First real estate deal
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I've been looking for ocean front property but they are all just slightly out of my current range in this area. Now I have a choice. Do I hold off, save up, and wait for the right property? OR... Do I invest in this second tier property with good cash flow and trade up later? The rental estimates are conservative. I didn't use the highest estimate. Vacancy is built in to that estimate.
Something I can't quite get over... This property sold before the pandemic at half this price. I don't think it will ever go back to that level but am I buying at the peak? Will this second tier Gulf Coast home still appreciate or will it correct? If this wasn't my first STR I probably wouldn't hesitate. Fear of making a mistake is holding me back.