How do you analyze STR different than LTR?

[Greg Todrank]

I am looking at a property on Lake Michigan.  I have developed a schedule on the amount of time I believe it will rent per month -- less in the winter, more in the summer.

How do you determine nightly rate? What other factors do you use SPECIFIC for STR?

I don't believe I can rent this monthly for what I need to make it work financially.  Is that my answer?

[Jon Crosby]

@Greg Todrank 

Below is a file I share for analyzing STRs on BP, it's located in their file place repository.  As for getting ADR (average daily rate) and occupancy, you can get high level figures on your area from AirDNA.  Just be advised that the ADR they provide includes cleaning fees so unless you plan on cleaning it yourself, I would back out 15-20% of what they are showing to be safe. 
Additionally as Paul mentioned, you can simply look at similar homes on Airbnb and VRBO in the area to see what they are charging to help verify your estimates. 

Best of luck!

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