Newbie in Rental Arbitrage –How do I Analyzing Profit Potential?

[Vanessa Lule]

I’m an 18-year-old aspiring investor with a goal to build wealth in real estate. I’ve decided to start with rental arbitrage, given my tight budget. I’m focused on tourist-friendly areas (Bay Area, North Tahoe and primarily Sacramento) I have a few apartments interested in learning more about my plan. My challenge is that I’m struggling with figuring out if a property will be profitable or not, even though I've done research on sites like AirDNA and tried to analyze multiple factors.

where Im stuck: 
1. Occupancy Rates: How can I accurately estimate average occupancy rates for these areas? I’ve looked at Airbnb listings, but it’s hard to tell which ones represent long-term averages.
2. Monthly Expenses: I’m accounting for rent, utilities, and cleaning supplies, but are there other hidden costs I should consider? Any budgeting tips would be super helpful!
3. Expected Nightly Rate: What’s the best way to estimate this without over- or underestimating? 
4. Breakeven Analysis: I’ve read about calculating my breakeven occupancy rate, but I’d love to know more about how others in rental arbitrage set up and interpret this analysis.

If anyone has a process or checklist for analyzing potential arbitrage properties, I’d really appreciate it! Thanks in advance for any advice or insights.