I ran your numbers through my own development proforma analyzer and it looks really good as a DSCR loan. 

@Frankie Paterno In most places you will likely find that your $1.2MM will go much further with existing built as opposed to developing.

lat=43.1688001618486&lon=-77.6159378282709 I’d also suggest considering whether you live or work nearby, so you can stay informed about any developments. 

To be successful in Miami, you would need to have some serious capital to compete with the groundswell of experienced investors and developers.

I personally like to buy in towns/neighborhoods in which no new builds are possible within 10 miles because all the land is developed.

There is so much growth here - population growth, job growth, and companies moving and developing here.

I do expect greater development of condos and townhomes and higher density single family communities. - Acreage will continue to be a very hot commodity.

You can see the development in the area is in full swing.

Flips, STRs, and new developments.

Instead of buying at today’s inflated prices, I develop from the ground up, creating built-in equity and higher cash flow from Day 1.If you’re open to new construction, Columbus has great zoning options and strong rental demand.