Help running numbers for a STR in Navarre Florida

[Marley Carnes]

I'm brand new to investing and planning on purchasing my first short term rental in Navarre, Florida. I'm have a really hard time running numbers to get an accurate idea of how much it will cash flow and it it would be a good investment to move forward with or not. I've used about five different calculators and seem to keep getting a wide range of numbers none of which I trust.

Anyone willing to look what I have below and tell me where I might be off?

Will there be Capital Expenditures for this condo in addition to the HOA fees and Quarterly assessments?

Navarre, Florida

Condo: Studio, 1 bathroom, bay view, fishing pier, pool, gazebo, boat parking, sleep 4

Purchase Cost: 290k

Interest Rate: 7%

Closing Cost: 3% ($8700)

Cap Ex: 10%

AirBnB Fees: 3%

Management: None (self managing)

Loan: 10% Down; Conventional Second Home

Property Taxes: $3388/yr (from county assessor's office)

HOA: $523/month (includes cable, trash, maintenance)

Assessments: $5600 (based on neighboring unit)

Insurance: $1800/yr (based on neighboring unit, condo covers exterior of property)

Internet: $55/month (Googled average; basic cable in HOA fees)

Electric: $131/month (Googled average)

Water: $25/month

Maintenance/Repairs: 1.5%/month (based on maintenance performed in 2022)

Gross: 43k (based on neighboring unit, is on par with the 75th percentile for AirDNA and similar properties on Rabbu)

State tourism taxes: $245/yr (based on neighboring unit)

BP Calculator:

Monthly cash flow: -$55 /mo

Income: $3,583 /mo

Expenses: $3,638 /mo

CoC ROI: -1.76%

[John Underwood]

It looks like you have done a good job with researching the numbers and it is showing a negative number. Trust the numbers and find a better deal.

The HOA fees are killing you. I'd look for a non HOA house that can have much better numbers including higher nightly rates.