I don't know that specific market but I can tell you this: the costs are significantly down-played by most owners of vacation rentals. The investors that claim to be "killing it" with their vacation rentals are usually slaves to the phone, doing all their own cleaning and maintenance, etc. They don't account for the time spent on the property which dramatically reduces the actual return.
@Eric A. I used to own/operate Cody Lodging Company with 70 short-term rentals. You can look it up online. I've also been on BP for many years and have listened to many investors claim to be making big money with their short-term rentals. The claims sound good until you ask them specifics and learn they aren't accounting for their time, the cost of furnishing, taxes (if they are even paying them), or all the codes they're violating. A pro like yourself is probably doing very well but most people on BP are amateurs when it comes to STR and they don't disclose the true costs.
And Eric, instead of insulting me, why not just answer his question? You have 20 years experience with vacation rentals around the country so you should be able to answer his question and counter what I've shared. That's much more effective than a drive-by comment.
@Eric A. I would like to point out that the original poster is planning to buy his first rental, which was the reason for my comment. Seriously, you should answer his question before he's misled by another amateur.
@Brian Lyons . Management company will charge you 20% of the revenue. The cleaning fees get charged to the renter. Some owner's will waive the fee if the renter stays for a certain amount of days. Top producers have occupancy rates at 75%-80%. You also have to take into consideration these expenses: Monthly management fee, utilities, insurance, repair reserves, taxes, HOA fees, once a year deep cleaning fees etc.
I have 4 places in that that area and am looking to buy more. I've been doing it for almost 4 years and have a lot of systems in place to make my like a lot easier.
I would be happy to share some resources and numbers with you if you like. You can PM me.