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2420 NW 66th St in Miami Florida
$389,000 | 3 Bedrooms | 2 Bathrooms | 5.2% Cap Rate
The Airbnb Investment Property
44556 San Pascual Avenue
Palm Desert, CA 92260
Listing: Awning - Redfin - Zillow
Revenue estimates: Awning Airbnb Estimator
2420 NW 66th St.
Miami, FL 33147
Listing: Awning - Redfin - Zillow
Revenue estimates: Awning Airbnb Estimator
Welcome to this beautiful Miami home, located just a 7-minute drive from Casino Miami, 12 minutes from Downtown Miami, and 18 minutes from Miami Beach. This property boasts a huge fenced yard with a beautiful mango tree and ample space for outdoor dining and entertainment. With 3 bedrooms and 2 bathrooms, this home is perfect for families or groups of friends looking for a comfortable and convenient stay in Miami.
The interior features laminated wood floors, a beautiful kitchen, and utility room/laundry. Appliances included are a dryer, microwave, electric range, refrigerator, and washer. This property is not part of an HOA, offering no restrictions for the buyer.
Investors will be thrilled to know that this home is located in an AH flood zone, making it an ideal investment property that requires flood insurance. The property has a renovation cost estimate of $5,000 to improve its appearance and ensure it is rent-ready.
The furnishing budget of $25,160 includes the cost of designing the space, the furniture throughout the entire home, outdoor amenities, and the cost of shipping and assembly of furniture.
With a listing price of $389,000, this property offers a potential cap rate of 5.2%, a 10-year return of 17.7%, and a monthly revenue of $4,200. This property is listed with All Cash, Conventional, and FHA terms.
Don't miss this opportunity to own this amazing investment property. Book your viewing today!
The Airbnb Investment Opportunity
How much does the home cost?
$389,000
How much will it earn on Airbnb?
$4,200 per month
How much will it cost to furnish it?
The furnishing budget for this property is $25,160, which includes the cost of designing the space, the furniture throughout the entire home, outdoor amenities that are shown to increase average daily rates (ADR), and the cost of shipping and assembly of furniture.
How much will it cost to renovate?
The renovation cost estimate for this property is $5,000, which is a relatively minor cost to improve the appearance and ensure the property is rent-ready.
How will this investment preform as an Airbnb?
Assuming a purchase price of $389,000, a renovation cost of $5,000, and a furnishing budget of $25,160, the total investment would be $419,160.
Based on the estimated monthly revenue of $4,200, the monthly cash flow would be approximately $43. This does not take into account expenses such as property taxes, insurance, and maintenance, which would impact the overall profitability of the investment.
Assuming a conservative appreciation rate of 6.8%, the after-repair value of the property would be approximately $415,000.
Based on these assumptions, the cap rate for this investment would be 5.2%, which is a decent return on investment for a single-family rental property. Over a 10-year period, the estimated return would be 17.7% per year.
Nearby Comparable and Active Airbnb Listings
Comparable: 1.5 miles away
Average daily rate: $392
Booked: 32% of the year
Annual revenue: $50,185
Comparable: 2.3 miles away
Average daily rate: $399
Booked: 41% of the year
Annual revenue: $63,628
Comparable: 1.4 miles away
Average daily rate: $391
Booked: 33% of the year
Annual revenue: $49,103
Palm Desert, California Short-term Rental Regulations
What are the short-term rental laws and regulations in Miami, Florida?
Miami-Dade County defines short-term vacation rental as any dwelling unit or residence that is rented in whole or in part to a transient occupant for a period of less than 30 days or one calendar month, whichever is less [1].
Vacation/short-term rentals are prohibited in all single-family homes and many multi-family housing buildings in certain zoning districts of Miami Beach, as stated in Miami Beach City Code (Sec 142-1111) and City Code (Sec 142-905 (b)) [2].
In November 2017, Miami-Dade County enacted Ordinance No. 17-78, which establishes certain standards and regulations for short-term vacation rentals in the unincorporated areas of the county. The ordinance includes provisions related to registration, occupancy limits, and penalties for noncompliance [5].
Is there a moratorium on short-term rentals in Miami, Florida?
There is no moratorium on short-term rentals in Miami, Florida as of February 17th.
The Airbnb Investment Location
Where is Miami, Florida?
Miami is a major city and the cultural, financial, and economic center of South Florida. It is located on the coast of the Atlantic Ocean, in the southeastern part of Florida. The city has a subtropical climate, with warm, humid summers and mild winters. Miami is known for its beautiful beaches, vibrant nightlife, art deco architecture, and diverse population.
