STR Lakefront Property

Upstate New York, New York
General Landlording & Rental Properties
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STR Lakefront Property

Joseph HossenloppPro Member
Upstate NY · Member since 2022 · 40 posts · 10 votes

I am looking to purchase a Short-term Rental.  I am looking at Lakefront property on Saturday.  I am in NY, so the closing costs are a bit higher.  I did an analysis on BiggerPockets, any feedback would be appreciated!  I did the comps, and properties this size average $300/night.  I figured I could rent out 150 nights/year, so that's where I got the rental income.  Could not figure out how to add the file as an attachment, so I copied & pasted.  Little hard to read, sorry.

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  • Lisa Lister
    Realtor · BRANSON, MO · Member since 2023 · 29 posts · 8 votes
    3y

    I am a Realtor in Branson Missouri serving many investor clients nationwide. I use historical data from the listing agent or my client (if I am listing) to analyze the property. I find that some programs bump up PNRs to encourage investors, however working with my clients I want them to be pleasantly surprised, rather than disappointed at the end of the year. We have a 10 month season here, and my conservative numbers are always based on 160 night per year of STR income and I split the PNR into peak and off peak (usually 50-50). Hope that helps!

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  • Joseph HossenloppPro Member
    OP
    Upstate NY · Member since 2022 · 40 posts · 10 votes
    3y
    Quote from @Lisa Lister:

    I am a Realtor in Branson Missouri serving many investor clients nationwide. I use historical data from the listing agent or my client (if I am listing) to analyze the property. I find that some programs bump up PNRs to encourage investors, however working with my clients I want them to be pleasantly surprised, rather than disappointed at the end of the year. We have a 10 month season here, and my conservative numbers are always based on 160 night per year of STR income and I split the PNR into peak and off peak (usually 50-50). Hope that helps!


    That’s great!  I am being pretty conservative then. I just kinda guessed on that number. I did a deep dive- checked out all the lakefront properties of the lakes I’m looking into- then did a spreadsheet with bedrooms, baths, # of beds & # sleeps to compare to the properties I’m looking at. Think I’m on the right track. Pretty competitive out there now but I’ll keep looking. 

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  • Mark Wright
    Real Estate Agent · Adirondacks, NY · Member since 2018 · 51 posts · 16 votes
    3y

    Which part of NY are you in? Are there any potential STR regulations that would come into play?

    Best of luck this weekend with the showing. 

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  • Joseph HossenloppPro Member
    OP
    Upstate NY · Member since 2022 · 40 posts · 10 votes
    2y
    Quote from @Mark Wright:

    Which part of NY are you in? Are there any potential STR regulations that would come into play?

    Best of luck this weekend with the showing. 


     Mark,

    I am in Rochester and am looking in the Finger Lakes area, less than an hour away. I have not run across any regulations, except the ones that have had an HOA.

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  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    2y

    @Joseph Hossenlopp Canandaigua has regulations.  Not familiar with what they are but SIL has a place there. I believe it is a special use permit. 

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  • Joseph HossenloppPro Member
    OP
    Upstate NY · Member since 2022 · 40 posts · 10 votes
    2y

    If you click on the + on the PDF you can read it!

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  • Lisa Lister
    Realtor · BRANSON, MO · Member since 2023 · 29 posts · 8 votes
    2y

    I have an agent partner in New York and would happy to connect you if you need specific STR advise.

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  • Michelle SchraderPro Member
    Real Estate Agent · Rochester, NY · Member since 2019 · 21 posts · 10 votes
    2y

    Hi Joseph,

    I own a property right down the road. Currently Seneca Falls has a permit process (costs $500 per year) but it’s pretty straightforward. They limit your occupancy to number of bedrooms plus 2, have a checklist you need to make sure you’re compliant with, and require you to collect and remit 3% tax, but if you’re using a platform like Airbnb they do that for you.

    Your taxes will catch up and likely be higher next year due to a PP of $325 vs their current assessment. Water/sewer bill for me is a minimum of $137 per quarter, no garbage fee (included with your taxes). 
    I own a few STR in the area as well as some LTR and now I'm a licensed agent. Happy to help if you have more questions.

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  • Michelle SchraderPro Member
    Real Estate Agent · Rochester, NY · Member since 2019 · 21 posts · 10 votes
    2y

    https://senecafalls.com/wp-content/uploads/2023/01/STR-Appli...
    see if this link works 

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