Unbelievable Income Potential on This Buena Vista Rental
$789,900
SOLD
91 NW 51st St
Miami, FL
Completely remodeled from the studs up approx. 3 years ago.
Located just a few block from the design district.
Property sits on a large fenced in corner lot with permission from the city to build another structure in the back as the property is zoned T3-L for a single family with ancillary unit.
There are currently 2 entrances to the property.
Currently the property is is being rented as a short term rental that is being managed company.
The agreement is currently that the management company pays $5,000 per month then rents it out between $600-$800 a night with a 3 night minimum during the season and $400-$500 per night during the off season. However, the monthly rent paid by the management company should be increased to $5,500-$6,000.
Quick Numbers:
Average $600 per night for 15 days per month. That's $9,000 per month for someone not using a middle company.
Building an additional structure could possibly bring in an additional $200 per night ($3,000 per month) depending on the size of the structure.
