This 2-bed, 2-bath, 990 sqft Art Deco condo in the heart of Miami Beach shows strong rent potential, with recent listings for similar units in the building at $3,200/mo and 1-bed comps nearby renting for $2,799/mo. Given the historic finishes, garden views, and boutique 8-unit setting, the likely rent range is $3,200–$3,500. Annual revenue could hit $38.4K–$42K. With a $380K valuation, the gross payback period sits around 9–10 years, not accounting for HOA fees ($995/mo) or taxes. The local market is stabilizing but remains tight, with sustained demand despite a slight citywide rent dip and increased inventory[1][3][4]. Unique features like the private patio, modern upgrades, and prime walkable Flamingo Lummus location boost tenant appeal, though the high HOA and flood risk are notable challenges.

To maximize rental value, consider adding high-end furnishings, upgrading smart home features, or permitting short-term rentals (if allowed by HOA). Owners should highlight the property’s historic charm, private outdoor space, and recent renovations in marketing. If selling, timing is decent—rental demand is steady, but be prepared for longer market times as inventory rises. Address flood insurance proactively for investor confidence.