House vs Condo Beach Rental STR
I'm looking into into beach properties as an STR but I go back and forth on whether or not to look for a single family house or a waterfront/beachfront condo. This would be for the sole purpose of an investment but I'd like to buy in an area that I would like to stay myself once the returns justify the loss of revenue for a person night or two. I'm mainly looking in the 30A area between Panama City and Destin, FL but I'm interested in areas all the way West to Gulf Shores, AL. Basically, I'm open to the best area to attract STR tennents, as well as long term "snow birds" to maximize my annual revenue. That being said, I've never owned a condo but I have owned many homes. A condo comes out cheaper up front (generally) but how are the long term numbers compared when you factor in HOA and maintenance fees? On the other hand, a SFH is generally farther from the water (I'm trying to stay within golf cart distance to the beach), has less amenities than a condo, and higher property taxes, but seems like it would offer more appreciation than a condo. I'm also trying to factor in what clientele would be interested in each property and how that would affect damages, and length of stay. Am I over thinking this? Do any STR beach rental property owners have any insights? Has anyone owned both concepts and can compare them?
Keywords: PCB, Rosemary Beach, Fort Walton, Seaside, Watercolors, Seacrest, Miramar, Navarre, Alys Beach, Floribama