Long term?

The East Rock area of New Haven (near Yale) is a huge outlier in terms of pricing, very expensive. 

However, very glad that we pivoted to mid-term rental approach around $4,500 to $5,000 that has helped address vacancy.

@Hunter Duplantis what @Gino Barbaro said is exactly what I was going to suggest.When you have vacancy is the time to experiment and apply your original thesis.I’m not trying to play Monday quarterback here but, you should be highly confident in where the rents should be well in advance of having a vacancy.That being said, after confirming competition rents on websites (I’d also recommend Craigslist and Facebook marketplace), you should be in alignment there.  

I am a long-term investor, but I also provide services to long-term investors, so my advice is biased toward that option.  

TECHNICALLY, this falls within the long-term laws because there are only 2 categories - long-term or short-term.

Quote from @Bryant Xavier: Hey, Charan.Welcome to the world of short-term rentals!

Cash flow is defined as the money left over after paying for all expenses, including setting aside a certain amount to cover projected expenses like maintenance, vacancies, or capital expenditures.EXAMPLE:Property Price: $250,000Down Payment (25%): $62,500Loan Amount: $187,500Interest Rate: 6.5%Loan Term: 30 yearsMonthly Mortgage Payment: $1,185Monthly ExpensesMortgage Payment: $1,185Property Taxes: $250Insurance: $100Maintenance (10% of rent): $250Vacancy and CapEx (20% of rent): $500Rental IncomeMonthly Rent: $2,500Total Expenses: $2,285Cash FlowNet Cash Flow: $215 per month 💰However, there are many other factors to consider.

Originally posted by @Ethan Cooke:@Nick Kraska - It really depends on how much you want to get involved in building a team/network, minor maintenance while you're there, etc.

The number of longer term renters looking for a furnished home is a much smaller pool of people.