Can an STR in Austin hit 100k in revenue with no pool???
Curious what you guys think about this!
We recently worked on a property in Cedar Park in the Austin market that was doing around 32k a year before expenses. 3 bed, no pool, basic *** design.
Owners bought it furnished thinking it would perform and be fine. It wasn’t. They were getting crushed and came to us for a free consult.
Instead of trying to tweak pricing or marketing, we told them straight up the product just wasn’t good enough and helped them completely reposition it.
- 1. Converted it to a 5 bedroom using the dining room and garage
- 2. Put about 50k into design and light renovations
- 3. Focused heavily on group experience and actually making it a place people want to stay
- 4. No pool because they didn’t have the budget for it
We already have a similar property down the road doing around 80k, so we used that as a baseline. We’re projecting this one to do 80k to 90k with a stretch goal of 100k.
Most people I talk to assume you can’t hit numbers like that in Austin without a pool. Honestly I’ve been in that camp too, but this one is making me question it a bit.
I don’t think you NEED a pool if the product is strong enough, but I also don’t think average properties can get there anymore either.
Curious what you guys are seeing. Are pools still a must in this market or are you seeing other ways to close that gap?
Let me know what y'all think of the photos!
