Investor · Castle Pines CO · Member since 2021 · 16 posts · 10 votes
Hello. I'm looking at a Townhome that is 3 bed 3 bath, 2,000 sq ft, 2 kitchens on two different floors, peekaboo views of the ocean and is less than 1,000 ft from the water. The city is revitalizing the street with a new expanded and beautified road (palm trees, lights ect), and several old buildings are coming down and being replaced with new shops/restaurants. We've always wanted to live in FL and my goal is to live in the home as a primary residence as our family grows and then do STR in the future. My questions for those with PCB properties near the water:
1. AirDNA estimates my gross will be around $82k but Airbnb says a night rate of $180 is avg. (seems low for 2k sq ft w two kitchens) what have you found to be your gross for STR?
2. What advice would you give someone with no STR experience in this specific area?
3. In terms of remodel, what are the biggest pay offs if the target customer is multiple family clients, or clients with several children?
Real Estate Consultant · Panama City Beach · Member since 2019 · 58 posts · 51 votes
4y
1.) I can connect you with some great property management companies in this market for more accurate income projections and let you know which to avoid. The average 3 BR here does $50k - $60k. Numbers are going to come in higher after this massive producing year we just had.
2.) The biggest bit of advice I can tell you in this market is self manage if you can. I co-host a local real estate investor meet up and our next topic is short term rental systems for self managers. I'm writing a seminar on this now specific to our market to publish on a new website Q1.
3.) Split entrances / spaces if you can to rent separately in the off season and as a whole in season. Amenities are key.
After signing hundreds of properties into the top 2 vacation rental companies in the US, I can walk through a home in 10 minutes and let you know it's highest and best use as a STR.
And I agree with the others - make sure your realtor owns STR's or has and understands that personally, then jump in and get rolling! It's a hot market and will be for years to come with the massive infrastructure changes happening!
Real Estate Agent · Tampa, FL · Member since 2018 · 144 posts · 132 votes
4y
@Nikita Odnoralov Connect with a local investor/agent and get real time data form them onn similar units & always take airdna with a grain of salt. If airdna says 60k and rental projection/ data says 50k, pick the middle.
Real Estate Consultant · Panama City Beach · Member since 2019 · 58 posts · 51 votes
4y
1.) I can connect you with some great property management companies in this market for more accurate income projections and let you know which to avoid. The average 3 BR here does $50k - $60k. Numbers are going to come in higher after this massive producing year we just had.
2.) The biggest bit of advice I can tell you in this market is self manage if you can. I co-host a local real estate investor meet up and our next topic is short term rental systems for self managers. I'm writing a seminar on this now specific to our market to publish on a new website Q1.
3.) Split entrances / spaces if you can to rent separately in the off season and as a whole in season. Amenities are key.
After signing hundreds of properties into the top 2 vacation rental companies in the US, I can walk through a home in 10 minutes and let you know it's highest and best use as a STR.
And I agree with the others - make sure your realtor owns STR's or has and understands that personally, then jump in and get rolling! It's a hot market and will be for years to come with the massive infrastructure changes happening!
Rental Property Investor · Panama City Beach, FL · Member since 2017 · 44 posts · 44 votes
4y
I’d argue that i know this rental market better than anyone. 82K - 1000ft from the water doesn’t seem correct. What was the purchase price? are you interested front beach rd or thomas?
Investor · Castle Pines CO · Member since 2021 · 16 posts · 10 votes
4y
The property failed inspection due to a ton of mold and water damage. We are back on the hunt. The Neigbor showed me his VRBO, he did over $72,000 two blocks from the beach. He does not have a water view and has the same exact 2,000 square ft unit. I suppose it possible!