Anyone has vocational rental properties in Scottsdale? What's your experience?
There is a property in northern scottsdale I'm interested in. Purchase price 600k, currently doing STR netting 50-55k. However, the property only has 1 year STR history. I'm trying to see if there is any other issues I'm not seeing. Thx!
Sandy, my response just got deleted, but one thing I would recommend is checking out the Homeowners Association rules. Many Scottsdale HOAs are cracking down on STRs. Even neighborhoods without HOAs have the ability to curb STRs, it's just that many don't know that. 30-day rentals are allowed by state law.
I live in a large neighborhood called Grayhawk. Our HOA tried for a long time to get enough signatures to require a minimum 30-day rental. But because they could never get the required signatures (likely due to out of state owners, second home owners, etc.) the update to the CCRs was never approved. So even though neighborhoods have an HOA, STRs may be allowed. A call to the home's HOA is a definite first step to evaluate any STR opportunity. Best of luck!
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