Requesting feedback on first short term rental deal currently under contract.

[Erik Price]

Hi everyone,

I’d love to get people’s opinions on my beach condo short term rental.

1 bedroom, 1.5 bath. 800 square feet.

All the numbers I used are taken directly from the current owners records.

I made the str income $4,000.00 a month because the previous owners were grossing about $51K a year.

This is not a home run. I’ve been thinking about doing this for years and have come to the conclusion that I am simply looking for a base hit.

My wife and I will manage and clean the property for the first year at least.  We do have the time to manage/clean and the capital to cover expenses while we learn and refine our strategy.

We are currently under contract and plan to close April 1st.

I realize that we don’t know what we don’t know so I would appreciate any feedback.

Thank you so much in advance!

Erik

https://www.biggerpockets.com/analysis/rentals/bd26ac2a-3655