Miami multifamily research done properly. Market data, deal analysis, financing explainers — built for investors who want to understand what they're buying before they buy it.
Explore Miami MultifamilyEstimates based on active and closed listing review, public records, and asking rents observed in Q1 2026. Figures are illustrative and should be independently verified. Not a solicitation or guarantee of any specific return.
Multifamily real estate combines several wealth-building mechanisms into a single asset class. Understanding how each works helps investors evaluate whether the strategy fits their financial goals. Stocks give you one lever: price goes up (or doesn't). Real estate gives you four: cash flow, appreciation, tax efficiency, and loan amortization — all running simultaneously. Multifamily adds one more: if a unit goes vacant, the others keep paying. That's the basic case. Here's how each one actually works.
Rent in. Expenses out. What's left is yours. Multiple units mean if one goes vacant, the others keep the lights on. A single-family rental hits zero the moment a tenant leaves. That buffer isn't luck — it's structure.
Natural appreciation is the market doing its thing: inflation pushing prices up over time, Miami's population growing, and supply staying stubbornly constrained. You don't have to do anything — time does the work. Forced appreciation is what you create: renovate units, raise below-market rents, cut vacancies, tighten management. Unlike most financial assets, you can directly move the needle on value. Neither is guaranteed — but having two levers instead of one changes the math.
Depreciation lets you deduct the cost of a rental building over time — 27.5 years for residential (1–4 units), 39 years for commercial (5+ units) — even while the property appreciates in value. That's a paper loss that offsets real rental income, lowering your tax bill without touching your cash. Want to accelerate it? A cost segregation study breaks the property into components (appliances, flooring, fixtures) that depreciate faster — often 5, 7, or 15 years — and when combined with bonus depreciation, can front-load significant deductions in the early years of ownership. Layer in 1031 exchanges (roll gains into the next property, defer the tax), mortgage interest deductions, and repair write-offs — real estate often has a tax profile that differs meaningfully from most other asset classes. Worth a conversation with a tax professional who knows real estate.
Every month, your tenants' rent partially pays down your mortgage. You own more of the asset without writing another check. Even if the property never appreciates, that's compounding equity running quietly in the background — which is a strange and wonderful thing when you think about it.
On financing: owner-occupied 2–4 unit properties may qualify for residential financing (FHA or conventional), underwritten on your personal income with potentially lower down payments. FHA requires you to occupy one unit within 60 days of closing and live there for at least a year — it can't be used for pure investment properties.
Non-owner-occupied 2–4 units and all 5+ unit properties use investment or commercial financing — typically 20–30% down, underwritten on the property's NOI, not your W-2. Neither structure is better; they suit different goals.
Population growth, a chronic supply deficit, and a renter-heavy demographic have historically supported South Florida rental markets. Add no state income tax and a city that keeps attracting capital and people — and the structural backdrop for long-term holds is worth paying attention to. Markets shift. Nothing is certain. But context matters when you're sizing up a 10-year play.
Hypothetical illustration only. Assumes ~$620K purchase, 25% down, 7.25% rate, 30yr term. Excludes vacancy, capex, management, and other costs. Actual results will vary significantly. Not financial advice.
The goal is always the same: understand the deal before you commit to it. Here's where I can help.
On and off-market search across Miami-Dade. Starting with duplexes for first-time buyers, scaling up from there. Filtered by the metrics that actually matter.
Get Started →Cap rate, cash-on-cash, DSCR, pro-forma. The spreadsheet gets built before emotions do. Analytical background — this is genuinely the part I enjoy.
Learn More →Offer through close. Negotiation, inspection contingencies, financing coordination — backed by Obtain Realty's 15+ years of Miami market experience.
Work Together →Live in one unit, rent the others. Walk through the FHA strategy, real numbers on rent offset, and whether it actually pencils for your situation.
Plan Your Strategy →Rent trends, price-to-rent ratios, vacancy patterns, neighborhood trajectory across Miami-Dade's multifamily corridors. Know before you commit.
Explore Markets →New to investing? Cap rates, financing structures, what to look for in a duplex — before you write a single offer. No jargon, no pressure.
Start Learning →Have a vacant unit in a small multifamily? Tenant placement, vacancy marketing, and applicant coordination — without full property management overhead.
Get in Touch →Longer-form analysis on the ideas and numbers that actually shape real estate returns. Structured research and investment breakdowns — coming soon.
First research notes coming soon.
Five calculators. Plug in your numbers, see the estimates. Don't fall in love with a deal until it passes the spreadsheet test first.
Estimates only. Excludes vacancy, capex, management, and other costs. Not financial advice.
Include taxes, insurance, management, repairs, vacancy reserve. Exclude mortgage — cap rate is pre-financing.
Estimate only. Cap rate is pre-financing and does not account for leverage. Not financial advice.
Illustrative only. FHA has eligibility requirements. Consult a licensed lender. Not financial advice.
FHA = 3.5% down + 1.75% upfront MIP + ~0.85% annual MIP. Conventional = 5% or 20% down. Rates change daily — always get actual quotes from your lender.
Estimates only. Verify with your lender before making decisions. Not financial advice.
DSCR = Gross Rent ÷ Total Debt Service. Many DSCR lenders look for ≥ 1.25, though requirements vary by lender and product. No W-2 income verification typically required.
Estimates only. DSCR lender requirements vary. Consult a lender. Not financial advice.
Six areas, six different investment theses. Each market has a distinct risk/return profile — here's the honest breakdown on who each suits, what the numbers look like, and what to watch for. All figures are Q1 2026 estimates. Not appraisals. Verify independently.
