Keep Miami Beach home as a RENTAL?

[Jared Lichtin]

My investing partner and I just acquired a fantastic bank owned property in North Miami Beach. Waterfront with a beautiful view and a large pool. We purchased it for $629,000, but instead of wholesaling the deal, we are contemplating all avenues, including flipping it ourselves, and keeping it as a cash flowing rental property. We believe it needs approximately $40,000-$50,000 in work, and conservatively it's worth $950,000.

After refinancing our note, taxes & insurance would be approximately $5,000. Our main question is how much our property could rent out for. Comps suggest anywhere from $6,000-$8,500 per month. We can't comp it as good as a local realtor could for rent rates.