Palm Springs (Vacation Rental)

[Emma Love]

Hi all, 

I have read through a ton of posts on Palm Springs. I am considering buying in Palm Springs right now, it looks like it's around 700k minimum for a 3/2. And that is a property that probably needs some work. What do people think of Palm Springs these days? Any areas to avoid? I live in the midwest, so I am also wondering how people handle the in-person check-in requirement without hiring a management company. My understanding is right now it's virtual, but if it goes back to being required in-person, I guess you'd have to ask your cleaner? Or someone else? Is it crazy to think we could gross 100-150k? 

I own in Michigan, we purchased for 310k and hope for 70k gross. I could probably do the same for another house, is that a better bet?

[Tim Spry]

Hey, Emma.

Wanted to point out that while the market here is heavily regulated, Palm Springs is NOT in the process of banning short-term rentals. You'd be limited to 36 rental contracts per year, though. Combine that with the current high purchase prices, and you probably wouldn't match the kind of cap rate you're getting in Michigan. Hope this helps!