AirB&B in Mukilteo, Wa
Hey all,
I’m looking into purchasing a water-view single family house with an attached MIL unit in old town Mukilteo, WA. It has 3100sf in three levels, with 5 bedrooms and 3.5 baths.
My broker thinks that it has a great potential to be leased as an Executive Suite or weekly/monthly AirB&B. He thinks that it could generate a much higher cash flow ($5k per month) than a conventional year-long lease ($3.5k-$4k).
While I have multiple properties under conventional leasehold, I don’t have any experience with other types of short term or the exec suite rentals. I’m wondering if anyone here has any experience with these types of lease in the Mukilteo area?
Thanks
Ali
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#2 Short-Term & Vacation Rental Discussions Contributor
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#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
Hey @Ali Veiseh, I have been all over Mukilteo over the years. I would ask what your broker is basing their ideas on. Mukilteo is a bit out of the way IMHO. Ask them to provide the details on their opinion. Is it just opinion or does he have numbers of other executive rentals in the immediate area?
So I THINK I found the house you are talking about. It will need a pretty hefty renovation. It is stuck in the 70's's with the popcorn ceilings, shag carpet, the original cabinets, lighting, sinks, toilets, countertops etc. It does have a great view.
Frankly, I don't know how you will make money on that. Zillow gives it a $3600 a month in a LTR situation which is pretty much what you said. That doesn't cover the mortgage. I don't see that place as an executive rental.
Just my opinion. I think you will be in that place for 150k of renovations to bring it up to current. That lower level isn't even finished.
I hate to be a Debbie Downer, but this looks like a great family home, but not an investment. My 2 cents.