Am I Missing Something?

[Michael Hill]

I want to buy a condo in a vacation area near where I live. I would use it for family as well as rent it out (demand is high and renters are great here). Here are the numbers I have come up with. I imagine I am missing something big as it seems way too simple.

Condo is around $400,000

I would put 20% down.

Cost per month $2,280 (mortgage, taxes, insurance, hoa)

Most rent between $250-$350 per night. However, it's a seasonal destination (May-September is hottest).

If I rented it every day for a month, it would generate at least $7,500. I would need to only rent it for 10 days a month to cover the mortgage. I would handle all managing and cleaning as I would have the time (long story, but I'd have a lot of free time).

I understand there are costs such as furniture, etc. but since I would be doing all the managing, could this work in theory? Thanks and I appreciate any education you can provide.