STR in areas like Anna Maria Island (FL), etc with Higher price points

[Trent Barga]

Considering getting into STR in the area we vacation at yearly. One of the things I'm running into when running numbers is the purchase price vs. weekly rental rates. We would want to purchase a home so that would put us between 1.2 to 1.5 million. Using different str formulas and considering the extra taxes and fees for running a STR in those areas it looks like break even. Not looking to make 100k/year but would be selling 2 rentals (1031) to make purchase so perfect world would like to cover my $30k/year I currently make on the long term rentals.

Airdna showed $5500 avg weekly rental and $340/night. Ones I've considered and with the upgrades we would do I think we would be in the $6k weekly and 380-400/night range.

Would love to get opinions and thoughts from others who purchase in the higher price points and how they run numbers or make it work. Or if you have a youtube channel you could refer me to that would be great. The ones I've followed aren't doing the "higher" price point areas.