Renovate STR Now or Wait Until Slow Season?

[Ashton Fry]

Hello BP,

I close on a property that will be a STR at the beginning of April in Jacksonville Beach, FL. The main house (3/1.5) does not need much rehab to get it up and running. There is an addition that I will be converting to its own 1/1 unit. The extent of the rehab is the following: adding a bathroom, moving HVAC, removing a few walls, and more. After speaking with a few GC's, the project could take "a couple of months." I am estimating it could take six months to finish everything due to permitting, etc. So the rehab would be completed in say October...at the start of the slower season. The peak season in north FL is the summer months, May-September, and transitions to a slow period for a few months. I typically like to get things done asap but then I could be missing out on returns during the summer.
PS: I am using a conventional loan (second home loan) on this deal.

Question: Should I start the rehab as soon as I close on the property and get it done asap OR do I wait until the slow season to rehab? 

[Mel Adams]

If the condition it’s in now stacks up with other STRs in your area I’d wait. 

On the other hand, if it’s going to look the most outdated or lack amenities compared to your competition, either price it appropriately or rehab it now.