Short term rental in Memphis
Looking for a second investment property. I've heard good things about Memphis TN. Eyeing a property very close to downtown Memphis that could be used as a STR. It seems to have a decent Airbnb history/good cash flow. Wouldn't be as good of a deal if it had to be a LTR but would still cover the mortgage. Any thoughts/advice one way or the other?
Thanks!
Most Popular Reply
#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
- 7,516
- Votes |
- 8,612
- Posts
#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
Hi @Jack Cross, there has a been a bit of chatter about restricting STR's in Memphis. Nothing concrete. Most are as a result of several AirBNB rentals hosting huge parties.
Seems like a cool area to have one. There are a few rentals in the downtown area. There is a wide variety of places ranging from 1 bedroom apts for about $100 up to some 7-8 bedrooms places for over $500 per night.
What kind of place is it? Small house? Condo? What is the buy-in price? Also calculate the 5% tax on STR's that went into affect Dec 1st 2018.