Looking for Advice - Short Term Rentals in Military Community
Hello Everyone!
I'm looking for a little feedback on an idea that i've been contemplating. I own about 40 acres of land in a growing community near a major military base. I am considering building a duplex at the front of my property for the purpose of short term rentals. Our land is located about 15 minutes from the base.
Ideally we would market to service members that are still looking for housing. The military pays families for 10-days of hotel stays as they search for housing. The military will pay up to $99/night.
We would also be able to market to people that are on temporary duty or to extended families that are visiting.
The advantage of staying in a duplex on our land include:
1) Full Kitchen
2) Ample parking for moving vans, trailers, boats, etc
3) Washer/dryer in unit
4) Pet Friendly
5) More space and privacy than a hotel
Potential Disadvantages:
1) Cost to build: I expect that the cost to build the duplex will be around $85/sq ft. If we do 1,000 sq ft/side - we will be around $170k
2) 15 minute drive to post
3) Our land is not in the city
4) Providing cable/internet would be expensive because we are not serviced by major cable companies.
I feel that $99/night would be a value, but there really isn't any similar options in the area to compare to. The closest thing to what we are offering are extended stay places.
Any advice is appreciated....