Under Contract on first STR - Oak Island, NC

[Wes M.]

Hi all. My wife and I decided to move from the LTR to STR. We recently sold an LTR and had been in the market to purchase a two or three long-terms or small multi. But based on the numbers, the STR seems to be the better -- even if more risky -- strategy. The market we have chosen is the Yaupon section of Oak Island (east end). The property is located in walking distance to the beach (2 min. walk) and several restaurants. The general area is also elevated such that most of the properties are out of the flood zone, including this one. Based on the numbers, we're not expecting to become millionaires -- but hoping to reach 20-25% cash on cash return for the deal.

We both work full-time and have small children, so the impending setup process is looming large. That is, of course, if we end up closing the deal pending no significant issues. We are diving in head first on educating ourselves on the setup process. Many thanks to fellow BPers and Joe Prillaman out of Carolina Beach for the inspiration to get the ball rolling.

[Wes M.]

Hey everyone, wanted to provide an update on our progress. We finally listed the unit for service yesterday. I can say the last three and half months have been quite exhausting juggling this project, family, and work --- so we hope all the time and expense will pay off. Many thanks to everyone that has helped us along the way -- @Clint Harris @Joe Prillaman @Joseph Bafia and others -- we will need lots more help now that we are up and running.

https://airbnb.com/h/groveoki

We dove into this hoping for a COC of 20-25%, hopefully this time next year we will have achieved that goal. Ultimately, we spent approximately $23k on reno and another $18k on furnishing, though the dust is still settling so those numbers may be a tad off. Based on those numbers, we will need to net $21,000 after all expenses. We are looking at prime nightly rates of $350-375.

I have included some before and after pictures below. The link to the listing is also provided. Please let us know if you see things in the listing that should be tweaked.....oh and maybe hit that heart button in the top right!!

https://airbnb.com/h/groveoki