First-Time STR Buyer --- Feedback / Guidance Requested

[Eric Carlstrom]

Hi all,

I have a few long-term rentals and am exploring a STR for the first time, and am seeking guidance / advice on my expected expenses (and ideally what i'm missing that i should factor into my calculations). Part of the value of the STR is that we will plan to use this property 4-8 times per year.

The property is a few hours from the major metro that I live in, and is a vacation destination for lots of people in my area. So much so, that according to AirDNA data there are 4000+ properties on airbnb / vrbo in this destination, though the property that I am evaluating has been used as a primary residence and has no rental history. As I'm sure most of you know, a long-term rental is simple since the only recurring expense I own is the mortgage, whereas with a STR I'll own the mortgage, internet, utilities, furnishings, cleaning fees, etc. which just makes my projections a bit foggier.

I'm looking for feedback on the below expenses and wondering what else I should be thinking about, that I don't currently have listed. I have spoken with the realtor at length and gotten copies of utilities bills, internet expenses, trash fees, etc. so I have reason to believe most of these are pretty accurate, but again, would like some feedback from the community on what i'm missing and what else i should be considering. Here's what I'm accounting for currently:

Mortgage (P&I)
Insurance
Taxes
Electric
Water
Trash
Internet
VRBO/Airbnb fees
General/Repairs
Cleaning (though these will be passed through)

If i'm super conservative on my monthly rate, I will need to rent the unit 10 nights/month to break even, if I am more realistic with the rate (according to my realtor who runs two STRs), i'll need to rent it 7-8 nights/month to do so. Also looking for best practice guidance on the risk tolerance based on these numbers. Thanks in advance.