Does a Florida rental actually cash flow? Run these numbers first

The fastest way to lose money on a rental is to underwrite it with two numbers. Rent minus mortgage is not cash flow, and in Florida the gap between that and reality is wider than most spreadsheets assume.

The line items I insist on: principal and interest, property taxes at the assessed value you'll actually pay rather than the seller's homesteaded figure, insurance quoted for a non-owner-occupied property, HOA dues, management at eight to ten percent even if you plan to self-manage, vacancy at roughly one month a year, and a maintenance and capital reserve based on the age of the roof and systems.

Run that honestly and a lot of properties that looked like winners come out flat. That's a useful result — it tells you to keep looking rather than to hope. The properties that survive the arithmetic tend to be unglamorous: solid construction, newer roof, boring neighborhood, steady tenant demand.

I'll run this analysis on any property you're considering, with the real tax and insurance figures rather than estimates. If it doesn't work, I'll tell you that before you write the offer.