AirBnB Opportunities in Scottsdale

[JP K.]

Hello BP Community!

I wanted to reach out to the community to get some feedback on a market that I have recently visited and am interested in making an STR investment. My wife and I really loved the area, and saw a lot of potential for an investment property as the area draws a high-end residential community, as well as year round events that bring in droves of tourists.

I am looking for a 2/2 or 1/1 condo in the Camelback area (not far from downtown), that will be in the $100K to $150K range and will meet the cash flow requirements. I live in CA, so this will be ideally be under property management. 

Here are some questions I had:

1) I guess I need to step back and ask - what is the consensus on Scottsdale as a viable STR market? Or is the opinion that a long-term tenant is a better way to go?

2) Does anyone have contacts for a great property management company? What is the % range that these management companies tend to charge and what do their services entail? I have a SFR in KC, MO and property management in that area tends to be around 8-10% of gross rents.

3) I noticed that many condominium communities employ land lease fee's, how prevalent is this in the Scottsdale area?

Thank you all for taking the time and look forward to your responses!