Short term rental around Cleveland clinic

[Itay Heled]

Hello investors,

I have two long term sfh in Cleveland and considering purchase a third one for short term rental.

Anyone with experience operating short term rental near hospitals in Cleveland for traveling nurses/ staff /patients that can provide a feedback? 

thanks so much !

itay

[Bob Stevens]

Quote from @Itay Heled:

Hello investors,

I have two long term sfh in Cleveland and considering purchase a third one for short term rental.

Anyone with experience operating short term rental near hospitals in Cleveland for traveling nurses/ staff /patients that can provide a feedback? 

thanks so much !

itay

Not worth the aggravation. Keep doing LT. I just picked up all in 55k full reno, rent will be 1200ish, so about 20% , why bother with the in and outs of STR,

[Ryan Arth]

@Itay Heled I have a friend who has 50 doors in that area, all MTR for healthcare staff. He is working on a defunct hotel for the same clientele right now. 

I'm doing some work for a client who is looking to do the same, though not specifically near the Clinic, as you can reach people at any of the three health systems without being directly near the Clinic. The scarcity of options that these people have makes them happy to drive a bit to solve their problem while also maintaining their comfort and safety during their stay.

[David Leggett]

I think there's a lot of excellent properties for this near the Metro hospital system on the westside.  Mostly C to C- neighborhoods that get good cash flow and are still in pretty solid neighborhoods.  

[Ryan Arth]

Agreed, there are quite a few stable areas within 10 minutes of Metro.

[Bob Stevens]

Quote from @Itay Heled:

Hello investors,

I have two long term sfh in Cleveland and considering purchase a third one for short term rental.

Anyone with experience operating short term rental near hospitals in Cleveland for traveling nurses/ staff /patients that can provide a feedback? 

thanks so much !

itay

Not worth the extra 10- 15k you will need in amenities. Good luck finding reliable cleaners to do the turn. At the end of the day maybe you get 3, 5% more per year. Be happy with your 10% +++ net and move on. If STR were so " hot" I would have 10 of them.