Miami is the county seat of Miami-Dade County, which is the most populous county in Florida and the seventh-most populous county in the United States. The city has a population of over 450,000 people, and the Miami metropolitan area has a population of over 6 million people, making it the seventh-largest metropolitan area in the United States.
Miami is a major center of finance, commerce, and international trade, and is home to numerous corporations and banks. It is also a major port city, with the Port of Miami being one of the busiest container ports in the United States. The city is a popular tourist destination, and attracts millions of visitors each year.
What is there to do in Miami, Florida?
South Beach: This iconic beach is known for its white sand, turquoise water, and colorful lifeguard towers. It's a popular spot for sunbathing, swimming, and people-watching.
Art Deco District: Miami Beach's Art Deco District is home to more than 800 historic buildings with colorful facades and unique architectural features. It's a great place to take a stroll and learn about the city's past.
Little Havana: This neighborhood is known for its Cuban culture, food, and music. Visitors can enjoy a cup of café con leche, a traditional Cuban sandwich, or watch live music and dancing.
Miami Design District: This area is known for its high-end fashion boutiques, art galleries, and restaurants. It's a great place to shop and dine.
Vizcaya Museum and Gardens: This historic estate features a beautiful mansion, formal gardens, and a collection of art and antiques. It's a great place to learn about Miami's history and architecture.
Miami Zoo: The Miami Zoo is home to more than 3,000 animals from around the world, including elephants, giraffes, and koalas. Visitors can take a tram ride, feed the animals, or attend an animal show.
Everglades National Park: This expansive wetland preserve is home to alligators, panthers, and a variety of bird species. Visitors can take an airboat tour, go kayaking, or hike one of the many trails.
What kinds of people travel to Miami, Florida?
Beachgoers: Miami's beautiful beaches and warm weather attract many people who want to soak up the sun and enjoy the ocean.
Nightlife enthusiasts: Miami has a vibrant nightlife scene with many bars, clubs, and restaurants, making it a popular destination for those who enjoy going out and partying.
Families: Miami has many family-friendly attractions, such as the Miami Zoo, Children's Museum, and beaches that cater to families with children.
Foodies: Miami has a rich culinary scene, with many restaurants offering a variety of cuisines, including Latin American, Caribbean, and fusion cuisine.
Art and culture lovers: Miami has a thriving arts and culture scene, with many museums, galleries, and cultural events throughout the city.
Sports fans: Miami is home to several professional sports teams, including the Miami Heat (NBA basketball), Miami Dolphins (NFL football), and Miami Marlins (MLB baseball), making it a popular destination for sports fans.
Business travelers: Miami is a major center of finance, commerce, and international trade, attracting many business travelers who come to the city for conferences, meetings, and other business-related events.
When are the busiest and slowest seasons for tourism in Miami, Florida?
Miami, Florida is a popular tourist destination year-round, but there are definitely busier and slower seasons for tourism. The busiest season for tourism in Miami is typically from December to April. This is the high season, when the weather is cooler and drier, making it a popular destination for people looking to escape colder temperatures elsewhere. Many events, festivals, and conventions also take place during this time.
The slowest season for tourism in Miami is typically from May to September, which is the low season. This is when the weather is hotter and more humid, and there is a higher chance of rain and hurricanes. Many tourists tend to avoid this time of year, although it can still be a good time to visit if you don't mind the heat and humidity. Prices for hotels and flights may also be lower during the low season.
It's worth noting that Miami can still be busy during the low season, especially during the summer months, when families with children are on summer vacation. Additionally, some events, such as the Miami Spice restaurant month and Miami Swim Week, take place during the low season and can attract visitors. Overall, the busiest and slowest seasons for tourism in Miami can vary depending on factors such as weather, events, and holidays.
How far is Miami, Florida from the nearest airport?
Miami, Florida has its own major airport, Miami International Airport (MIA), which is located approximately 8 miles (13 kilometers) northwest of downtown Miami. MIA is one of the busiest airports in the United States and serves as a major hub for both domestic and international flights. It offers non-stop flights to over 150 destinations worldwide, including cities in the Americas, Europe, and Asia.
In addition to MIA, there are other airports in the Miami area, including Fort Lauderdale-Hollywood International Airport (FLL), which is located approximately 30 miles (48 kilometers) north of Miami, and Palm Beach International Airport (PBI), which is located approximately 70 miles (113 kilometers) north of Miami. These airports offer additional flight options for travelers, but may not be as convenient for those specifically visiting the Miami area.
