Deal offered to me for STR

[Marc S.]

Hello fellow investors,   
I would love some feedback on this deal that I have been looking at, it would be my first entry into a STR. I love the location and the fact that it draws a big draw during the Packers season. I haven't done comps yet and am trying to get a friend of mine to use his Airdna to run it and see if it is doing well. Any feedback, advice, and suggestions are welcomed! Thank you!

[Bruce Woodruff]

So you're talking a little over $2k a month before taxes (income)? Seems a little slim to me.....

To see what your competitors are really getting, go look on VRBO and AIR sites yourself and do the numbers. AIRdNa numbers are just an educated algorithmic guess.

[John Underwood]

3% vacancy seems really low.

What about internet, landscaping, snow removal, advertising costs, furniture, sheets, decorations, Matresses, business license, etc etc.

[Luke Carl]

I’m ok with grossing 50k on 387k Assuming these Numbers are real. I can’t imagine Wisconsin occupancy being much higher than 25% but that’s coming from a guy that wears flip flops on February in sunny Florida 

[Michael Porche]

Hey Marc, I got some airdna access to that area. Need help? In regards to that pro-forma, it looks like it's in the negative. What is your goal with that property besides just STR?

[Luke J Nelsen]

I live in WI and homes close to Lambeau can rent well during home games but keep in mind there’s only 8 guaranteed home games per year. What other factors are going to be driving demand? 

[Jeremy H.]

I don't like much about the math to be honest 

- What are you expecting for your occupancy rate and daily rate? Just trying to figure how you get to the 4200/mo. I feel this is a pretty big overestimate 
- Utilities - electricity, water, sewer, internet, lawn care etc - I think $901/year is a low estimate. Is this a house or a condo with an HOA?
- Vacancy and maintenance estimates may be off if your monthly rent is off...I don't like how you estimate vacancy - I personally think it's better to use an occupancy rate and the rate you charge per night
- What does the property management include? Better include cleaning/linens etc at 20%... 

Booking fees? Supplies - trash bags, paper towels, toilet paper or covered by PM?

What's the attraction to come to this location other than football games a few weekends out of the year?

Not the first spot I would pick...but hey there are STRs in my neighborhood in the suburbs that may do quite well lol. I don't know

[William Beck]

Agree with  @Luke J Nelsen I don't think there's a ton of STR traffic to Green Bay. Maybe Door County, but that place has a ton of regulations. It's good you checked but there's going to be a lot of vacancy. I just checked Vrbo and there were 25 properties listed when I ran a search for Green Bay, with an open calendar. So that's pretty slim which makes you wonder, why aren't more people doing this?

[Josh Green]

Make a data driven decision!  I would use Airdna and also reach out to the top few PM companies in the area for STRs and get their input as well.  If the numbers work, send it! 

[Dustin Broeren]

As others mentioned, Lambeau and the Bay will be your two main drawing points. However, Lambeau does attract tourists year around, holds a lot of tradeshows, weddings, events. Also the Resch Center next door just greatly expanded for concerts, trade shows and other events. KI convention center located more downtown. The hotel options are generally lack availability during events and hotel options are somewhat slim pending the area. Really think it depends more on the individual location you are in and the options nearby.  

I'm an investor in the GB market, let me know if I can help with anything.