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Updated about 2 years ago on . Most recent reply

New Investor with a question
Currently watching YouTube real estate videos as I am trynna figure out if this would be a good deal or not. I want to finance to turn to an air bnb in Fl. Preferably a turn key.
would anyone know if this would actually be a good deal?
I am doing my research, I promise! Lol I am just not good rightnow lol
Duplex, fully furnished, new roof in 2020 and renovated in 2021
Pp $595k
Dp $50k
Monthly payment of $3k to seller
Taxes and Ins run about $483/mo
6.5% interest
20 yr term- pre payment penalty of 15% for first 10 yrs then drops to 7% for remaining 10 yrs
Rented for $4600 total through Sept/oct currently (with mid term rentals)
Fully furnished (plates, sheets, etc)
Airbnb average $5500-5800/mo (per airdna and Mashvisor)
Assignment $30k
Buyer pays closing costs
Completely turn key. New roof in 2020, completely renovated in 2021. Stocked for an Airbnb- extra everything, sheets, comforters, even a microwave!
Not sure if the interest rate is too high, but wondering if this is a good deal already..?
Most Popular Reply
$5,500 per month on a 595K property. That would be good enough for a long term rental. But the monthly income should be about double that for this price on a short term rental. I would skip it. Not enough profit for STR.