Furnished Executive Rentals in Rochester, NY

[Matthew Drouin]

Greetings BP forums,

I have a portfolio of 16 residential units, all located in the Park Ave East Ave neighborhood.  I have a one bedroom apartment coming up that I was considering furnishing and doing an AirBNB set up of short term executive rental.  All of my other units are on 1 year leases so this would be my first time and I am just looking to experiment with it and see if I can juice my returns.

Landlords:

1.) What has been your experience in this lane? 

2.) For a higher end 1 bedroom apartment in a great area what should I budget for rental income on either the AirBNB or short term rental market?

3.) How do banks evaluate furnished rentals?  Let's assume it's a 1 year lease.  Will they value the property based upon the rental income for that unit or will the appraiser generally stick to strict market rents for valuation.  The reason I ask, is if the short term executive or AirBNB avenue doesn't operate somewhat in alignment with my expectations, I will just rent it out on a one year lease.

I would love to hear from some Rochester based people on this as well, because our city is very conservative and slow to catch onto stuff that trends in other cities.