Key West STVR income potential??

[JR Woolf]

Trying to analyze a potential deal.  Wondering if there are any property managers or investors who could give us their opinion on gross revenue potential for a completely updated 2 bed 1 bath cottage with private pool approx 2.5 blocks north of duval in old town.  No transient license so would have to be month to month STVR. It is a 800k property that we will finance so will need to clear at least $4500 a month to cover costs.  

[Frank Borzen]

You will not get $4500 per month rent from locals, and in my experience not many tourists want to spend a full month in KW. Fighting the month by month battle for money will get tiring. The Keys are a 9-10 month rental area (Thanksgiving through Labor Day). The better value is a home with an existing transient license. Figure $200-300 per night x 225 nights.