Downtown St Augustine Rental

[Mindy Nicol]

Investment Info:

Single-family residence buy & hold investment in St. Augustine.

Purchase price: $425,000
Cash invested: $140,000

Historic 2 bed, 2 ba bungalow in the heart of downtown St Augustine. Rents on Airbnb, VRBO and Booking.com.

What made you interested in investing in this type of deal?

Cash flow opportunity and holding an asset located in the downtown area of popular tourist city.

How did you find this deal and how did you negotiate it?

Driving around and saw the listing sign.

How did you finance this deal?

DSCR loan

How did you add value to the deal?

Upgrades on decor, maintenance, painting, photography, increased nightly rate.

What was the outcome?

Overall it has been a popular rental.

Lessons learned? Challenges?

Rental market is going through transition. Oversupply of short term rentals have meant lower occupancy than anticipated.
Permits required for STR in downtown.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Bank of England Mortgage assisted with the DSCR loan on this.