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Updated about 4 years ago,
Looking to buy a MFH in South Miami (Coral Gables or other areas)
Hello everyone,
I am looking to buy a MFH (Duplex, Triplex etc.) in South Miami with each side 2+ bedroom/1+ bath. I really like Coral Gables neighborhood but I am open to other areas in South Miami. I plan to live in 1 unit and rent out the other unit. I am willing to spend upto ~650k (with a 20% downpayment). I plan to spend ~4 months of the year in Miami and the rest in another state. When I am out of state, I plan to Airbnb out the unit.
These are my criterias:
- Long term appreciation and 8%+ cash on cash ROI (if I had bought as investment property)
- Most properties I have looked at in Coral Gables are barely crossing 6% cash on cash on ROI. Is this expected?
- Very desirable neighborhood with good schools and good income
- Walkable to a good extent
- Low vacancy
Questions:
- What are the good neighborhoods in South Miami where I can get 8%+ cash on cash ROI with above criteria. Is Coral Gables a good area to invest?
- Whats the best way to find deals? I am using realtor.com?
Thank you for reading!