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Short-Term Rental · Key West, FL

Short-Term Rental Financing in Key West, FL

Estimated 1.34x DSCR on a $895,000 short-term rental with $223,750 down — qualified on the property's income, not your tax returns.

Modeled Purchase Price
$895,000
25% Down
$223,750
Loan Amount
$671,250
Est. Monthly PITIA
$6,561
Creditable STR Income
$8,784/mo
Est. DSCR Ratio
1.34x

Short-Term Rental investing in Key West

Short-term rental financing in Key West is a different underwriting product than a long-term DSCR loan even though it carries the same name. The lender is crediting nightly revenue instead of a signed lease, which means the documentation, the reserve requirement, and the permit diligence all change.

At the Key West median of $895,000, a short-term rental prices near $895,000. Minimum down is 25% ($223,750), leaving a loan of $671,250. Estimated all-in PITIA runs about $6,561 per month.

The Key West ratio math on this product

Gross nightly revenue in Key West models to about $12,200/month across a full year. Lenders do not credit that dollar-for-dollar — a 28% haircut for vacancy, cleaning, platform fees and management leaves $8,784 of creditable income. Against a PITIA of $6,561, that is an estimated DSCR ratio of 1.34x. That clears the 1.0 minimum with real cushion and lands in the best DSCR pricing tier most shelves publish — typically worth 0.25%–0.50% off the rate versus a break-even file.

Underwriting notes specific to STR files: plan on 25% down as the floor, six months of PITIA in reserves, and either twelve months of Airbnb/VRBO earnings statements on the subject property or a third-party market revenue study for a property with no operating history. Yes Verify the permit status of the exact address before you go hard on earnest money — an unpermitted STR is an unfinanceable STR on this product.

Returns and structure

Return metrics at the Key West median for this product: an estimated cap rate of 6.48%, and monthly cash flow of $2,223 positive at 25% down. A file that cash-flows at the minimum down payment is the exception in Florida right now, and it gives you room to absorb an insurance renewal without going to the reserve account.

Key West property types compared

Property TypeModeled PriceMin. DownEst. IncomeEst. DSCR
Single-Family Rental$895,00020% ($179,000)$5,200/mo0.76x
2–4 Unit Multi-Family$1,414,10025% ($353,525)$9,672/mo0.93x
Condo & Townhome$644,40020% ($128,880)$4,108/mo0.76x
Short-Term Rental (this page)$895,00025% ($223,750)$8,784/mo1.34x

All figures model a purchase at the Key West median of $895,000 with the property-type adjustments described above, at an illustrative 7.50% DSCR rate on a 30-year fixed. Short-term rental income is shown after the standard lender haircut.

Figures on this page are modeled estimates derived from the Key West median price and market rent, adjusted for short-term rental product characteristics. They are illustrative, not a loan offer or an appraisal. Actual pricing, rent, taxes, insurance, HOA dues and DSCR depend on the specific property and on conditions at the time of application.

Key West Short-Term Rental FAQ

More Key West investor resources

Key West investor guide
Full market analysis and loan options
Single-Family Rental in Key West
0.76x est. DSCR
2–4 Unit Multi-Family in Key West
0.93x est. DSCR
Condo & Townhome in Key West
0.76x est. DSCR
Monroe County investor hub
Every market we finance in the county
DSCR loan requirements in Florida
DSCR payment calculator

Price a short-term rental in Key West

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