STR’s in Marco Island? Thoughts?

[Justin Cabral]

Would love to get some feedback and consensus regarding STR's in Marco Island.

Also thoughts on using a property management company vs self managing. Specially if you do not live close by and have never been a landlord before. I just don’t think at todays prices there is enough meat on the bone to justify the cost of a property manager. There might not even be enough meat on the bone to break even by self managing which is why I am looking at this as more of a “cheaper way to own a vacation home that I can use during low season”

If I buy here this would be just under a 2 hr drive for me. 

[Patricia Andriolo-Bull]

I live in Marco and also own a vacation rental there. I purchased it before the market went crazy. I try to follow the 1% rule. It is difficult to hit that with prices where they are today. I had a very good 2022 and start of 2023 but I'm starting to see some softness both in pricing and in occupancy. New STR regulations may make it a bit harder, too. I self manage but spoke to some PMs early on. At 20%, makes cash flow a bit more difficult. That said, if you can take the hit to help subsidize a vacation rental, it is a beautiful place.