Thoughts on short term rental in Franklin, NC

Thoughts on short term rental in Franklin, NC

Chandler, AZ · Member since 2014 · 12 posts · 3 votes

My wife and I use to live in central GA and in North Carolina but moved out to Arizona a couple years ago. So we are familiar with the north GA, western NC area.

My wife's aunt and uncle are selling their house in Franklin, NC. It's a house we love and have visited many times. We were upset when they listed it without letting us know... It had multiple offers the day it was listed (like everywhere) but now the financing of the buyer is falling through. 

We are considering stepping in and trying to buy the place, but looking for some guidance on STR and what kind of money this place can bring in. Part of this is sentimental value (wife's grand father built the house) but I don't want it to be a money loser. It's a 3 bedroom 2 bath north west (10 min drive) of Franklin on top of one of the mountains. Great view with a hot tub. $215k is the offer that is falling through.

It's not something we could self manage. We would want to use it for personal use probably one per year. Wanting to know who we can reach out to for management, estimates on potential income/expenses. Any thoughts would be appreciated. Thanks in advance!

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Walnut Creek, CA · Member since 2020 · 285 posts · 318 votes
5y

@Austin Green if it looks optimistic, take a look at the amenities/features other Airbnbs offer in the area. Most people who complain about Airdna overestimating their revenue think you can just list your house on Airbnb and profits will pour in (South Park understood this fallacy best). 

We added features to our Airbnb in Lake Tahoe and surpassed Airdna's estimate within 6 months. The key is to differentiate your offering!

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  • Specialist · Grand Rapids, MI · Member since 2020 · 116 posts · 80 votes
    5y

    @Austin Green we currently live in Franklin (short term)! I know the hotter markets are in Sylva and surrounding area.

    Been contemplating how Franklin would do in STR myself. Haven't connected with anyone yet as far as management, but Sylva is averaging around 70%.

    More to do over there. But Franklin is gorgeous, but the town is lacking for sure.

    What are your thoughts?

  • Chandler, AZ · Member since 2014 · 12 posts · 3 votes
    5y

    @Matt Ruttenberg yeah, it's a beautiful area. Looking on AirBnB and VRBO, looks like there are some nice listings. Just not sure how often they are getting rented

  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    5y

    Just personally, I would never do an absentee landlord kinda thing....Too many moving parts, too much to go wrong and cuts into your profit big-time....

    Sentimental value is one thing, but not if you end up hating the house down the road.....Stay local, plenty of opportunities in good ole AZ.....

  • Specialist · Grand Rapids, MI · Member since 2020 · 116 posts · 80 votes
    5y

    @Austin Green I’m in the same boat. I think it will increase down the road, but right now the town is a bit on the past. Need a few more breweries!

  • Kristopher KyzarBusiness Member
    Rental Property Investor · Norfolk, VA · Member since 2017 · 260 posts · 174 votes
    5y

    @Austin Green Franklin is a lovely little town in a fantastic area.  I would definitely look into seeing if there are any AirBNB arbitrage companies operating in the area that may be willing to take it on.  The nice thing about the arbitrage business model, is the companies usually pay you a monthly rent, and then they handle all of the AirBNB stuff.  It's not quite as profitable as doing AirBNB yourself, but at least it's a stable income.  There are lots of articles out there about it. https://www.hostfully.com/blog...

  • Walnut Creek, CA · Member since 2020 · 285 posts · 318 votes
    5y

    @Austin Green cross-reference Airdna and Rabbu to see what the potential revenue could be. Also do some research for Airbnbs near the property to see how busy their calendars are and what prices they charge.

    Self-managing remotely is not as hard as you might think. Beware most property management companies charge between 15-25% of gross revenue, which makes it harder to be profitable. Franklin Home Store and Vacasa are 2 local ones I found with a quick google search and I have no idea what they charge.

    If you want to consider the self-managing route, DM me and I can walk through the details.

  • Chandler, AZ · Member since 2014 · 12 posts · 3 votes
    5y

    @Kristopher Kyzar thanks for the article!

    @Jimmy Woodard I had looked at Airdna already, I just didn’t know how accurate that info was. Seems very optimistic to me..

    Appreciate the info guys

  • Walnut Creek, CA · Member since 2020 · 285 posts · 318 votes
    5y

    @Austin Green if it looks optimistic, take a look at the amenities/features other Airbnbs offer in the area. Most people who complain about Airdna overestimating their revenue think you can just list your house on Airbnb and profits will pour in (South Park understood this fallacy best). 

    We added features to our Airbnb in Lake Tahoe and surpassed Airdna's estimate within 6 months. The key is to differentiate your offering!

  • Member since 2023 · 2 posts · 1 vote
    3y

    Hi @Austin Green just found this post, curious if you ended up with the house? I live in Asheville and am looking at STR in the Franklin area - agree with other posters that it's sort of between more desirable destinations, but also seems that the lower prices reflect that.

  • Member since 2025 · 1 post · 0 votes
    1y

    @Austin Green also wondering if you did the STR in Franklin and how it's doing? Been thinking of doing same.

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