Investing in a STR in a very small town. (Jerome, AZ)
Hello! I have been following these forums for a while and have been searching for a STR in AZ for quite a while. I wanted to ask if anyone has had experience renting STR in very small towns that have decent tourism - specifcally Jerome. I grew up in AZ and have only done day trips to Jerome as it didn't seem like it had much to offer. However, I went on AirBnb and sure enough the few (ten) AirBnb's in the area have decent occupancy rates (67% conservative). I talked to a property manager there that manages some and confirmed these numbers. I don't know why im being skeptical really but I think because it is such a small town (500 population) im worried about investing here. I am in talks on a property and before moving forward I wanted to see if anyone had insight on the area or investing in very small towns in general. Could it be hard to sell when the time comes? I imagine so. How about appreciation, does it grow slower than properties like in Scottsdale?
I appreciate any feedback in advance. Thank you very much!
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I have no info in your part of the country but the biggest concern in small towns i think is getting reliable people to help you run this. getting cleaners, handyman, maintenance crew to be reliable and available to turn over STR in a small town can be challenging. just not to many full time residents to pick from and the ones that are there may already be employed by the property managment groups.