Short Term or Long Term Rental In Orlando Florida
Hello Everyone,
I am a first time Home Buyer/ Investor looking to purchase a home in the Orlando Area. I was pre-approved for a conventional mortgage with a 3 % down payment 2.75 Interest Rate. My Budget is 200k for this property. I was told by my lender that this has to be my primary residence for some time. I've looked in Clermont, Kissimmee, and davenport. I've used the calculators BP has provided and most of these Homes don't cashflow. If I go by the 1% percent rule a home that cost 200k would have to gross 2k in rent, Homes I've seen typically rent for 1450 - 1550 max.
This leads me to explore Short Term Rentals. I checked the website AirDna and most homes that rent well offer a pool as an amenity. These homes are 30-50k over my budget. Should I stay within my Budget or pay more for potential earnings? I'm looking for any Knowledge that can help me make a sound decision thanks.