Just Listed: Key West Investment Property @ Coral Hammock!
31 Coral Way is a 3 bedroom, 3 bathroom standalone home in Coral Hammock, a gated community on Stock Island just minutes from Old Town Key West. It holds a transient rental license, so it can rent nightly, and it is offered at $1,200,000.
Every bedroom has its own full bathroom, the home comes furnished and ready to go, and the community gives you a heated pool, clubhouse, and fitness center behind a gate. It works as an income property, a second home you rent when you are away, or a place to land full time.
Key facts
Address: 31 Coral Way, Key West, FL 33040 (Coral Hammock, Stock Island)
Price: $1,200,000
Home: 3 bedrooms, 3 en-suite bathrooms, standalone single-family home (not attached)
Rental rights: transient rental license, nightly rentals allowed
Rental income: about $122,000 a year, owner-reported
Condition: freshly updated, furnished and turnkey
Parking: two dedicated spaces
Community: gated, heated pool, clubhouse, fitness center
HOA: $440 a month, covering the pool, grounds, and gated security
Inside the home
The floor plan is open, with high ceilings and plenty of natural light. The kitchen has new stainless steel appliances and granite countertops, and the living and dining areas open to a private covered porch.
The bedroom layout is the standout. Each of the three bedrooms has its own full bathroom, which is exactly what vacation rental guests look for when two or three couples travel together. It is just as practical for family visits or a home office with its own bath.
The home has been freshly updated, including paint, flooring, and bathroom work, and it comes furnished, so a buyer can keep it running as a rental without starting from scratch.
Why the transient rental license matters
In the Florida Keys, the right to rent nightly is limited and valuable. Most homes can only be rented for a month or longer. A home with a transient rental license can host guests for shorter stays, which is where vacation rental income comes from.
Coral Hammock is one of the few communities near Key West where homes carry transient rental licenses, which is a big part of why buyers look here. If you are new to how this works, our [Fantasy Fest vacation rental post] and [Rental Licenses hub] walk through the rules. As with any rental property, a buyer should confirm the license details and transfer steps before closing.
Can you finance it with a DSCR loan?
Yes, for many buyers. A DSCR loan qualifies you on the property's rental income instead of your tax returns. Using the owner-reported $122,000 a year, a 7.25 percent rate, and 25 percent down, the debt coverage ratio works out to about 1.21 when a lender counts the full rental income. Most lenders look for 1.0 or higher.
Some lenders only count 75 to 80 percent of rental income. In that case, plan on roughly 30 to 35 percent down. I have a one-page DSCR breakdown for 31 Coral Way, and our DSCR loans post explains how these loans work in Key West. These are illustrative numbers, not a loan offer, so run your own with a lender.
About Coral Hammock
Coral Hammock is a private, gated community of about 55 homes on Stock Island, built in 2004 in a Conch style with metal roofs and covered porches. It mixes attached townhomes with a small number of standalone homes like 31 Coral Way.
The location is a big part of the appeal. You are about five miles from Duval Street, close to Key West International Airport, and near Stock Island's marinas and some of the area's best-known restaurants, including Hogfish Bar & Grill and Roostica. The Key West Golf Club is right across US-1. Stock Island has grown into a destination of its own, with places like The Perry Hotel and Oceans Edge Resort & Marina nearby, while still feeling a little more local than Old Town.
Schedule a showing
31 Coral Way is an active rental, so showings are scheduled around guest stays. Reach out and I will set up a time, send the income package and DSCR breakdown, and answer any questions about Coral Hammock.
Frequently Asked Questions
How much is 31 Coral Way listed for?
31 Coral Way is offered at $1,200,000.
How many bedrooms and bathrooms does 31 Coral Way have?
It has 3 bedrooms and 3 bathrooms, and every bedroom has its own en-suite bathroom.
Can 31 Coral Way be rented nightly?
Yes. The home holds a transient rental license, which allows nightly vacation rentals. Buyers should confirm the license details and transfer steps before closing.
Where is Coral Hammock?
Coral Hammock is a gated community on Stock Island, just east of Key West and about five miles from Duval Street. It is across US-1 from the Key West Golf Club and close to the airport and Stock Island's marinas.
What are the HOA dues in Coral Hammock?
HOA dues are $440 a month and cover the pool, grounds, and gated security.
Does 31 Coral Way come furnished?
Yes. The home is offered furnished and turnkey, ready to continue as a vacation rental.
Krystal Sheehan · Brokered by eXp Realty · Licensed in Florida
Information is deemed reliable but not guaranteed and should be independently verified. Rental income is owner-reported. DSCR figures are illustrative estimates, not a loan offer.
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