Tillamook County Oregon Coast STR First Timer

[Benjamin Hanson]

Hi everyone, I've been browsing BP for several years now but never pulled the trigger. However, now I'm in the process of buying a property along the Oregon coast a couple blocks from a beach with the intention of making it a STR. It's an old 2/1, about 700 sqft that has not been a rental before. There's unfinished space that may allow for another bedroom but I haven't been able to get into the property yet. I used airdna to get some income estimates but the number they give seems unrealistic as it includes a lot of beach front/ocean view places.

I've reached out to some local realtors and management companies but would love to hear your advice. Specifically:

1) Are there are smaller management companies that I should look into? I won't be in the state so using a manager seems like the best option.

2) Who do you use/what should I expect for insurance and maintenance rates? It doesn't appear to be in a flood zone, but it's not far from one.

3) Is there a rough estimate of expenses that I should use to see if the deal makes sense? The larger management companies start at 25%, plus insurance, utilities, ...what else? I've tried to break it down below but some values are just guesses.

4) Are there local lendors? I've reached out to Visio and Conventus but am open to anyone that loans on STRs.

5) Are my numbers realistic? I've made quite a few assumptions and it shows a negative cash flow. But there are a lot of STR in the area so somehow others are making it work.

Thanks everyone for your comments, analysis, and connections!