Not sure about the Staunton VA market, but I can lend my experience as an experienced host if you want to look into Airbnb.
First thing you want to look at is "Does this area have an appeal". We Airbnb extra rooms in our house and do one out of state. The reason we eneded up buying out of state is because with our hometown, we realized we are only booked on weekends because we are a wedding town. Yes, you can make some extra income, but it won't be consistent so it's good to learn what appeals to people traveling to your market if you are doing Airbnb.
In case you want to dive deeper into it, go into Airbnb and log as as if you are a guest and start to see the top properties. Are the top properties like yours? Are the properties like yours getting booked? If so, how much/how consistent and does it change depending on the season?
This will start to give you a general idea on the Short Term Rental market in your area.
Thanks @Travis Rasmussen I was wondering if you can see all those things on airbnb? I'm in Montana looking into research for my brother do you have any other ideas for where I could get that information if I'm not familiar with the area?
Yup! Pretty much most of that information you can see by just looking as if you were looking to book as a "guest" on Airbnb.
If you want to get really technical, once you have a thorough understanding, go to Airdna.co (not .com) and pay for a market report. Careful, it's monthly so make sure to cancel it after--but this will get almost all the data you would want all your fingertips.
Is your brother looking to move or something and figuring out what to do with his property?
Staunton is a very finicky market. Do you know where the house is? Different locations would definitely call for different strategies. With that being said, your best bet would most likely be renting it out on yearly leases as long as youre hitting your numbers correctly. Staunton is a very c class area, with a lot of working families that want to settle in one place. These people, as long as you keep up with rent prices are great because turnover costs should be very low.
Id be happy to help if you have any other questions!
@Travis Rasmussen He's Air Force and needs to be in Virginia Beach he's looking into moving down. @Chris Lounsbury he's on the east side of Montgomery Hall Park on Bowling st. If he decided to rent what do you think he could get? Do you think he should rent to a family or singles? I'm wondering what he could get if he decided to sell?
Have you been to Staunton VA? It's a town unto itself compared to Harrisonburg, C'Ville, or Roanoke VA. I have friends there, even roll my bike through town from time-to-time when doing a road tour. It's a place that could be something more, but somehow got forgotten in time, but never disappears. sleepy place.
I grew up near Staunton and still have family in the area. Staunton is “the land that time forgot”. Mary Baldwin College and Blackfriars Theatre are the only real attractions. A 2/1 is tough to sell in most markets. If it is near the college or the theatre, I would list it on AirBNB. Otherwise, long-term rental or sell on a lease/option.
I grew up in that area and still have family there. I have looked at purchasing in Staunton for both nightly and long term rentals. My conclusion each time is that the returns are much better in other places. My advice would be to sell.
I have 2 SFR in Staunton. I bought both within the past 18 months. I have year leases on both. I also recently got a triplex in the general area.
Oh, Bowling Street is literally on the other side of the tracks. I've looked at a duplex there. The train tracks run across Bowling. I think I would try a year long lease there and not an Airbnb.
Thanks everyone this helps a ton! I have not been out to visit yet but I’m going soon.
@Mark K. do you have a lender you would recommend for a refinance or HELOC in the Staunton area?
Jen Allred, I've used Dupont CU for my last two buys. They are quite helpful. Message me if you want the name of a person there.
Jen, I grew up in Staunton and rents/airbnb appeal can change drastically from one street to another. Do you have a location in mind, or are you just looking to analyze the market?
@Quin Weidner I'm looking into all options for a property my brother bought and now he's relocating, he can't decide if he wants to keep and rent, sell or lease option to someone else. He is also looking into refinancing and getting his equity out of it or getting a line of credit. He's on Bowling st by Montgomery Hall park
That might not make it on an Airbnb, but it's always worth a shot!
Whenever I'm interested in testing those numbers, I just put up ads various places and see what sort of a response I get. It doesn't hurt to try!
I own several multi families in Staunton and grew up in that area and I wouldn’t recommend airbnbing with that location
I think rent vs sale depends on what he paid for the house vs what he can rent it for. Just like buying any investment property you need to look at the actual numbers and see if it’s a good investment
I haven’t found anything in Staunton in a while worth buying which means it’s a pretty solid sellers market which is good news for him. But that’s the case in most spots these days