Beach Condo for short term rental
Hello all, I am looking for your recommendations regarding my first buying decision for a rental property. I live in the Tampa Bay area on the beach and have the possibility to buy the ocean facing unit over my unit that I am currently renting directly from the owner. It is 3 bedrooms for an asking price of $550k which is below the market value but it would mean that I put all my savings into the downpayment, some renovation work and furniture. The monthly fixed cost for mortgage, insurance, taxes etc will be $3,600 which I should be able to cover with the short term rental income. But the min lease requirement of the condo is 1 month which means less cash flow than a property that can be rented out for a shorter period. I wonder if it would be more beneficial to buy a house 5 min from the beach in the $400ks allowing me to keep some cash and to rent out more often. But those houses tend to be over-prized currently vs this condo which is below the market value.
I thank you in advance for your recommendations and insight.
Thanks,
Alice