I definitely want to stay clear of anything that could trigger fines or compliance issues, so your point about STR activity in communities with rental caps makes a lot of sense.If the documents don’t spell out any restrictions around owner-occupied MTR/LTR setups, I’ll look into the roommate or owner-occupied lease option you mentioned.

@Patrick Lismon When I see cap 15% cap rates being thrown around, I am automatically skeptical of the expense ratio & suspect key expense inputs are missing.

Since I know a lot of folks here invest in South Florida, thought I'd share the key findings:📊 Key Data:- Luxury inventory at 10.2 months (discounts averaging 10%)- Operating costs up significantly: Insurance +29%, Maintenance +24%- Cap rate spread: 4.7% (Brickell) vs 5.3% (Kendall/Doral)- Condo fees up 45% since SB 4-D passedFull report with neighborhood breakdowns: https://thsld.com/miami-property-management-trends-2026What are you seeing in your markets?

**OPERATING COST REALITY CHECK:**- Insurance: +29% YoY (coastal exposure + reinsurance crisis)- Maintenance: +24% (labor + materials)- Property Taxes: +22% (reassessments catching up)- Condo Fees: +45% since 2021 (SB 4-D structural compliance)**MARKET DYNAMICS:**- Luxury ($1M+): 10.2 months inventory, seeing 10% discounts- Single-family: 6.4 months, still climbing 4% annually- Condo/townhome: 12 months inventory (buyer's market forming)**CAP RATE SPREAD:**- Miami core (Brickell/Downtown): 4.7%- Suburban (Doral/Kendall/Homestead): 5.3%- 60bp spread = biggest arbitrage opportunity in years**INVESTOR BEHAVIOR SHIFT:**Seeing capital rotate from luxury spec plays → workforce housing with stable cash flow.

Caps are actually positive from a revenue protection standpoint, keeps market from saturating.

Beginning investor here. After closing in a couple of weeks I will need to completely remodel one unit of the duplex. I plan to throw most everything out and replace flooring – right now there's old stained nasty carp...

Looking to grow my network with other ambitious, goal driven hustlers and close out 2025 with a bang.

In short: $558k gross, ~9% cap, modeled cash-flow of ~$92k/yr with professional management (or ~$140k if self-managed), and conservative 5-yr after-tax proceeds of ~$1.4M.I’m sharing the math, assumptions, depreciation treatment, and the risks/opportunities I saw (value-add ideas, occupancy sensitivity, and market comps).

In short: $558k gross, ~9% cap, modeled cash-flow of ~$92k/yr with professional management (or ~$140k if self-managed), and conservative 5-yr after-tax proceeds of ~$1.4M.I’m sharing the math, assumptions, depreciation treatment, and the risks/opportunities I saw (value-add ideas, occupancy sensitivity, and market comps).

In short: $558k gross, ~9% cap, modeled cash-flow of ~$92k/yr with professional management (or ~$140k if self-managed), and conservative 5-yr after-tax proceeds of ~$1.4M.I’m sharing the math, assumptions, depreciation treatment, and the risks/opportunities I saw (value-add ideas, occupancy sensitivity, and market comps).