Investor · VA AZ, SC · Member since 2017 · 172 posts · 172 votes
I am under contract on this property in Glendale, Arizona. I am bullish on the location and the building. The revenue projections seem reasonable to me because I have another STR in Glendale with 4B2B that is on track for $90k this year. It is much further away from the Westgate Entertainment Complex than this property. Lots of visitors come to town for events there, so I think this location and expanded size will be an excellent draw.
What would you do with this house and more importantly the yard to maximize its appeal and ADR?
Real Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
2y
Wow so so much potential!! I would highly recommend hiring a designer for that one, even if it's just a virtual option. If your potential numbers already look good, you most certainly won't regret the money spent on a designer!
Real Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
2y
Wow so so much potential!! I would highly recommend hiring a designer for that one, even if it's just a virtual option. If your potential numbers already look good, you most certainly won't regret the money spent on a designer!
What other amenities are other STRs in the area are missing? You can check out reviews of others in the area. This will be having a value proposition that makes the experience that is better than expectations. Games, game rooms, even meal prep items like air fryers can make a difference.
My ideal STR candidate is a property where I can add bedrooms within the existing building footprint. And it looks like plenty of opportunity for that with this house. You could easily carve another bedroom out of the basement and still have a very generous family room. Maybe even a 7th bedroom /w bath by converting part of the garage.
That kind of modification might hurt the resale appeal to a future owner-occupier, but let me tell you, it's STR gold. Lots of bedrooms is the ultimate amenity, and pretty difficult for competitors to copy 😊
My ideal STR candidate is a property where I can add bedrooms within the existing building footprint. And it looks like plenty of opportunity for that with this house. You could easily carve another bedroom out of the basement and still have a very generous family room. Maybe even a 7th bedroom /w bath by converting part of the garage.
That kind of modification might hurt the resale appeal to a future owner-occupier, but let me tell you, it's STR gold. Lots of bedrooms is the ultimate amenity, and pretty difficult for competitors to copy 😊
I was thinking that the front sitting room could become a bedroom…
Real Estate Agent · Scottsdale, AZ · Member since 2021 · 155 posts · 90 votes
2y
Hey Ian, Im an str investor and agent in town. I actually toured this property with str investors a few weeks back. We thought the backyard was stellar but we had issue with the interior. To get elevated rates on this one, we felt the interior needed a cosmetic face lift. The kitchen and bathrooms were the biggest areas of concerns as well as the condition of the roof. Best of luck!
Investor · VA AZ, SC · Member since 2017 · 172 posts · 172 votes
2y
Thanks Jeremy, I have a roof inspection scheduled for tomorrow.
The interior is a little funky with the split level design, but I have found that it works pretty well in another one of my properties so I am not too scared off by it. I think it will need new LVP floors and paint for sure.
I haven't been able to get a great look at the bathrooms. Are the showers the main concern?
Investor · VA AZ, SC · Member since 2017 · 172 posts · 172 votes
2y
Jeremy was right. The roof is a mess. At least $25k to repair it. I am not going to proceed with the purchase as the sellers wouldn’t offer any consideration for the repair.
I am under contract on this property in Glendale, Arizona. I am bullish on the location and the building. The revenue projections seem reasonable to me because I have another STR in Glendale with 4B2B that is on track for $90k this year. It is much further away from the Westgate Entertainment Complex than this property. Lots of visitors come to town for events there, so I think this location and expanded size will be an excellent draw.
What would you do with this house and more importantly the yard to maximize its appeal and ADR?
I'd focus on guests' experience, with thoughtful treats and amenities that create memorable stays. Provide a curated welcome package with local snacks, a bottle of wine, and a personalized note. Implement themed experiences like a "Movie Night" with popcorn and streaming access or a "Game Night" with popular board games. Ensure high-quality linens, cozy blankets, and a well-stocked kitchen. Enhance the outdoor space with a BBQ grill, comfortable seating, and a dining area. Partner with local businesses for exclusive guest discounts and offer special occasion packages for celebrations, adding a unique and personalized touch to their stay.