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Navigating Finances in The Harbour Condo, North Miami: A Realistic Scenario


  • Briefly introduce The Harbour condo in North Miami.
  • Set the stage for a detailed financial analysis of a 2-bed, 2-bath unit listed for sale and rent.

Section 1: Breaking Down Expenses: 1.1. Condo Fees: $10,800

  • Explain the purpose of condo fees.
  • Highlight any amenities or services covered by these fees.

1.2. Realtor Fees: $4,100

  • Discuss the role of realtor fees in the sale or rental process.
  • Mention negotiation possibilities with real estate agents.

1.3. Property Taxes: $8,870

  • Explain how property taxes are calculated.
  • Mention any potential tax benefits for homeowners.

1.4. Property Maintenance: $2,000

  • Explore common maintenance costs in condominiums.
  • Emphasize the importance of regular property upkeep.

1.5. Mortgage Payment: $36,000

  • Break down the mortgage payment.
  • Discuss the terms of the mortgage and any factors influencing the amount.

1.6. Yearly Total Expenses: $61,320

  • Summarize the overall yearly expenses for the homeowner.

Section 2: Income Generation: 2.1. Rental Income: $48,000

  • Detail the expected income from renting the unit.
  • Discuss factors that may impact rental income.

2.2. Rental Market Conditions:

  • Highlight the competitive rental market with nearby offerings.
  • Discuss incentives offered by neighboring rental communities.

Section 3: Analyzing the Bottom Line: 3.1. Profit or Loss Calculation:

  • Subtract total expenses from total income.
  • Address the resulting loss of $13,320 for the unit owner.

3.2. Factors Influencing Financial Outcome:

  • Discuss potential factors that can improve the financial outlook.
  • Mention strategies to mitigate losses or enhance income.


  • Summarize the financial scenario in The Harbour condo.
  • Encourage prospective homeowners to carefully evaluate both expenses and income before making decisions.
  • Suggest exploring additional income streams or cost-cutting measures.


  • Acknowledge that this analysis doesn’t include insurance costs, and advise homeowners to consider these additional expenses.
  • Recommend consulting with financial advisors or real estate experts for personalized advice.

This blog provides a realistic and detailed overview of the financial considerations involved in owning and renting a unit in The Harbour condo, offering valuable insights for potential homeowners.