short term rental investment property criteria

[John Bucknum]

Hi, 

I am researching short term rentals as investment properties in downtown Pittsburgh pa. I have narrowed down location pretty well, but trying to decide on the actual property. plan to meet with a realtor early next week and would like to have some criteria to guide our search. Right now I am thinking 2-3 bed/1.5+bath, intending to be able to sleep 6+ with sofa/bed or similar, SFH or townhouse. So far it appears most apartment and condo buildings seem to be anti-short term rental, many listing this on there website, so the sandwich arbitrate strategy seems to be out.

we are currently rehabbing an 11 unit building, but I am not against buying a distressed property and doing the rehab, but that will delay us to close to the summer months which I imagine are the busiest for STRs, at least in Pittsburgh.  I could be wrong though, I can see rapid steelers fans doing a lot of bookings.

There is a developing area within walking distance of stadiums, casino and major hospital and museums, but half are rehabbed and half are rough.

any insight would be helpful!  

thanks!

John

[Paul Sandhu]

I think you need to determine the demographics of your target market and go from there. Make your STR what your target market wants.

My target market is refinery contractors.  They want a kitchen with all appliances and utensils, they want a washer/dryer, and they are happy to pay as much per week as a cheap local motel room.  $200/week/bed.

I go above and beyond the basic things they want.  SMART tv in the living rooms, basic cable in the bedrooms, gas or charcoal grill, indoor and outdoor manly type of entertainment (poker table, darts, fire pit, horse shoes), and lots and lots of artwork that I can not post a picture of on here without the post being removed.