If you only include your hard costs you MIGHT be close to break even, BUT I always factor vacancy, maintenance, and cap ex into my cash-flow estimates. 3.

.• Insurance and HOA fees – these have been rising quickly in coastal markets.• Recent comps vs. active listings – sometimes oceanfront units sit longer depending on price point and building condition.The upside is your basis looks well below market, so you have some cushion if resale takes longer than expected.The biggest risk I’d personally look at is liquidity on the exit — how quickly similar units in that building are actually moving.If comps truly support the $950K–$1M range and the building checks out, the structure of the deal sounds interesting.

Start by learning the basics: analyze deals, estimate realistic rent, factor in vacancy, maintenance, and management fees.

You cannot compare the results, and this is the most important factor, in my opinion. 

When I run the numbers across all 34 Miami-Dade zones I track, the realistic cash-on-cash range at 75% LTV is roughly 4-9% depending on the zone, and that's before factoring in vacancy loss, capex reserves, and management fees.

You do not state what the term of the renewal is, which should be an important factor.

Some other factors to consider - How long are you planning to hold this property?

That’s another factor that might argue for keeping flexibility rather than locking into a new loan with a penalty period.From a pure numbers perspective, many investors in your situation choose to hold onto the low-rate mortgage and deal with the HELOC separately.

Every investor’s situation is different, and the best refinance option often depends on factors such as property type, rental income, loan structure, and overall investment goals.If you're actively using the BRRR method or planning your next project, it's important to work with a lender who understands investor financing and can structure loans around your timeline.

We operate super transparent across board so all the "surprise factors" are getting annoying across the deal variables - we flagged all factors earlier.