Does it make sense to invest in STR in a 2br condo in Storey Lake?

[Lenny Reinstein]

Thinking of putting 250K-300K of my saving to use in STR: I see quite a few 2bd/2bh condos available for purchase in the Story Lake community in KISSIMMEE. A typical apartment has about about 1100-1200 sq ft, $4600 in annual RE taxes a year, and very high monthly HOA of about $800/mo. I see that these types of apartments rent on average at about 170/night in low season, close to 300/night during spring break.

Can this work financially, especially considering the high mortgage rate at 7% or even higher?

How can I calculate my cash flow considering that I don't fully understand all the potential costs - from flooding insurance to management fees (I live in NY, so will have to hire a management company)?

What would you recommend with this kind of budget? My goal is low risk STR in the price range mentioned above.