There is WAY to do this... a ... style... dance almost!

Miami has a diverse market, and many buyers might actually appreciate the mixed-use neighborhood. 

Not sure where this rental is but if it's an A or B class neighborhood, that's probably why you're self managing it.

This property isn’t in an A class neighborhood by any means and really just looking to update enough to be able to be livable.

To add to what @Jonathan Greene wrote:1) Understanding the local market, so you know what Neighborhood Class your building is located in, what Class your Building is (condition & amenities), and what corresponding class of tenants will be attracted.2) Using all this data to properly set your expectations and a realistic ROI.3) How to better screen prospective tenants, including catching fraud, so your property performs better.

To focus on your area, research neighborhoods for trends, look for properties near military bases or colleges, and consider long-term rentals or short-term rentals in coastal areas and tourism hubs.

It's great for cashflow if you're willing to invest in the right neighborhood and do the right rehab.

My property is set in a small neighborhood in a quiet lake town. 

Personally I love reading that isn't a school-style textbook and when its about putting things into practice, I'm all for it!

Not bad seeing as there are 40 other listings in the neighborhood.