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Updated over 1 year ago,
STR Recommendations for max profit ~$300K, Disney area
I'm out of state, and largely unfamiliar with the disney area other than my family vacations and limited research. I'm looking to buy a family vacation property, but also make money on it. I've seen similar posts in the past, but they seem to all be around 2 years ago when the market was very different. I'm looking for a 3-4 BR property in the $300K range, maybe up to $350K. This will be a long term investment, so I'm looking for the best return long term, while hopefully generating enough cash flow to more than cover all related expenses and mortgage (figure 20% down). Couple specific questions:
1) condo/townhouse with HOA vs SFH with pool and no HOA? There's a lot of competition for both, so we would likely theme it and modernize it. But is one more profitable than the other? I see quite a few HOA fees in the $700-$1K/month range.
2) Any specific area recommendations? I see some nice houses with pools in my price range in the Poinciana area, but also seen some comments that this is a sketchy area? I would like to narrow my search down to a couple areas then visit these places in person. Other than General proximity to the theme parks, I'm not sure how much a specific location matters for prospective STR's?
I will be using a management company to handle everything (18-20% fee, correct?). The basic stats I got from my Realtor were STR's in the area for what I'm looking for typically generate about 65% occupancy (as a yearly average) and daily rates vary between $140-$180/night. Which works out to roughly $3K per month. Does that sound about right?