Vacation rental experience in Old Orchard Beach, ME
Anyone have vacation rental experience in Old Orchard Beach, ME? I may be able to buy off market from a family member but I don't know the market and need to do some analysis with real numbers. Purchase price will probably be around $400K. 2 units - both are 2 bed, 1 bath, approx. 1000sqft. 3/4 mile to ocean. 1 mile to the pier. Bottom unit was rehabbed 6 years ago. Top unit rehab will be complete in August. Would love general thoughts as well as some ballpark estimates on what the units could rent for both on a monthly year round lease as well as a weekly seasonal short term rental. I honestly haven't dug into short term airBnB rentals yet so it would be good to get a sense of fees, costs, restrictions, vacancy in Old Orchard. Thanks!
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There is quite a bit of demand in OOB for LTR as many tenants there can only rent seasonally (Sept/Oct-May) and then need to find new housing for the summers when landlords switch over to weekly summer rentals. The weekly rates are going to vary depending on exactly how far you are from the beach so I would dig into what you can find on airbrb, fbook marketplace and also craigslist. There are many mom and pop landlords that may still advertise on CL so that would be a good place to look. Also, I'd encourage you to take a weekend and drive around the neighborhood by the two condos. Some landlords may have a sign out front that says "weekly rentals" with a website or phone number. You could call the number to inquire about their weekly rental or check out their website that looks like it's from 2005!
- Dan Weber