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Updated almost 3 years ago,
Keep it LTR or switch it up to STR?!
Hello everyone,
I would like to get some advice about STR's. I currently have a SFH in Arlington TX that is being used as a LTR. I was thinking about turning the house into a STR, but before I do I wanted to hear what some experienced STR owners think.
The house currently rents for $2195 a month. Property is 13 miles(20 minutes) from Dallas cowboy ATT stadium, Texas Rangers ballpark, Six Flags, & Hurricane Harbor. 10 miles from Arlington Museum & Music hall. 5 miles from Hawaiian Falls. A concern of mine is that the property is to far from the tourist attractions?
Below is a screenshot from AirDNA. How accurate are these numbers? Are there any other sources I can use to research STR numbers. I use Rentometer for my LTR numbers.
Current lease ends 8/1/22. Would it be a smart decision to use this property as a vacation rental instead of renting it to long term tenants? Should I try it for a year? I've lived in the Arlington area most of my life and don't feel like Arlington is a huge vacation destination. How do other locals and out of state people feel about Arlington TX as a vacation location? I know there is more work that goes into renting short term and I eventually plan on purchasing STR in other more desirable locations, so I see this property as a test run that I know I can switch back into long term if need be.
Thanks for reading my post. I'd like to read and learn more about short term rentals, so any info/secrets you can share I'm open to listening