What to do with 1st STR - Not Cashflowing

[Neil G.]

Hey all, what would you recommend doing with a STR property that's just barely breaking even after all expenses? It's a 3 BR old bungalow in Tampa that I'm renting out on Airbnb. My prop management is handling everything, and they're doing an OK job. I'm at around 50% occupancy (on average - higher in winter, lower in summer), but daily rates are way down since the economy has started suffering. The property is a 8/10 in terms of the listing and amenities. It's a nice property, but I don't have a crazy theme to stand out from the crowd of listings and I only have 5-6 reviews so far (4.75 stars).

I just had to make an additional capital investment of $2.5K since it's a 100 year old property and things are breaking here and there. Plus, the summer is pretty slow, so income is down. 

So while the property has appreciated about 15% since I purchased it last year, it's not doing anything to provide any income after servicing the debt and all expenses. This is a side gig for me, so I'd like to get some cashflow without a ton of effort. 

I suppose I could A) Try to revamp the property (although I don't want to invest a lot of capital), B) Sell it, C) Switch to LTR or mid term rental (Furnished Finders - traveling medical professionals).

All suggestions and insight are appreciated! 

[Luke Carl]

Get rid of your PM and take over. By posting here you already prove you have what it takes