Thinking of buying canal home in Galveston texas for STR

[Kim Gillihan]

I have been considering this for a long time. Buying a vacation property for us to enjoy and renting to help it pay for itself.  I was just looking ( big mistake) and found one I love.. checks all boxes and then some.  Its on a canal.. has 3 bed 2 bath, boat lift, nice deck up top, huge outdoor living, outdoor kitchen etc.   I spoke to a realtor/property management company and the opinion is the house will be more desireable with all it has to offer thus making renting easier etc.  Its more than I started out wanting to spend, but I am willing if it will rent as well as I am thinking it will.  Very nicely decorated, new paint, windows..

We are 1.5 hours from Galveston.  Its listed for around 500k.  Realtor I spoke to thought I can get 50-60 k per year renting... 

I am looking for general advice on renting STR property... great idea, horrible idea.. so exciting and scary at the same time.

thanks so much! KIM

[Timothy Church]

Good evening! 

STRs down here can be a blast when they are done right. I personally have a handful and manage 13 for other investors. 

Judging by the way you described the property it will be investment with some personal use. This honestly is the best fit for a property like this. At that price point, it wouldnt be the best return on your money but if it is above break even and you get to use it whenever then it is perfect!

If you'd like to double check performance numbers, I can send you over an Airdna report on it. Just to give you some more informed numbers.

Hope you invest down here! Always good to get on island time. Let me know if you have any specific questions.