3-unit STR/MTR $107k NOI on $187k REV

[Brandon Vukelich]

Curious how our self-managed 3-unit STR/MTR performs with industry expectations. Front two units are full time STRs with a rear studio operating full time MTR. We're looking at 2024 gross around $187k with NOI at $107k. Seems a bit high on the exp ratio near 43% but we do pay a premium for our solid cleaning lady, she also stocks supplies, runs errands and other duties for no "extra" charge. No surprise but property taxes (up another 16%), insurance and utilities are all bumping significantly. Other than comps for 3-unit properties (which are typically not furnished and operating as STRs), how would most seasoned STR investors look at valuing the property?

[Michael Baum]

That is hard to answer @Brandon Vukelich. Is it good for Tacoma? Seems like it.

Is it good for Tahoe? Who knows.

If you are happy with the return and everything is smooth, that is what really matters IMHO.