I own two properties in North Carolina and have them both rented as short term rentals. I live in the Charlotte area where one is and the other is in the mountains of NC. They both do quite well!
@Toni Mo Hi Toni, other than being a fully furnished one bed one bath condo in downtown Wilmington there isn't much more to it. It's really nice IMHO. The real challenge is finding someone who (isn't a first year college student) that is ok signing a minimum 6 month lease on this type of rental. I have even offered to remove the furniture in the rental ad. So, i’m guessing it’s just a slow rental market downtown. It been only 1.5 months so I'm not too worried about it. I’m not sure I’m allowed to share the address on here so I’ll play it safe.
@Alex Thomsen I really can't say when the PM will have someone in place. She keeps me updated weekly and did say there was at least one application last week; a man who was looking to buy in the area and wanted a six month lease while he searched.
@Ashley Mitchell The upside of high property prices near the ocean is that oceanfront/beach area never goes out of style. I haven't seen an analysis on oceanfront/ocean area residential property appreciation over time, but I would expect that they would do better than average, and depreciate more slowly in times of recession.