Vacation rentals in North Carolina [2022]
Are there short-term rental investors in North Carolina on this platform? I would love to hear your insights.
I am a newbie investor looking for a large single family properties (5+ bedrooms mostly for family/friends/corporate gatherings) under $750K. As a rule of thumb, I am trying to hunt properties that produce an annual revenue of about 1/6 the purchase price. So far, none of the areas I have checked in NC come close to satisfying that rule. The properties close to the mountains (Ashville, the Smoky Mountains etc) are relatively less expensive, but so far I have seen their annual AirDNA revenue to be under $100K and so the net cashflow is not impressive. The beach-front properties do produce over $120K of annual revenue but most are above a million dollars of purchase price and so again the cashflow takes a hit because the monthly payments are really high. I checked the cities too. Charlotte's Mooresville, for example, has very profitable properties on Lake Norman, but those waterfront properties are quite expensive.
Are there potential high cash-flowing areas in NC that I may have missed and should check out?