Why investors study it: proximity to Brickell jobs, walkability, and consistently low vacancy make it a reliable rental demand story.
Consistent rental demand, close to Brickell. Accessible entry for house-hackers. Inventory is tight — good for prices, harder on deal flow.
Why investors study it: one of the few Miami-Dade markets where cash flow fundamentals hold up on current pricing — less reliant on appreciation thesis.
Dense renter base, among the stronger estimated cap rates in Miami-Dade. One of the few areas where the 1% rule occasionally gets close. Suits investors running on cash flow math, not appreciation hope.
Why investors study it: cultural redevelopment and Wynwood proximity are driving rent growth — positioning this as an early-mover appreciation play.
Adjacent to Wynwood. The Rubell Museum moved here; galleries are following. Rents trending up. Appreciation thesis play — cash flow doesn't carry it on current numbers.
Why investors study it: lower entry prices and higher estimated cap rates, with infrastructure investment and spillover appreciation from adjacent markets creating a long-term value-add thesis.
Higher estimated cap rates, lower entry prices. Value-add play — buy right, manage carefully, hold long. Higher upside typically comes with higher operational intensity.
Why investors study it: sandwiched between Hialeah and stronger appreciating markets, WLR may offer a combination of cash flow and upside before pricing moves further.
Sandwiched between appreciating markets. May offer a blend of cash flow and upside before pricing moves further. Improving trajectory — though no trajectory is guaranteed.
Why investors study it: accessible entry pricing, more available inventory than tighter corridors, and proximity to job centers and cultural investment supporting long-term demand.
More accessible price point, more available inventory than tighter corridors. Dense renter base. Cultural investment in the area may support long-term appreciation — timelines uncertain.
Market data is only as useful as the methodology behind it. Here's exactly how the figures on this site were derived — and where their limitations lie.
Derived from a review of active and recently closed listings in Miami-Dade for 2–8 unit residential and small commercial multifamily properties. Sourced from MLS data, public property records, and listing platforms. Ranges reflect observed asking and sold prices and are not appraisals.
Based on observed asking rents on active rental listings in each neighborhood, cross-referenced with available market reports where accessible. Figures represent approximate mid-range estimates and do not account for unit condition, amenities, or lease timing.
Estimated by applying observed rent figures and typical Miami-Dade operating expense ratios (generally 35–45% of gross rent for small multifamily) to observed price ranges. These are illustrative approximations — actual cap rates vary significantly based on specific property condition, management, and vacancy.
All figures on this site are estimates for educational and discussion purposes only. They are not appraisals, valuations, investment projections, or guarantees of any return. Real estate markets change frequently and figures may not reflect current conditions at the time of your research. Always conduct independent due diligence, obtain a formal appraisal, and consult with licensed financial, legal, and real estate professionals before making any investment decision. MiamiMulti provides educational market analysis and research intended to help investors better understand multifamily real estate concepts. It does not provide financial, legal, or investment advisory services.
MiamiMulti began as a research project while I was studying Miami-Dade's multifamily market — tracking neighborhoods, building deal models, and trying to understand what actually makes a property work here. Eventually it made more sense to share the research than keep it buried in spreadsheets.
My background is analytical: finance education, experience in data-driven roles, and several years studying markets and trading independently in equities. That perspective naturally led me deeper into real estate investing, where leverage, tax efficiency, and long-term cash flow make it one of the most compelling asset classes.
I'm affiliated with Obtain Realty, a Miami brokerage with more than 15 years of experience across residential and multifamily transactions. That local expertise supports every deal and conversation.
Originally from Melbourne, Australia and half Taiwanese, I've lived across Asia, Canada, and multiple cities in the US before settling in Downtown Miami. I've run half marathons across the world, visited more than 25 countries, and I'm genuinely excited to call this city home.
You don't need to memorize a textbook. You need to understand five things well enough that nobody can bluff you in a negotiation.
NOI ÷ Price. Tells you what a property would return if you paid all cash — no financing in the equation. Use it to compare deals apples-to-apples. Don't use it to predict what you'll actually make. In Miami, 6–7.5% is generally considered solid, though that range shifts constantly with the market.
Annual pre-tax cash flow ÷ cash you actually put in. This is the one that accounts for your mortgage — which means it's the number that actually reflects your reality. The same property can look great or terrible depending on your financing. Run multiple scenarios before you decide anything.
Monthly rent ≥ 1% of purchase price. In theory, a $600K property should rent for $6K/month. In Miami? Good luck with that in most neighborhoods. It doesn't mean deals don't work here — it means Miami runs on a different thesis (appreciation, tax efficiency, market fundamentals). Hialeah and Liberty City occasionally come close. Everywhere else, you need a different framework.
Gross Rent ÷ Total Debt Payments. DSCR loans care about one thing: does the property cover its own debt? Not your salary — the rent roll. Most lenders want ≥ 1.25 (property earns 25% more than it owes). Rates run higher than conventional, but you don't need to show a W-2. That's why investors use it to buy property #2, #3, and beyond.
Owner-occupied 2–4 units: residential financing, FHA or conventional, qualified on your personal income. Non-owner-occupied 2–4 units: investment loan — 20–25% down, higher rates, same neighborhood as commercial. 5+ units: always commercial, always underwritten on NOI. The favorable financing only kicks in if you're actually living there. Knowing this before you make an offer saves you an expensive surprise at the finish line.
Researching a deal? Curious about a neighborhood? Just want someone to sanity-check the math? Reach out. No pitch. No pressure. Just a conversation.
This website is intended for educational purposes only and does not constitute financial, legal, or investment advice. All market figures are estimates and should be independently verified.