Looks like a six digit rehab, which will price it out of any reasonable return beyond appreciation. 

Check out season 1 called Triple Digit Flips.

I’m Ian from Tanzania (Africa), stepping into the exciting world of real estate investment after years in digital marketing and few months of being a short-term rental agent.

(Most Likely Double Digits)Your blended rate will be extremely comparable.

However, there are some challenges to keep in mind:Regulatory Variations: Regulations can vary widely between locations and are constantly evolving.Active Management: STRs require more hands-on management for guest turnover and communication.Additional Costs: Don’t forget about expenses for furnishings, cleaning, and possibly hiring a property manager.If you’re looking for STR-friendly areas, consider these locations, as others can be too expensive to consider, such as Snowmass Village or Aspen:Breckenridge: The most visited ski resort in North America, attracting around 3 million tourists each year.Steamboat Springs: A popular year-round destination for winter sports and summer activities.Keystone: Great for those wanting a less crowded resort experience.Divide & Florissant: Charming mountain towns close to Colorado Springs.Fairplay: Just 30 minutes south of Breckenridge, with an impressive 82% Airbnb occupancy rate.Cripple Creek: A former mining town now known for casinos and outdoor activities.Park County: Very Airbnb-friendly, though regulations may change.Here are some strategies to help you succeed in the STR market:Hybrid Model: Consider using some units for STRs and others for long-term rentals to balance income.Research Local Regulations: Always check the current rules in your target areas before investing.Year-Round Appeal: Focus on locations that attract visitors in all seasons.Quality Furnishings: Invest in quality to justify higher nightly rates and attract better guests.Dynamic Pricing: Use pricing strategies to maximize revenue during peak seasons while maintaining occupancy in the off-season.Stay Flexible: Be ready to adapt your strategy as the market and regulations change.While Colorado’s STR market offers exciting opportunities, it’s essential to approach it strategically.

Attend local investor meetups, join local Real Estate Investment Associations (REIAs), join digital groups like LinkedIn and Facebook, and use platforms like BiggerPockets to connect with experienced investors, contractors, and potential partners.

Or price inflation could run double digits. 

Would probably just do a cash out refinance, some are saying rates to head towards the double digits soon.

The sheer volume of money and investment flowing in all the northern New England states over the past couple years is unheard of and created a highly competitive marketplace of rentals with investment that do not appear to be slowing down, even given the rental rate’s dropping double digits over the past couple years.

I tried that once and was seeing double digits %.