Testing the STR waters?

[Ashly B.]

We're getting ready to close on a 4 plex - units 3-6 for us. All 4 units are currently rented but we intend to end the month to month agreement with one of the tenants due to cleanliness issues. After that we're planning to spend $5k and and one month freshening it up. Toying with the idea of turning it into an air bnb property and keeping the other 3 units LTR to keep stability. The income from the 3 units covers all expenses with a little left over so anything I make on the STR would be gravy. Market rent on it long term ~ $850-900. I'd need to rent it 7-8 days a month at short term rates to break even.

I *think* its marketable being 5 minutes from our growing downtown where hotels are often sold out. Any reasons not to give it a shot? 

[Anthony Wick]

I’m more interested in hearing how a 4 plex in Des Moines was renting at $800-900 a month for each unit, 3 years ago!! I was looking for a 4 plex in Des Moines. Rents are junk compared to selling prices.