Rent comparable analysis
Actual leased comparables in the specific building or immediate area, not asking rents or generalized market averages.
Overview
A clear approach to investment & portfolio.
Most investment property presentations are built backward: pick an optimistic rent, subtract an optimistic expense figure, produce an attractive return. The assumptions are buried and the analysis collapses the first time reality touches it.
I work the other direction. Rent comes from actual leased comparables, not asking rents. Expenses are stated line by line so you can challenge them. Insurance is estimated on current South Florida conditions rather than the seller's expiring policy. Property taxes are modeled on what you will pay after the sale, which in Florida is often substantially more than the current owner pays.
The result may be a number you do not like. That is the point of running it before you buy rather than after.
Projections are estimates based on stated assumptions. Actual results vary with market conditions, financing terms, vacancy, and expenses. Nothing here is a guarantee of return.
What's Included01 02 03 04 05 06
Details handled before they become problems.
Cash flow and return modeling
Cap rate and cash-on-cash calculated with every assumption visible and adjustable.
Operating expense build
Insurance, taxes, association dues, maintenance reserve, vacancy allowance, and management, each stated separately.
Association document review
Rental restrictions, minimum lease terms, cap on leased units, waiting periods, and approval requirements — the terms that decide whether the plan is even permitted.
Building financial condition
Reserve funding, assessment history, milestone inspection and structural reserve study status, and what those mean for future carrying cost.
Tax and insurance reset analysis
What the assessed value and premium will look like under your ownership rather than the seller's.
How It Works
A process with the right questions at the right time.
Define the strategy
Long-term hold, short-term rental where permitted, value-add renovation, or portfolio expansion. Each implies a different property and a different set of disqualifying conditions.
Screen inventory
I filter the market against your criteria and, critically, against the restrictions that would make a property unusable for your strategy. A building that prohibits leasing for the first two years of ownership is not a candidate no matter how the numbers look.
Model the numbers
Rent comps, expense build, financing scenario, and returns — with assumptions stated so you can stress-test them. If the deal only works at the optimistic end of every assumption, that is a finding.
Verify the restrictions
Before the deposit is at risk, we confirm the association's actual rules from the governing documents rather than from the listing remarks. Listing remarks are marketing copy and are wrong often enough to matter.
Structure the offer
Inspection period, association document review period, and financing terms structured to preserve your exit if the diligence turns up something material.
Due diligence and close
Association financials, assessment history, permit and code records, insurability, and inspection, all inside the contractual windows.
Who This Is For
Transaction needs this service is built to address.
- Buying a first rental property and wanting the analysis method explained, not just the conclusion
- Expanding an existing portfolio in Miami-Dade or Broward
- Evaluating whether a specific property under consideration actually supports the numbers being presented
- Buying a condominium as a rental and needing the leasing restrictions verified before committing
Deal screen
The five lines that kill a rental in these two counties.
A listing that pencils on rent and price alone fails once the actual carrying costs are in. These are the five that most often turn a positive number negative, and where each one is verified before a property makes the tour list.
| Line | Why it moves the number | What to pull |
|---|---|---|
| Insurance | Wind and flood premiums vary by construction year, roof age, and flood zone, and the seller's policy is not yours | A real quote on the address, not a rule of thumb |
| Association dues | Cover the master policy, reserves, and operations, and rise with all three | Current budget, reserve schedule, and the last two years of minutes |
| Property tax reset | Assessed value resets to your price at the sale, so the seller's bill understates yours | County estimator on your purchase price with the parcel's millage code |
| Rental restrictions | Minimum lease terms, waiting periods, and short-term rental bans are set by the declaration | Leasing section of the declaration and rules, plus city vacation rental rules |
| Milestone and assessment exposure | Buildings past the inspection threshold with unfunded reserves are where large assessments come from | Milestone report summary, structural integrity reserve study, any voted or pending assessment |
Coverage
Where I work.
FAQ
Questions worth answering before you start.
How do you calculate cap rate, and why do your numbers differ from the listing's?
Cap rate is net operating income divided by purchase price. The disagreements almost always come from the inputs rather than the formula. Listing-side projections frequently use asking rents rather than achieved rents, omit a vacancy allowance, omit a maintenance reserve, use the seller's current property tax bill rather than the reassessed figure, and use an insurance premium that no longer reflects the current market. Correcting those four inputs is often the entire difference.
Why would my property taxes be higher than the seller's?
Florida's Save Our Homes assessment cap and the non-homestead assessment limitation restrict how much a property's assessed value can rise year over year while the same owner holds it. A sale generally resets the assessed value toward market value. On a property held for many years, the difference between the seller's tax bill and the new owner's can be substantial. Modeling the seller's current bill is one of the most common and most expensive errors in South Florida investment analysis.
Can I rent out any condo I buy?
No, and this is the single most important thing to verify before your deposit is at risk. Florida condominium associations may impose minimum lease terms, limit how many units can be leased at once, require a waiting period after purchase before leasing is permitted, and require approval of individual tenants. These restrictions are in the governing documents, and they are not reliably reflected in MLS listing data. They must be verified from the documents themselves.
What are milestone inspections and structural integrity reserve studies, and why do they affect my return?
Following the 2021 Surfside collapse, Florida enacted two related requirements. Under § 553.899, condominium and cooperative buildings of three or more habitable stories must complete a milestone structural inspection by December 31 of the year the building reaches 30 years of age, and every 10 years afterward. Separately, § 718.112(2)(g) requires a structural integrity reserve study and restricts the ability to waive reserve funding for the covered components. For an investor the consequence is direct: a building carrying deferred structural work may be heading toward a special assessment, an increase in monthly dues, or both — either of which changes your return. These requirements have been amended several times since 2022, so the status of any specific building needs to be confirmed with the association rather than assumed.
Do you work with short-term rentals?
Where they are permitted. Short-term rental regulation in South Florida is set at the municipal level and varies significantly between cities, and the association's own rules apply on top of the municipal ones. Both need to be verified for the specific address before the strategy is viable. I will tell you honestly when a property will not support the plan.
Start the conversation
Run the numbers before you commit.
786.828.6925 · ilya@paramounthomegroup.com