Could my Rural Property Realistically be a Profitable STR?

[Lisa Tennyson]

My husband and I are building a farmhouse. He was recently diagnosed with a terminal illness so our life plans are changing. We want to move 40 minutes away to be closer to our church. The 2350 sf basement is finished and we are living in it while we finish the upstairs (Main floor 2350sf, Top floor 1200sf). But now we are either going to sell as is for around $175,000 (price for our market). We do not owe anything on it so far. Or we are contemplating finishing it out (would cost about $100,000 and we would get a mtg ) and making it a STR and renting on Peerspace, too. We are thinking for multiple families gathering, bridal showers, vacations, hunting season lodging, photography sessions and business/networking gatherings. It's beautiful outside and great layout. There is tons of room. It will be able to easily house 18 guests. Open concept. It's on our farm, so yard and pond area is about 5 acres. We are 5 minutes off interstate in southern Illinois. 10 minutes from DG and a few local restaurants. We are an hour to 2 hrs from other places like Evansville, IN and St. Louis, MO. 45 minutes from Garden of the Gods. AirDNA has no statistics for my little town. I am just starting my investing journey with a mentor. This was an idea me and my husband talked about this week. Is this a good idea in your opinion or just sell? Please chime in if you have been successful with STR or Peerspace. Thank you, Lisa

[Bruce Woodruff]

First - so sorry about your husband....

We have a rural STR and it works very well, but there are attractions nearby that draw in the people. If you had a STR with no draw except the rural appeal, it might work but it might not.... a little risky IMHO. Unless you made it such a destination that word spread and people came just because of the wonderfulness of the place.

So yes it's very possible, but you need some kind of draw.....not just being rural....