Chicago Studio in Wrigleyville - AIRBNB?

[Dan B.]

Hello All,

The wife and I own a small studio apartment in the Wrigley Field area.  We use it occasionally to get away from the suburbs are d enjoy a night out.  Recently, we have been weighing our options - sell or rent?  In doing some research I am finding that AIRBNB is very successful in this area.  Wrigley Field is a national attraction despite how good the Cubs are in a given season and there are no hotels near by, thus demand is high.

I understand that there are some headaches that go along with AIRBNB and it will required a bit of a time commitment on our part, which we are prepared for.  All things included, the studio costs us in about $760 a month.  Studios in Wrigley area are going for as much as $160 a night and as low as $87.  I personally do not want to sell this and I'm hoping we can average about $1200 a month in revenue over a given year.  We have taken pride in our place and it has been upgraded and well cared for, this would not change if we were to offer it up on AIRBNB.

My question to all is what can we reasonably expect in return if we were to take this venture?  I have paid for the airbnb market reports in our locale and it seems viable, but instead of looking just the raw data I would like to get the opinions of some that have already taken this path.

Thanks!