AirBNB in Mount Dora question

[Barbara Pinto]

In my search for my first investment property, I came across a property that is being used for an Airbnb in Mount Dora, FL. The price is $270, with 20% down, my monthly would be around $1300. Currently, the reservations are averaging $2500 net a month. She has been using it as an Airbnb since May 2021.

I am completely new to real estate and would appreciate any input. Does this sound like a good investment?

I like the idea of generating cash flows through Airbnb’s. I also love mount Dora. The house is walking distance to the downtown.

Thank you for any input!!

[Glenna Wood]

I love Mt Dora but haven't been there in years so I hope it hasn't changed too much. Speak with the town officials about their current rules on STRs. Read thru some city council or commission meeting minutes. Tedious but if neighbors are complaining or the town officials keeps bringing up issues about STRs that's a warning to you. 

2 BRs is small but doable. On a small 1930s house do a thorough check on how the house systems were updated, roof, drainage, electric, HVAC, plumbing, etc not just the viewable interior. I would lean to a house with a long time owner vs a recent flip. FL has it's share of shoddy construction work. 

FL lives on tourism. Check with the local Chamber of Commerce as they usually collect data on who visits and why. Mt Dora is close enough to Orlando for people who want a day two at the attractions there but also want to enjoy a day at the beach at Daytona, kayak or hike in the Ocala National Forest, or enjoy "Old Florida" history in the town. Plan to market your unit accordingly. Best wishes!