Here are a few zip codes you might want to check out:33127 (Miami) - This area includes neighborhoods like Wynwood and Allapattah.

Factor it in to your costs.3.

BiggerPockets has excellent resources, including forums, podcasts, and books.

I haven’t gotten to a point of testing environmental factors or having a Perc test done yet, because...

One of my tenants just moved out with 1 week notice, they had been there for 3 years and it was rented for $1650 including a garage spot. 

Include a contingency budget for unexpected issues.

So when you say it needs a complete renovation what does that include? 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

When I received my 2023 taxes back from my tax preparer, I noticed that they included income from the DST's but did not include any depreciation.