Looking for advice on Galveston, TX short term rental market

[Lee Anne Collins]

My husband and I live in the Houston area and are wanting to purchase a house (not a condo) in Galveston, TX. We love the historical looking houses, so not beachfront or anything. We plan to market it as a STR, and occasionally use it for ourselves (we know it needs to be less than 14 days/year for tax purposes).

We've found a small 2/1 house on the East end that we really like, and are considering making an offer. But this is all new to us and we're scared to make the leap. We would be depending on the rental income to pay most of the mortgage/taxes/insurance, but are concerned that Galveston may be too saturated with similar properties and that we might have a hard time getting enough renters to earn that income.

We'd love to hear from others in the area who host STR property. What percentage of the time do you have bookings? How do you decide your rates? Do you use a management company? Any advice for a newbie like us would be greatly appreciated!!!

Thank you in advance! :)