Moving and thinking about making our old house an STR
We are probably moving out of state and we are exploring the option of putting our current home up on airbnb/vrbo. I'm trying to use AirDNA to analyze how much we might be able to make and the numbers weren't exactly overwhelming but I'm realizing I have no idea what "good" numbers might look like. Since I have a mortgage, I was trying to figure out what my CoC return might be, but I am getting confused on if I should count all the equity of the previous years we have lived in the house as "investment cost"? At the end of the day, I'm just trying to figure out what is a good monthly return % for a decent airbnb. For example, if my monthly expenses were 3k/month (mortgage+insurance+fees+etc) and my projected income was 4k/month (1K over cost), then my profit margin would be 25%, right? Is a 25% profit margin even worth keeping house for or would it be better to just find a house in a different market to invest in for an STR? I would love to be able to figure out how to convert this to a CoC number but not sure if that applies if I am turning our previous home into a rental?