Old San Juan PR Airbnb Investment

[Alan Averill]

Hello BP. We are  trying to get in the real estate game in San Juan PR with setting up an Airbnb. We looked at a historic building "off market sale" near the San Juan Bautista Church. Its currently under construction with total remodel to be done at closing of sale (they say).  We put a low offer in just to see where they were on price.  It consists of three floors with a roof top terrace.  They countered with telling us they sold the second floor.  .  They still  want to sell the first floor which can be commercial space to rent or 2 residential units. (1100 SF)  And also the  third floor (APP 1100 SF) could be two separate units including the roof top terrace.  They are asking $399,000 for the third floor and $199,000 for each side of the first floor.  We are looking to do a percentage down with owner financing until we can get funding from a local bank.  We would like to speak with someone who runs airbnbs there to see what a realistic income  number could be monthly for the units.  The agent has been telling us that we wont pay property taxes or taxes on the airbnb income since its in an opportunity zone. And also what a good counter offer to the third floor would be for us? I cant find to many other places for sale online to compare pricing. We appreciate any input and contacts that can help us.