61822.1% | 10/3/2024 |
8940 NE 8th Ave #1203, Miami, FL 33138
Price: $555,000
Sq.Ft: 1,270
Beds/Baths: 2/2
$/Sq.Ft:
$43713.7%
Sale Date: 11/11/2024
740 NE 83rd St, Miami, FL 33138
Price: $770,000
Sq.Ft: 1,416
Beds/Baths: 2/2
$/Sq.Ft:
$5447.4%
Sale Date: 9/16/2024
754 NE 82nd St, Miami, FL 33138
Price: $855,000
Sq.Ft: 1,491
Beds/Baths: 3/2
$/Sq.Ft:
$57313.2%
Sale Date: 8/29/2024
8635 N Miami Ave, El Portal, FL 33150
Price: $552,500
Sq.Ft: 1,255
Beds/Baths: 3/2
$/Sq.Ft:
$44013.1%
Sale Date: 10/19/2024
770 NE 69th St #2A, Miami, FL 33138
Price: $460,000
Sq.Ft: 1,506
Beds/Baths: 2/2
$/Sq.Ft:
$30539.7%
Sale Date: 8/26/2024
469 NE 69th St, Miami, FL 33138
Price: $1,050,000
Sq.Ft: 1,698
Beds/Baths: 3/2
$/Sq.Ft:
$61822.1%
Sale Date: 10/3/2024
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