North Bay Village, North Miami, Coral Gables · No HOA · No daily rental restrictions · Waterfront and gated options · Maximum control, maximum cash flow.
Investment thesis
Three reasons single-family STR investments outperform condos on every cash-flow metric.
Condos charge $700-$2,400/mo HOA and impose rules that change without notice. Houses have $0 HOA, you set the rules, and special assessments only happen if YOU decide to renovate.
Steve's Cutlass property (4BR/3BA, North Bay Village) delivered $183,000 STR revenue in 12 months at 68% occupancy and $738 ADR. That's 2x what most Brickell condos produce.
North Bay Village is built on 3 islands in Biscayne Bay — waterfront homes under $1M still exist here, 10 min to South Beach. Single-family zoning protects against future HOA-style restrictions.
Cost & rules
Costs structure is fundamentally different from condos — no HOA, but higher property tax and insurance. Net result: more cash flow.
Featured: Steve's Cutlass + market
Steve's flagship Cutlass property + comparable single-family opportunities in North Bay Village and North Miami.
Zones of interest
Single-family in Miami is seven different markets, not one. An entry ticket runs from the mid-$500ks on the mainland to eight figures on Key Biscayne, and the daily-rental rule changes at every city line. Each zone below has its own page with live MLS inventory.
The volume market and the cheapest way into a house. Widest spread of the seven, so the median says less here than the individual street does.
See Miami houses → STR-friendly zoningAccessible pricing with STR-permissive zoning and easy 305 access. The best ratio of entry price to rentability in the group.
See North Miami houses → STR-friendly zoningWhere Cutlass runs. Waterfront, open-bay views and STR-friendly zoning. Only 14 houses listed, so the median swings on a single trophy sale — the 3BR band sits far below it.
See North Bay Village houses → Verify per addressDeep, liquid, and the most tightly regulated of the seven. Underwrite it as a long-term hold or an end-user home, not as a nightly-rental play.
See Coral Gables houses → Verify per addressCanopy, walkability and the strongest owner-occupier demand in the group — which supports resale value more than it supports yield.
See Coconut Grove houses → Zone-dependentMost of the Beach enforces a six-month minimum lease; specific districts do allow short-term. The rule is the whole investment case here, so settle it before you offer.
See Miami Beach houses → Verify per addressThe most expensive dirt in the group and a second-home and family-trust market. Bought for the island and the schools, not for a cap rate.
See Key Biscayne houses →
On these numbers. Median asking price and median $/sqft across every active single-family listing in each zone, pulled from the MLS on 12 August 2026 — medians, not averages, because a handful of waterfront trophies drag a mean badly (Key Biscayne's mean is more than twice its median). Counts move daily; the zone pages show live inventory. North Bay Village's $3.78M covers all 14 active houses of every size, which is why it sits far above the 3BR figures in the ROI table above — different populations, not a contradiction.
On short-term rental. Daily rental is decided by city and by zoning district, not by the county or the MLS, and a listing's marketing copy is not the rental policy. "STR-friendly zoning" above reflects the zone's general rule; it is never a guarantee for a specific address. Before you write an offer I read the actual zoning designation and any recorded restriction for that parcel — ask me to check a specific house.
Real Cutlass performance — Steve's house portfolio
Real numbers from Steve's Cutlass property managed through Guesty over 12 months. House STR economics fundamentally outperform comparable condos on a $/sqft basis.
Source: Steve's Guesty P&L · Cutlass (7552 Cutlass Ave) · 12-mo trailing May 2025 to April 2026. House revenue/sqft consistently 2-3x condo revenue/sqft in same zone.
ROI projections
House investments have higher purchase prices but lower fixed costs (no HOA). Cap rates often beat condos because revenue scales with space/amenities, not floor count.
| Unit type | Price | STR rev | HOA/yr | NOI | Cap rate |
|---|---|---|---|---|---|
| NBV 3BR (median) | $1.1M | $130k | $0 | $78k | 7.1% |
| NBV 4BR Cutlass | $1.38M | $183k | $0 | $112k | 8.1% |
| NBV 5BR waterfront | $2.5M | $250k | $0 | $155k | 6.2% |
Buy + run · one team
Single-family in Miami's STR-friendly zones (North Bay Village, North Miami, parts of Miami-Dade) is the highest-cash-flow play in Steve's portfolio — Cutlass runs at $738 ADR / 68% occupancy / $183k/yr. Property Management Brickell LLC (BlueBay's sister entity) runs it all: STR listings, guests, cleaning, taxes.
Multi-channel listings (Airbnb, VRBO, Booking, Furnished Finder where relevant) with dynamic pricing tuned to season, demand events, and comp-set positioning.
Guest screening, contracts, check-in coordination, cleaning between stays, maintenance triage. Single point of contact for every issue.
Monthly P&L statement, occupancy & ADR vs. comp set, tax-ready ledgers (Florida sales/tourist tax filed on your behalf where applicable).
Management fee is % of revenue, not a fixed retainer. We earn more when your home performs better — same numbers Steve hits on the units in his own portfolio.
Property Management Brickell LLC · Florida licensed · Working alongside BlueBay Brokers. Pricing and scope discussed during your strategy call.
Lead magnet · 24h delivery
Fill the form. Steve sends back a personalized 12-month STR projection with comparables, scenarios, and seller financing options — within 24 hours, no obligation.
What you get: 4-page PDF · MLS data · AirDNA benchmarks · Steve's actual P&L from managed units.
15-minute strategy call with Steve to walk through unit options, financing structure, and target ROI.