Anyone else in Pinellas County, Fl?
Curious how the STR in Pinellas are doing? Looking to possibly add a condo near the water in St Pete. Seems most have 30 day minimums though.
EDIT: Found a topic from a few months ago that answers my question, but if any realtors in the area have insight into 500k or less properties that are STR viable, please send me a message.
Quote from @Ryan F.:I found this topic after posting - Sorry for the duplicate. https://www.biggerpockets.com/...
Curious how the STR in Pinellas are doing? Looking to possibly add a condo near the water in St Pete. Seems most have 30 day minimums though.
#4 Short-Term & Vacation Rental Discussions Contributor
- Minerva Ohio
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#4 Short-Term & Vacation Rental Discussions Contributor
- Minerva Ohio
Quote from @Ryan F.:No apologies necessary! Not everyone has a couple hours to pour over the forums trying to find relevant info for their question. Plus, things change so quick in the STR markets that it can help to find out what is happening right now.
Quote from @Ryan F.:I found this topic after posting - Sorry for the duplicate. https://www.biggerpockets.com/...
Curious how the STR in Pinellas are doing? Looking to possibly add a condo near the water in St Pete. Seems most have 30 day minimums though.
Hey Ryan! A new client of mine just got a 4/2 pool house in Pinellas Park that needs about $30k in cosmetics for $385k and income projections between 70-80k. STR's in Pinellas have declined in 2023 from 2020-2022 due to the COVID boom the area experienced. The market here is still strong and there are still great opportunities. I own a PM company with 80+ units as well as am a licensed broker working exclusively with STR investors. Let me know if I can be of any assistance!
Property Manager
I would highly recommend @Josh Green. He has assisted a plethora of my clients in Pinellas county.
Quote from @Andrew Steffens:
Hey Ryan! A new client of mine just got a 4/2 pool house in Pinellas Park that needs about $30k in cosmetics for $385k and income projections between 70-80k. STR's in Pinellas have declined in 2023 from 2020-2022 due to the COVID boom the area experienced. The market here is still strong and there are still great opportunities. I own a PM company with 80+ units as well as am a licensed broker working exclusively with STR investors. Let me know if I can be of any assistance!
Hi Andrew. I always though of the park area as a bit rundown. Is it making a resurgence? Or maybe I was wrong about that area.
Id love to chat if you have any STR properties that fit my requirements.
@Ryan F.
It’s improving! It provides good value for the guest for a pool home at $300 a night ADR and it provides good value for the owner with lower purchase price lower taxes and insurance. Also good appreciation play as the area continues to approve.
Property Manager
Ryan, I am here in Pinellas County, FL and I am very familiar with this market. Send me an email would love to chat.
Can anyone comment on what wind coverage is costing new purchases as of late, maybe not beachfront but 1-3ish miles inland? The agent at Proper told me that policies in the Stuart area for a 2-3 bedroom were pushing $800-1200/month.
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- Olympia, WA
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#1 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
Others on the forum have been getting quotes from Kin as well as Proper. Crazy times for insurance down there.
Another knowledgeable person posted that rates were on track for reduction after July. Must be time passed since the last major hurricane.
I wouldn't discount the idea of MTR or even student housing if you can find it close to USF downtown. It really will open up your options due to the restrictions there. I used to live there and it's incredible!
Quote from @Blake Novotney:I don’t know how anyone LTR or MTR around here, unless they’re buying properties in cash. 500k sales price and 2.5k in monthly rent … can’t get anywhere near 1% rule.
I wouldn't discount the idea of MTR or even student housing if you can find it close to USF downtown. It really will open up your options due to the restrictions there. I used to live there and it's incredible!
Seems STR is the viable option here?
Quote from @Ryan F.:
Quote from @Blake Novotney:I don’t know how anyone LTR or MTR around here, unless they’re buying properties in cash. 500k sales price and 2.5k in monthly rent … can’t get anywhere near 1% rule.
I wouldn't discount the idea of MTR or even student housing if you can find it close to USF downtown. It really will open up your options due to the restrictions there. I used to live there and it's incredible!
Seems STR is the viable option here?
I saw a couple good ones ~10 minutes or less from downtown in the $300's last week, NE St Pete is great. I'd try to connect with some local wholesalers too that way you could find something that needs work and have equity also.