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!
I don’t have experience for short term rentals but depending on the property you could get $1400-$1600 per month per unit on a year lease.
Just something to keep in mind, Old Orchard Beach has a fairly large transient population during the winter months due to the cheap weekly rates at many motels.
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!
@Jon Christensen So I have lived in a tourist community along the way to OOB for 24 years now, owning 2 B&Bs for 23 years during that time. A LOT of Canadians stopped at my places on their way to OOB every summer. I’m sure to some extent that’s still the norm. My advice is have online booking through AirBnB and sync it to your website or other sites you are on.
Canadians will also be the nicest guests you ever have.
@Chris Cogan thanks for these numbers Chris!
@Dan Weber thanks for the tips on finding short term rental numbers. Also good info on the LTR demand. If leasing year round is there a preferred month to start a yearly lease cycle?
@Alecia Loveless thanks for the advice Alecia!