6232 Paradise Point Dr
Palmetto Bay, FL 33157 · townhomes · For Sale · 72 days on market
Asking price$2,195,000
4 beds 5 baths 4,303 sqft
Suggested offer$1,261,169$933,831 above the est. market value of $1,261,169.
View on Realtor.com →Listed by Maggie Salas · Bestway Realty Sales, Llc
Typetownhomes
Built2008
Price / sqft$510
Est. value (Zillow, adjusted)$1,261,169
Rent estimate (own analysis)$9,800/mo
HOA$900/mo
1 / 75
Show every detail
Statusfor_sale
Listed date2026-06-22
Removed date—
MLSMiamiMLS #A12038495
Coordinates25.63029, -80.29471
Address6232 Paradise Point Dr
CityPalmetto Bay
StateFL
Zip33157
Listing ID6808645693
Sourceus-real-estate-listings, cached 2026-08-31
ZIP market snapshot (33157)
Typical home value (ZHVI)$630,585
Typical rent (ZORI)$2,736/mo
Zillow Research's ZHVI (home value index) and ZORI (rent index) for this ZIP, as of 2026-07 — free published data, refreshed monthly, no RentCast quota spent. "Typical value/rent" is a smoothed index, not a literal median of active listings.
Underwriting (buy-and-hold, default assumptions)
| Acquisition (one-time, not monthly/yearly) | |
| Purchase price | $2,195,000 |
| Down payment (20.0%) | $439,000 |
| Loan amount | $1,756,000 |
| Closing costs (5.0%) | $109,750 |
| Total cash to close | $548,750 |
| Income | |
| Rent (comp-derived) | $9,800$117,600 |
| Vacancy loss (8.0%) | |
| Effective gross income | $9,016$108,192 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $3,475$41,705 |
| Insurance (placeholder 0.8% of price) | $1,463$17,560 |
| HOA dues | $900$10,800 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $490$5,880 |
| Total operating expenses | $6,329$75,945 |
| 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) | $490$5,880 |
| 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.
| Address | Type | Beds | Baths | Sqft | Asking rent | Listed | Days on market |
|---|---|---|---|---|---|---|---|
| townhomes | 4 | 3 | 2,651 | $9,800 | 2026-08-23 | — | |
| townhomes | 4 | 4 | 2,091 | $4,560 | 2026-07-03 | — | |
| townhomes | 4 | 6 | 4,800 | $15,500 | 2026-05-20 | — |
Widened to any bedroom count in ZIP. 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 |
|---|---|---|---|---|---|---|
| 15750 SW 92nd Ave Unit 20C | townhomes | 3 | 3 | 1,370 | $430,000 | 2026-07-07 |
| 8903 SW 184th Ter | townhomes | 4 | 2 | 1,921 | $575,000 | 2026-06-10 |
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 |
|---|---|---|---|---|---|---|
| 16111 SW 103rd Ct | single_family | 4 | 2 | 1,765 | $650,000 | — |
| 10235 SW 177th St | single_family | 4 | 3 | 1,896 | $611,900 | — |
| 16101 SW 98th Ave | single_family | 4 | 2 | 1,350 | $695,000 | — |
| 9940 SW 155th St | single_family | 4 | 2 | 1,627 | $710,000 | — |
| 19811 SW 116th Ave | single_family | 4 | 2 | — | $535,000 | — |
| 10360 SW 172nd St | single_family | 4 | 1 | 889 | $379,999 | — |
| 10210 SW 173rd St | single_family | 4 | 2 | 1,250 | $400,000 | — |
| 11271 SW 176th St | single_family | 4 | 3 | 1,909 | $665,000 | — |
10-year hold projection
IRR-3.3%
Equity multiple0.45x
Total return (10yr)-$14,259
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $2,260,850 | $32,247 | -$109,047 | $1,736,961 | $523,889 |
| 2 | $2,328,676 | $33,594 | -$107,847 | $1,716,615 | $612,061 |
| 3 | $2,398,536 | $34,991 | -$106,601 | $1,694,871 | $703,665 |
| 4 | $2,470,492 | $36,440 | -$105,307 | $1,671,634 | $798,858 |
| 5 | $2,544,607 | $37,942 | -$103,963 | $1,646,802 | $897,805 |
| 6 | $2,620,945 | $39,499 | -$102,568 | $1,620,264 | $1,000,681 |
| 7 | $2,699,573 | $41,114 | -$101,119 | $1,591,904 | $1,107,669 |
| 8 | $2,780,560 | $42,788 | -$99,616 | $1,561,597 | $1,218,964 |
| 9 | $2,863,977 | $44,523 | -$98,056 | $1,529,208 | $1,334,769 |
| 10 | $2,949,896 | $46,321 | -$96,437 | $1,494,595 | $1,455,302 |
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.