Real Estate Investing in Miami, Florida (33138)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 33138 (Miami, FL)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 10.7% vacancy may signal weakening demand.
- High price-to-rent: Price-to-rent ratio 28.4 — hard to cash-flow at these prices.
What’s happening in Miami, FL (33138)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 33138 Miami
This part of Miami-Dade County is not an easy win. The 33138 ZIP clocks in at softness in key indicators, and the playbook that works in cleaner markets often stalls here.
For an experienced owner, 33138 can be a an appealing option for hunting ground — but the discount at $807K reflects genuine risk that outside investors often underestimate.
In the broader FL picture, 33138 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
The 33138 ZIP's population of 28,871 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that comes in at the need for careful underwriting.
New investors are better served looking at Miami's stable or hybrid ZIPs before stepping into 33138. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Miami:
Property Strategy for 33138
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $264,876 | $1,770 | 4.8% | +7.3% | $264,876 |
| 2BR | $437,093 | $2,160 | 3.6% | +6.7% | $218,547 |
| 3BR | $1,085,960 | $2,770 | 1.8% | +13.0% | $361,987 |
| 4BR | $1,607,595 | $3,200 | 1.4% | +14.1% | $401,899 |
| 5BR | $2,461,531 | — | — | +15.5% | $492,306 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 33138 Compare?
| Metric | 33138 | Miami | Miami-Fort Lauderdale-Pompano Beach, FL | Florida |
|---|---|---|---|---|
| Home Value | $806,988 | $623,076 | N/A | $374,697 |
| 5-Year CAGR | 8.3% | 7.1% | N/A | 7.4% |
| Avg Rent | $2,367 | $2,887 | N/A | - |
| Cap Rate | 2.3% | 3.9% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 33138 (Miami, FL). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 33138 (Miami, FL)?
~25 seconds · no account needed · your report is anonymous
Property managers serving Miami-Dade County
Manage rentals here? List your business →Cadisa Inc. specializes in delivering reliable, hands-on property management solutions for condominium associations, commercial buildings, and multifamily communities across South Florida, with a focu summary from their website
Florida Property Management Strategies is a boutique community association management firm serving select communities in Miami, built on responsiveness and supported by systems for smooth community op summary from their website
Maxima Property Management Inc. offers property management, real estate brokerage, second home management, and vacation rental management services in South Florida, including Pompano Beach, Fort Laude summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $806,988 |
| Monthly Rent | $2,367 |
| Price-to-Rent | 28.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.5% |
| Cap Rate | 2.3% |
| 5-Year IRR | 10.6% |
📈 Home Appreciation
| 1-Year | +5.2% ▲ |
| 3-Year CAGR | +2.4% ▲ |
| 5-Year CAGR | +8.3% ▲ |
| 10-Year CAGR | +7.4% ▲ |
🏠 Rent Trends
| 1-Year | -1.6% ▼ |
| 3-Year CAGR | +0.0% ▲ |
| 5-Year CAGR | +6.2% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.3%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 33138
Population: 28,871
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 33138
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
NORTH MIAMI ELEMENTARY SCHOOL
TREASURE ISLAND ELEMENTARY SCHOOL
ARCHCREEK ELEMENTARY SCHOOL
ARCOLA LAKE ELEMENTARY SCHOOL
BISCAYNE BEACH ELEMENTARY SCHOOL
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 3,319 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What are rental rates like in Miami, FL?
Rents in Miami, FL run near $2,367/mo. Compared with median home prices of $807K that produces solid gross yields for typical rentals.
What real estate strategy is ideal for Miami, FL?
The best-fit strategy in Miami, FL is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
How expensive is real estate in Miami, FL?
In Miami, FL the median home value sits at $807K. Against the broader FL market, that reads as reasonable for most investors.
Does Miami, FL favor landlords or tenants?
Miami, FL falls under FL landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
Are renters plentiful in Miami, FL?
The tenant pool in Miami, FL is solid, supported by local employment and population fundamentals. Rents of $2,367/mo are well-absorbed by the market.
You know 33138 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 33138 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 33138 ranks in Miami-Fort Lauderdale-Pompano Beach, FL
Every ZIP in this metro, ranked. Free.
AI Market Advisor
Ask questions about investing in 33138 (Miami)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 33138 (Miami, FL).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.