What kind of food, nightlife, and experiences are available in Miami, Florida?
Latin American cuisine: Miami has a strong Latin American influence, and as a result, there are many restaurants that offer Latin American cuisine, such as Cuban, Peruvian, and Argentinean.
Seafood: Miami is located on the coast and has access to fresh seafood, including fish, shrimp, and crab. There are many seafood restaurants throughout the city.
Fusion cuisine: Miami has a diverse population, and as a result, there are many restaurants that offer fusion cuisine, blending different cultures and cuisines together.Bars and nightclubs: Miami has a vibrant nightlife scene, with many bars and nightclubs throughout the city. South Beach is particularly known for its nightlife.
Live music: Miami has a thriving music scene, with many venues offering live music, including jazz, Latin, and electronic music.
Casinos: There are several casinos in the Miami area, offering gaming and entertainment.
Beaches: Miami has beautiful beaches, including South Beach, which is known for its white sand and turquoise water.
Art and culture: Miami has a thriving arts and culture scene, with many museums, galleries, and cultural events throughout the city.
Shopping: Miami is known for its high-end shopping, with many luxury boutiques and shopping centers throughout the city.
Outdoor activities: Miami has many opportunities for outdoor activities, such as boating, fishing, and hiking in the nearby Everglades National Park.
Are there any major events in Miami, Florida?
Miami International Boat Show: This is one of the largest boat shows in the world, and is held annually in February at the Miami Marine Stadium Park.
Miami Open: This is a professional tennis tournament that takes place annually in March at the Hard Rock Stadium.
Art Basel Miami Beach: This is a major international art fair that takes place annually in December, attracting art collectors, curators, and artists from around the world.
Ultra Music Festival: This is an electronic music festival that takes place annually in March, attracting tens of thousands of music fans from around the world.
Miami Spice: This is a restaurant month that takes place annually in August and September, featuring discounted prices on prix-fixe menus at participating restaurants.
Miami Fashion Week: This is a fashion event that takes place annually in May, featuring fashion shows, pop-up shops, and other fashion-related events.
Miami Film Festival: This is a film festival that takes place annually in March, featuring a diverse selection of films from around the world.
What Airbnb amenities do guests expect and pay a premium for in Miami, Florida?
Pool: Given Miami's warm and humid weather, a pool can be a highly sought-after amenity. A private pool, in particular, can command a premium.
Oceanfront views: Miami is known for its beautiful beaches and oceanfront views, and guests may be willing to pay more for a rental with direct access to the beach or a balcony with ocean views.
Outdoor living areas: Many guests in Miami look for an outdoor space to enjoy the warm weather, whether it's a patio, balcony, or rooftop terrace.
Air conditioning: Given Miami's hot and humid climate, air conditioning is a must-have amenity for many guests.
Fully equipped kitchen: Guests may prefer a rental with a fully equipped kitchen to prepare meals or store snacks and drinks.
High-speed internet: Many guests expect fast and reliable internet, especially if they need to work remotely during their stay.
Access to parking: Parking in Miami can be challenging, so guests may be willing to pay extra for a rental with a designated parking spot or garage access.
Turning This Listing into an Airbnb
To get the property ready:
Place an offer on this property: If you have a local real estate agent forward them this email and let them know you are interested in the property. If you want help finding the best representation, simply reply to this email and request an agent. Awning will get in touch with it’s network of agents. It’s best to be qualified for a mortgage, here is a list of lenders that work with Airbnb investors.
Close on the property: Closing on this property should be simple. An agent will help you review the contract and confirm that everything in the inspection report makes this a good deal.
Renovate and furnish the property: This property is easy to renovate and furnish. The inspection report will point you toward any minor issues, expect to spend up to $5,000. Then you’ll need some items, which you can find in this Airbnb Host Checklist.
Hire Awning to manage your property:
Awning Management: If you choose to use Awning Property Management we can take care of gathering documents and list the property for you. You can learn more about Awning Property Management or reach our team by responding to this email.
Or for Self Managing
Gather necessary documents and permission: You’ll want to consult Florida Short Term Rental Laws. In most cases, you won’t require an attorney as the paperwork process is straightforward.
List the property on Airbnb: To list your property on Airbnb you’ll need a description, title and professional photography.
Manage the Airbnb: If you choose to self-manage the Airbnb you should not have much trouble finding reliable cleaners in the area.
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