There are a lot of older people that come in Spring, Fall & early Winter that are not interested in Silver Dollar City.

@Daniel Mease fun stuff!

i had a STR that i self-managed for about a year 2h+ away and there was never a single need for me to drive there aside from when i planned to go for fun. i'm open to chatting JV opportunities!

. ;-) Okay, maybe not "fun" but very informative.However, As I was reading through, I came to realize I don't actually understand some of the terms.

Not fun...

The Wall Street Journal/Realtor.com Winter 2023 Emerging Housing Markets Index put the market as the #1 emerging market in America, classifying it as a hot market. https://www.ibrc.indiana.edu/ibr/2023/outlook/lafayette.htmlI've worked with a lot of investors who have found success investing in smaller markets throughout the state.

Obviously, I don't know anything about your finances, so for all I know, you may have a few million in the bank, and this project is just a fun experiment that wouldn't even be a drop in the bucket if it all turns south...but, regardless, you'll want to model out what would happen if this project crashes and burns...As you may know, managing a rental in a D to F area (or even a C area) is usually not recommended (for many reasons), and funding a rehab with credit cards is also usually not recommended (again, for many reasons). ...even highly experienced investors often won't touch anything lower than C grade because of all the difficulties of managing and re-selling them...If you're dead set on rehabbing the place and keeping it, I'd strongly suggest studying up thoroughly on the local rental market and tenant pool (e.g.; rent medians and lower and upper bounds, typical days on market before securing a tenant, local vacancy rates, tenants' typical income, education level, employment opportunities, credit, and rental history).

If so, expect to pay an additional 200 a month or more for water, 300 for electric, and a LOT for gas over our long cold Michigan winters.

This is all assuming the property isn’t winterized.

Heating costs go up in winter, as does electricity due to the reduced natural light and more people indoors.