Tips for Underwriting STRs

[Shaun Fogleman]

Looking to get into my first STR in the next few months out in the Knoxville/Oak Ridge/Gatlinburg area(s)....I understand getting average daily rates, occupany rates, mortgage, saving for maintenance/CapEx. Are there any other expenses that I should be accounting for or any way to verify that what I'm analyzing is a solid deal? I've been using AirDNA, BnBCalc, and Rabbu for help analyzing as well. Any tips would be great, thanks!

[Jonathan Greene]

Just from your post, it sounds like you are doing it remotely, meaning you are analyzing properties online that you think would be good for STR. If I am right, you might be missing a step. Have you been to those areas? Have you stayed in one of the best STR in those areas? You want to compare the experiences available there so you know where you have to land to be successful in that market as a STR.

Furnishing is the main cost that I didn't see and @Bryce Jamison hit several other ones.