Mountain Hotel Room Investment
Looking to see if anyone has done this before, and/or if these numbers look worth it:
I have a long-term goal of owning a "snowbird" home in Jackson Hole, WY, but prices there are astronomical. I saw a listing for a 2 bed/2 bath room in a ski lodge that we have stayed at before. The room costs $735,000, but the hotel manages it and rents it out on behalf of the owner. I emailed the agent, and he sent me a financial statement from the room next door, which is identical. For 2017, total rental revenue was $116,000, total expenses were $77,000, and profit paid to the owner for the year was $36,000.
These aren't great Cash on Cash numbers, but they are a means to a desired end (owning a place in this location). Also, I would have to do nothing maintenance-wise on a property like this. It would essentially be a set it and forget it investment.
Any experience doing anything like this? Any suggestions?