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Updated about 9 years ago on . Most recent reply
Vacation rental in Harper's Ferry, WV - a good investment?
Hi everyone!
We are thinking of making our first purchase a short-term vacation rental in Harper's Ferry, and I wanted to get some feedback as to whether we have a good plan. We are looking at buying a fixer upper (3 bed, 2 bath) in a more private, wooded area with a view. Purchase price would be no more than $100k with rehab at no more than $50k, leaving us with a monthly mortgage of $800 or so.
We are thinking of finding some nice furniture on Craigslist and having a photographer friend take professional photos, then listing on all the VRBO websites at around $250 per night. I've been researching how often and for how much comparable rentals in the area have been going for and this looks to be a fairly safe investment, but I wanted to get some feedback as to anyone's experience with this type of rental market and what we can do to promote cash flow ( as well as anything else we should be considering).
Thank you in advance for your feedback!