Virginia Beach Short Term Rental

[Teddi Tanitsky]

Hi all - I'm looking to invest in a short term rental in the VA Beach STR overlay district, preferably the Vibe Creative district. I am ready to buy as soon as I find the right property, but willing to be patient in this market before looking elsewhere. I am in Richmond, VA so about 1.5 hrs away and able to make it there in person pretty easily and quickly if an opportunity comes up. I'm looking in the $700K range which I'm thinking will get me 3-4 bedrooms depending on the quality of the property. I'm open to a cosmetic remodel (cabinets, countertops, paint, flooring), but want to avoid and major construction. My goals are appreciation, a place I can use and trying an STR. I want to at least break-even, and cash flow would be nice, but not the main goal.

Has anyone had experience with the STR strategy in this market or any realtors in the area willing to connect? Curious how long the permitting process takes and how big of a hassle it is (i.e. if I fill out an application and pay the fee will I automatically be approved or is there more to it than that?).