Question about STR potential for income in Phoenix AZ

[Cory Mason]

Hi, I'm Cory and I'm looking at my first rental property and using it as a STR. I'm looking for some advice/guidance from anyone that is doing STR rentals in the Phoenix area. The property I am looking at is a 2 BR/2BA condo on the main level of a gated community with access to 3 swimming pools and other outdoor activities in the community. It also comes with a dedicated parking spot. This condo is located near North Mountain Park in Phoenix and has been well maintained. It was previously owned by my wife's relative that has passed.

It has been used as a STR in the past, but the numbers are skewed because the previous owner lived in the unit during peak months (December- February). Right now the numbers are upside down, and I'm trying to figure out what a realistic rental income could be? I'm not sure where to start to get this information

When trying to calculate the potential rental income, what is a good range of "occupancy days" should I expect per month in Phoenix? Should the number of occupancy days be higher during the peak months versus the summer? Is there a ratio I can use to figure that out?

Where can I find what would be a good daily rate for the peak months? 

The documents I have received are tax documents from 2019 and 2020. It says that the Condo was rented out for 130 days in 2019 and 103 days in 2020. Based upon what I have been given, when dividing the rental income by the number of nights rented, it was coming out at $116 /night in 2019 and $100/night in 2020. 

Looking forward to any advice or assistance on where to get some of this information. 

Thank you for the help,

Cory

[Dave Stokley]

Pay for an AirDNA subscription in the market you're looking at. It'll be like $50 or something for a month and you can dig into actual comps and get a realistic idea of what to expect. Worth it on a 6-figure investment.