Not a vacant flip — a tenant is in place today, on a lease from the current owner. The STR numbers below start once that lease ends.
| Current tenant, in place | $2,950/mo |
| Lease renewed | July 14, 2026 |
| Owner-added termination clause | 60 days' notice |
| Furniture | Tenant's — not included |
The lease itself just renewed, but the owner secured a 60-day termination clause — so a buyer can take possession within 60 days of closing, roughly September 2026, well ahead of #2608 (Nov 2026), #3018 (Feb 2027) and #1914 (Apr 2027). That speed is priced in: at $460,000 this is the most expensive of the four. Confirm the 60-day clause transfers to a new owner before relying on it — get it in writing from the listing agent.
Listing agent Liana Doganiero (The Keyes Company) is offering a 3% co-broke commission. Source: WhatsApp thread with the listing agent, 16–18 Jul 2026 — verify directly before writing an offer.
These aren't AirDNA guesses. They come from a 1-bedroom unit BlueBay actively manages in this exact building (Guesty P&L, 12-month trailing May 2025 → April 2026). The important nuance: that owner self-occupied it every summer, which held its reported revenue below its true rental potential.
| Managed 1BR at The Club — as reported | Trailing 12 mo |
| Occupancy (blended) | 73% |
| Average daily rate | $192 |
| Gross revenue as reported | $52,100 |
May–August, that unit ran just 45–54% occupancy while the other professionally-managed units in the same building held 80–90%. That gap is owner self-use, not weak demand. As a pure investor keeping the unit fully available, the previous owner's foregone summer rent — about $6,400/year — comes back to you.
| Same unit — investor basis (summer restored to building-market ~80%) | |
| Occupancy | 83% |
| Average daily rate | $192 |
| Gross annual revenue — base case for 2304 | $58,500 |
Cross-check: the best-run unit we manage in this building, with no owner blocks, ran 86% occupancy on a larger floorplan — above our 83% base assumption. 2304 is also larger (825 vs 780 sq ft) with direct bay views, further supporting the figure.
Professionally-managed short-term rental. Base revenue $58,500 (managed comp, owner summer-blocks restored to market).
| Gross STR revenue | $58,500 |
| Professional STR management (20%) | −$11,700 |
| HOA ($706 × 12) | −$8,472 |
| Property tax | −$6,411 |
| Insurance (condo, STR) | −$2,000 |
| Utilities + internet | −$2,640 |
| Supplies, turnover, reserves (~4%) | −$2,340 |
| Net operating income (NOI) | $24,900 |
| Debt service — Club mortgage ($345K @ 7.25%) | −$28,248 |
| Debt service — home-equity line ($131K @ 12%, IO) | −$15,720 |
| Pre-tax cash flow | −$19,035 (−$1,586/mo) |
At 100% financing — a 7.25% mortgage plus a 12% home-equity line — the deal is cash-flow negative by about $1,600/month. The 5.4% cap rate sits well below the blended cost of that debt, and the 12% line is the reason: it carries a quarter of the purchase at more than double the property's own yield. This is not a small gap that better management closes. The return here has to come from equity build + appreciation — and at 12%, read the wealth breakdown below before you decide it does.
Same $460K, same 100% financing (7.25% mortgage + 12% equity line). Only the STR revenue assumption changes — and note that no revenue case gets to break-even. That is the 12% line, not the property.
Cash flow is only one line. On a 100%-financed asset, the wealth is built through principal paydown and appreciation on a bay-front Brickell property.
At 8.5% the paydown and appreciation covered the negative carry and left roughly +$2,760. At 12% the extra $4,585 of annual interest overruns them: year one is −$1,822, even with 3% appreciation doing the heavy lifting. The equity line costs more than the asset produces and more than it appreciates. If the 12% is the real cost of the money, the honest read is that this purchase does not carry itself on any of the three revenue cases — and the answer is a bigger cash down payment, a cheaper line, or a different unit.
Your Doral condo currently nets roughly +$925/month as a rental. Against this unit's −$1,586/month it covers a little under 60% — the two-property portfolio runs at about −$660/month, not break-even. And the equity line is drawn on the Doral itself, so that $925 is what is left after the line it is already paying for.
Two levers move this, and neither is management: refinancing the 12% line down to a normal home-equity rate is worth roughly +$380/month on its own, and a cash down payment instead of 100% financing turns the monthly positive outright. If the 12% is fixed and cash is not available, the honest advice is to wait rather than buy — ask me for the 25%-down version before you decide.
I'll bring in a lender to size the home-equity line precisely, and we'll walk the STR set-up and management plan for 2304. 15 minutes.
A Miami Herald investigation (July 16, 2026) and Editorial Board opinion (July 20, 2026) examined short-term rental compliance at The Club at Brickell Bay, reporting that roughly 545 of the building's 643 units operate as short-term rentals while only a small subset holds a valid city Certificate of Use for lodging. Florida law (Fla. Stat. §509.242) requires a building-wide Change of Occupancy once more than 25% of units convert to short-term use — a threshold this building has passed. A new HOA board took office in June 2026 and has stated it intends to pursue proper registration. The short-term rental revenue in this analysis reflects actual historical operating performance, not a guarantee of continued legality — buyers should independently confirm current compliance status before purchase.