Branson Market: Vacation rental numbers don't pencil out

[Paul Wolfson]

I am having a hard time figuring out how folks are able to achieve decent cash-flow in Branson, MO as my numbers are not penciling out. 

Yet I am seeing a lot of short term rentals in this market -- 4,184 as of today according to AirDNA. So perhaps I'm missing something? 

My assumptions are below. I'd appreciate any help if I'm missing something.

Assumptions

Branson consists of a majority of 2/2 condo/townhouse units. 

According to a local real estate agent, I was told condos at the Point Royale Golf Village have the below (COA, POA, Golf) fees.

Purchase Price: $200,000

Down Payment: 10%

Interest Rate: 6.5%

Principal + Interest +Tax + Insurance: $1,421

PMI: $100

COA Fee: $209/mo

POA Fee: ($1,500/yr) = $125/mo

Golf Fee: ($700/yr) = $58/mo

Utilities: $250

Cleaning Fee: $600

Internet: $60

Misc: $270

Total Expenses: $2,996/mo

Total Revenue: $2,500/mo based on 50% occupancy rate and $158 average daily rate.

Result: -$500/mo