Short-term rental purchase, north county coastal. How realistic is this plan?

[Ryan Rubel]

My wife and I live in Chicago and vacation in San Diego every year.  We get a condo rental in Oceanside typically, and stay for 2 weeks. 

I'm considering purchasing a condo or a small SFH in the Oceanside/Carlsbad area as an investment property and renting it out on a short term rental site like AirBNB. We like the short-term rental idea because we could stay at the property ourselves when we want - summer break, spring/winter breaks, etc.

Our budget will be right around $1M or less ideally, and we would like a short distance to the ocean.

How likely is it that we could find a property as described above and have it cover or come close to covering the mortgage? 

Any advice or tips would be appreciated.

[Keith Mintz]

Quote from @Ryan Rubel:

My wife and I live in Chicago and vacation in San Diego every year.  We get a condo rental in Oceanside typically, and stay for 2 weeks. 

I'm considering purchasing a condo or a small SFH in the Oceanside/Carlsbad area as an investment property and renting it out on a short term rental site like AirBNB. We like the short-term rental idea because we could stay at the property ourselves when we want - summer break, spring/winter breaks, etc.

Our budget will be right around $1M or less ideally, and we would like a short distance to the ocean.

How likely is it that we could find a property as described above and have it cover or come close to covering the mortgage? 

Any advice or tips would be appreciated.

Hi Ryan, definitely could be a great idea! I specialize in STR/MTR and I have managed a few in Oceanside. STR and Oceanside may have some restrictions last I checked, I would look deeper into that. Some ordinances restrict STR. If your taking about a condo, you mostly likely can't do STR because of the HOA. But MTR is allowed anywhere even with HOA, which still does well in that area.

Your budget is definitely workable! I have seen a few recently that I analyzed and look good for MTR. Feel free to connect with me!