Calling all Santa Fe or New Mexico investors. I was trying to get a property under contract before the end of the year, and now I have two. So I'm exploring my options. I have a multi-unit property on the North end of Santa Fe under contract. It needs significant work but could be a great SFH or duplex when finished. It's walking distance to the Plaza on the West side so it has potential to be a private residence, or a rental (regular or vacation). If I keep it I will renovate it as an owner occupied duplex and let the rental income pay the mortgage. If I don't keep it, I'd like to wholesale it and use the gain to fund my other rehab or future projects.
Here are the numbers I'm working from, what do you think?
Target wholesale $219k
Repairs estimated at $80k (includes contingency)
ARV comps vary greatly as they do in most nearby neighborhoods, I'm working off a $350-425k finished value.
Rent estimates for a 2bed/1bed duplex - long term $950-1250/mo/unit, short term $100-150/nt or $1400/mo (based off what I pay when I stay down there, and my friend who manages a few VRBO rentals)
keywords: Los Alamos, Albuquerque, vacation rental
Did someone say Vacation Rental?
Looking at the 254 listings on airbnb, the average price is $190.73 per night, and the vacancy rate is 66%. This vacancy rate is on the high side.
Looking at just the two bedroom listings, the best performing units accommodate three people, while most two bedroom listings four, or six.
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