While areas like Brickell, Wynwood and South Beach are among the most crane-populated areas in South Florida, those hot spots might not give you the best bang for your buck for residential investments. After analyzing purchase prices and rents per square foot, NeighborhoodX generated an interactive chart to give you an idea of what $1 million buys you in various South Florida neighborhoods. Of course, demand is also a major factor.
To compare the extremes, the chart shows a $1 million residential investment in South Beach buys 791 square feet, which would generate about $45,800 in gross rent annually whereas the same investment in Little Haiti would buy 5,208 square feet (6.5 times as much land) and about $102,400 in gross rent annually, more than double as much gross income.
Head on over to NeighborhoodX to play with the interactive chart.