My three siblings and I recently inherited my father's house within the city limits of Two Harbors, MN. For all intents and purposes, it's a 2 bedroom, 1 bath, (nonconforming bedroom and bathrooms downstairs). 1 car garage with a carport, nice double lot yard, about a block from the main street of town.
It's definitely outdated, but very functional and not awful to look at. There is a fair amount of charm left in it, as it was built in the 50's and has some architectural character. I have also flipped a couple houses, and I'm capable of putting some work into it to make it more desirable. My siblings are emotionally attached to the house, and selling it is not something they're into at the moment. I am more sentimental to the area, and less the house itself, but I understand their stance on the issue.
Anyways, I have figured out that the bare minimum costs of holding the house (once it's paid off, which is a whole other issue), are about $416/month... $4,992/year. Currently the mortgage payment is around $500, but paying the house off is a possibility.
I am trying to, at the very least, push to try to make the house a vacation rental, given that it is in a pretty desirable area, 3 hours from the twin cities, and just a couple minutes from Lake Superior, etc. I'm curious if anybody on here has done any sort of VRBO, Homeaway, or AirBnB in the area and if so, was the juice worth the squeeze? Is there enough interest in the area to rent a home out for 100 days a year at $100/day, for example?
I really appreciate any insight you can offer into this rather specific query.
Hey Jesse - I just came across your post, i see its from a while ago. Did you end up turning it into a vacation rental or you still working on it. My wife and i have a Vacation rental cabin we just bought in Grand Marais this summer. I'd be happy to share the details with you. We are also working with a great husband wife team for housekeeping/maintenance if your looking for any recommendations.
Let me know.
Hey Nich J,
My wife and I are considering the purchase of a short-term rental in the Grand Marais area and would love to get your thoughts on realistic # of rental days/year, housekeeping/maintenance costs, etc. if you are willing to share. We love the North Shore and everything it has to offer in all of our lovely MN seasons.