Looking to buy a MFH in South Miami (Coral Gables or other areas)

[Abdullah Rubiyath]

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!

[Bradley Sriro]

Originally posted by @Abdullah Rubiyath:

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!

Good afternoon Abdullah. You have a healthy budget but unfortunately you will not be able to find a multi-family property in the City of Coral Gables at that price point. Coral Gables is a very desirable area and as a result, it is very expensive. There are definitely viable options around Coral Gables however. South Florida in general offers great appreciation but for the most part, the COC returns are going to be lower than what you. Using relator.com is not the best way to search since the results aren't always accurate and up to date. You would be better off having a search set up that comes directly from the MLS. I have direct messaged you some available listings and some further information regarding this. Feel free to reach out if you have any questions or need any additional help.