8932 SW 228th Ln
Cutler Bay, FL 33190 · townhomes · For Sale · 55 days on market
Asking price$519,000
4 beds 3 baths 2,201 sqft
Listed by Sean Ramrattan · Real Estate Sales Force
Typetownhomes
Built2007
Price / sqft$236
Est. value (own analysis)$524,410
Rent estimate (Zillow ZIP avg)$2,600/mo
HOA$150/mo
Wind10/10Extreme$Heat10/10ExtremeFlood8/10severe$Wildfire3/10ModerateAir2/10Minor
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Statusfor_sale
Listed date2026-07-09
Removed date—
MLSMiamiMLS #A12050596
Coordinates25.55503, -80.33681
Address8932 SW 228th Ln
CityCutler Bay
StateFL
Zip33190
Listing ID5269781920
Sourceus-real-estate-listings, cached 2026-08-28
ZIP market snapshot (33190)
Median sale price$419,900
Median days on market (sale)82
Active sale listings119
Median rent$2,600/mo
Median days on market (rent)48
Active rental listings93
Real ZIP-wide statistics from RentCast, as of 2026-08 (fetched 2026-08-29) — this is the whole ZIP's market, not specific to this property. Re-analyzing spends one of the account's 50 free monthly lookups. Our own log shows at least 6 of the 50 free monthly RentCast requests used — that only counts calls made through this app, so it can undercount. RentCast's own account dashboard has the real total.
Re-analyze ZIP 33190 (≥6 of 50 per our log)Underwriting (buy-and-hold, default assumptions)
| Acquisition (one-time, not monthly/yearly) | |
| Purchase price | $519,000 |
| Down payment (20.0%) | $103,800 |
| Loan amount | $415,200 |
| Closing costs (5.0%) | $25,950 |
| Total cash to close | $129,750 |
| Income | |
| Rent (ZIP avg, ZORI — not bedroom-specific) | $2,600$31,200 |
| Vacancy loss (8.0%) | |
| Effective gross income | $2,392$28,704 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $822$9,861 |
| Insurance (est. scaled by flood & wind risk) | $675$8,096 |
| HOA dues | $150$1,800 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $130$1,560 |
| Total operating expenses | $1,776$21,317 |
| Net operating income (NOI) | |
| Debt service & reserves | |
| Debt service (6.66%, avg 30yr rate as of 2026-08-27, 30yr amortizing) | |
| CapEx reserve (5.0% of GSR) | $130$1,560 |
| Mortgage insurance (PMI) (0.0% of loan, not required — down payment ≥ 20%) | $0$0 |
| Cash flow |
Cap rate
Cash-on-cash
DSCR
Rent-to-price (1% rule)
Gross rent multiplier
Operating expense ratio
Break-even occupancy
Comparables
Same ZIP. Real active rental listings, used to derive the rent estimate above.
No active rental listings cached yet for this bedroom count.
Same ZIP & bedroom count. Closed sales from Realtor.com over the last 12 months, matched to this property's type — real transaction prices, not asking prices. Falls back to Miami-Dade County public records (property appraiser tax roll) when Realtor.com has no sales on file for the area.
| Address | Type | Beds | Baths | Living sqft | Sale price | Sale date |
|---|---|---|---|---|---|---|
| 22617 SW 102nd Ave Unit 22617 | townhomes | 4 | 4 | 2,131 | $512,000 | 2026-07-30 |
| 22569 SW 89th Pl | townhomes | 4 | 3 | 1,720 | $449,500 | 2026-07-24 |
| 22424 SW 89th Path | townhomes | 4 | 3 | 1,720 | $445,000 | 2026-07-09 |
| 8934 SW 227th Ter | townhomes | 4 | 2 | 2,201 | $490,000 | 2026-05-27 |
| 10261 SW 228th Ter | townhomes | 4 | 3 | 1,778 | $435,000 | 2026-05-05 |
| 22808 SW 89th Path | townhomes | 4 | 3 | 2,201 | $520,000 | 2026-04-30 |
| 22835 SW 89th Ct | townhomes | 4 | 2 | 2,201 | $520,000 | 2026-03-04 |
| 22766 SW 89th Pl | townhomes | 4 | 3 | 2,201 | $515,000 | 2026-02-06 |
| 22738 SW 89th Path | townhomes | 4 | 2 | 2,445 | $525,000 | 2026-01-23 |
| 22072 SW 93rd Pl | townhomes | 4 | 3 | 1,690 | $419,900 | 2025-11-14 |
| 8878 SW 229th St | townhomes | 4 | 3 | 2,201 | $485,000 | 2025-10-31 |
| 22773 SW 88th Path | townhomes | 4 | 2 | 2,000 | $545,000 | 2025-10-01 |
Same ZIP. Other properties currently for sale nearby — asking prices, not closed sale prices. Not a price comp; see Sold comps for actual transaction history.
| Address | Type | Beds | Baths | Sqft | Asking price | Days on market |
|---|---|---|---|---|---|---|
| 8836 SW 221st Ter | single_family | 4 | 2 | — | $610,000 | — |
| 10254 SW 228th Ter | townhomes | 4 | 3 | 1,778 | $499,000 | — |
| 22509 SW 102nd Ave | townhomes | 4 | 4 | 2,213 | $529,000 | — |
| 21705 SW 99th Ave | single_family | 4 | 2 | 2,165 | $480,000 | — |
| 22542 SW 103rd Ct | single_family | 4 | 3 | 2,581 | $715,777 | — |
| 8906 SW 224th Ter | townhomes | 4 | 3 | 1,712 | $450,000 | — |
| 9209 SW 227th St Unit 1 | townhomes | 4 | 3 | 1,523 | $374,900 | — |
| 10231 SW 227th Ln | single_family | 4 | 3 | 2,581 | $730,000 | — |
10-year hold projection
IRR-3.5%
Equity multiple0.42x
Total return (10yr)-$7,127
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $534,570 | $7,387 | -$26,192 | $410,698 | $123,872 |
| 2 | $550,607 | $7,715 | -$25,903 | $405,887 | $144,720 |
| 3 | $567,125 | $8,055 | -$25,602 | $400,746 | $166,379 |
| 4 | $584,139 | $8,409 | -$25,289 | $395,252 | $188,887 |
| 5 | $601,663 | $8,776 | -$24,964 | $389,380 | $212,283 |
| 6 | $619,713 | $9,157 | -$24,626 | $383,106 | $236,608 |
| 7 | $638,305 | $9,552 | -$24,275 | $376,400 | $261,905 |
| 8 | $657,454 | $9,963 | -$23,910 | $369,234 | $288,220 |
| 9 | $677,177 | $10,388 | -$23,531 | $361,575 | $315,602 |
| 10 | $697,493 | $10,830 | -$23,137 | $353,391 | $344,101 |
Assumes 3.0% annual rent growth, 2.5% expense growth, 3.0% appreciation, and a 6.0% selling cost at exit — all placeholder assumptions, not market-derived.