Airbnb Property Seems to Good to be True - Please help!

[Quinn Kane]

I've attached two PDFs of projections for an Airbnb property that I was approached about a joint venture. The property was upgraded in the last 4 years and has operated as an Airbnb. It's in an established part of town and is the most expensive property listed in the neighborhood. Houses on both sides range from $700-$900k.

I've helped manage properties for years but this is the first time I've looked at the purchase side. I'm hoping someone with experience can give me their opinion on the numbers. It seems too good to be true in a lot of ways, but the tables still have things like vacancy and maintenance built in. Am I missing something? Please help!

Thanks!

Imgur link: Airbnb Property Tables