Opinions sought from Miami locals

[Nat C.]

I have a multi-family property under contract in what I think is a C grade area of Miami; it's a very central location though.

Here are the calculations for it:

Purchase price- 162k

Rehab cost- 40k

Monthly rental income- $2800

I am looking to buy and hold. I would remodel this to a high standard with really nice finishes to attract better tenants.

I am buying it sight unseen and I am a little hesitant about the area.

It's on NW 45th St, Miami.

The purchase price per square foot is a mere $65, which is well below the current market average, even for the area.

Are there any Miami locals who could chirp in with their opinion on this one? Good deal or bad idea?