AirBnB or Rental near casino development

[Andria Kobylinski]

My city, Richmond VA just announced a large $350 million casino development with hotel restaurant spa etc. The development will go in an area that currently has very low house prices and mostly section8 tenants but the neighborhood is "flipping". What are your thoughts on investing in a few rentals or an Airbnb's in that area. My initial thought is that it won't necessarily increase the home values but could be a great rentals with low vacancy rates? Does anyone know if these Indian casinos usually have affordable rooms or are they more high-end?

[Mark Miles]

Originally posted by @Jim Bezdan:

We just need to factor in any new regulations that might be coming from the city government. Here is the link to the PDF of the proposed ordinance draft as well as the city's landing page for STRs.  What I am not clear about is what they refer to on the next to the last page of the PDF:

l. Use of a dwelling unit as a short-term rental may not exceed 180 nights per year.
m. The short-term rental operator shall occupy any dwelling unit operated as a short-term
rental for at least 185 days per year. 

Are they limiting you to 180 days if you live there too, but if you don't, there is no limit?

I just hope the City of Richmond has moved beyond their past mistakes, like the time when they were trying to encourage more shopping downtown but at the same time doubling parking meter rates.

 Think u got it backward. Up to 180 days if u dont live there. If u live there, no limit. This might not be that bad. Were u guys really expecting more than 180+ days rental per year? If it’s a casino, I think you’d mostly get wknd & holiday traffic so doubtful you’d exceed 180 rental days in a yr. I mean, doesn’t seem like there’d be much demand for a Tuesday night in March - it’s not exactly Disney world.