How to turn buy a STR in gold community
(Actually in Goodyear AZ - wasn’t on list) So my parents own a 2bed/2bath 1440 sf property in Pebblecreek golf community. Their house has a 280 degree view of the 1st fairway. This house is beautiful and was used for many years on Pebblecreeks flyers. Per Pebblecreek it is one of the top 3 views in the entire community.
My parents are snow birds and use the house from November to April every year and have for the last decade or more. With kids, grandkids, great grandkids and age they are considering getting rid of it. I told them I want to buy the house. Now yes I would inherit it eventually but not if they sold it or my sisters got it. They would sell it and take the cash.
The house per Zillow is worth $579,000 which is low if you have saw the inside and remodeling done. Not to mention the golf cart garage and landscape added. It’s well worth $600,000. They bought for $300,000 way back when so they have $300 in equity.
Now I live near Reno and have a full time career up here. I can't cover both mortgages although my parents have said they will give me a good price. I am told that this area can collect some crazy short term rental rates most the year but around spring training can get up to $5000 a month. The STR comps I find sit around $4000 for a minimum of 1-3 months. The LTR sit around $2500 a month.
I wanted to pick the brain of people smarter than me. If you had this opportunity, how would you structure the purchase to afford keeping it as a rental? Long or short terms. I am working on numbers but just looking at others opinion here.
Thanks