Wildwood New Jersey STR

[John C.]

Hello,

I'm a LTR investor from Pennsylvania. I'm considering purchasing a 3 bedroom ocean view beach front penthouse in Wildwood NJ to use as a short term rental. The main reason being that my family and I love that area (North Wildwood in particular) and would like to use it ourselves for a month each year. Right now in the shoulder season, eventually in the peak season. We'd like to break even minus the potential revenue of the time we would stay there. So if we lose 5k annually and it would have cost us 5k for the month we stay there to rent a place that's even.

The way I figure it we need to take in about 60k-70K a year for mortgage, utilities, insurance, HOA and real estate taxes.

The property is one of the penthouses at 500 Kennedy Drive, 10min walk from boardwalk. Listed for 450K.

Thoughts? Is this revenue possible?

We self manage our LTRs and would remotely self manage this one and use a cleaning company.