Hey everyone — I've been deep-diving into multifamily data across Miami-Dade County and wanted to share some findings that challenged my own assumptions. I looked at cap rates, rent trends, T-12 expenses, FEMA flood zones, and appreciation across all 34 investable zones. Here are 5 things that stood out:

1. Allapattah has the highest rent growth in the county at +7.1% YoY. Most people still overlook it because of the "rough neighborhood" perception, but the numbers tell a different story — cap rates at 5.5-6.0% with prices still at $180-250K per unit, well below replacement cost. The Allapattah of today is not the Allapattah of 5 years ago.

2. Downtown/Brickell has NEGATIVE rent growth (-1.2%). The pipeline there is massive — 8,000+ units coming online. If you're buying Brickell for cash flow, the math doesn't work. Cap rates are compressed at 4.5-4.8%. It's a capital preservation play, not a yield play.

3. Insurance costs are the silent killer. The difference between a Zone X property (~$1,100/unit/yr) and a Zone VE property (~$2,500-3,200/unit/yr) can completely destroy your yield. Miami Beach and Key Biscayne look great on paper until you factor in flood insurance. Always check the FEMA zone before running your numbers.

4. Millage rate variance is enormous — from 14.47 in Miami Beach to 26.50 in Opa-locka. That means a 5.5% cap rate in a low-tax zone can actually outperform a 6.0% cap rate in a high-tax zone after expenses. A lot of investors I talk to don't factor this in until it's too late.

5. Homestead/Florida City surprised me on appreciation — +115% over 5 years with rent growth at +6.0%. The entry point is still the lowest in the county ($120-180K/unit) and the pipeline is thin, which protects against oversupply. It's not glamorous, but the numbers are hard to ignore.

For those of you actively looking at Miami-Dade multifamily — which zones are you targeting and why? Would love to compare notes. Also curious if anyone else is seeing insurance costs eating into their projections as much as I am.