Scottsdale furnished rental: $72K+ long-term revenue-sell around $900K
I own a furnished 4-bedroom pool property in South Scottsdale and am deciding whether to sell it this fall or continue operating it as a furnished rental.
The property has an established rental history. Most recently it rented furnished for approximately $6,000/month with the tenant paying utilities, and a prior tenant stayed approximately two years at a similar rate.
Before moving toward longer-term furnished rentals, the property was operated as a short-term rental. During one approximately 8-month operating period, it generated roughly $72000 in gross rental revenue, with peak-season months performing particularly well.
The property is furnished and includes a pool and outdoor entertaining space. The location provides access to Old Town Scottsdale, Tempe/ASU, Papago Park and the broader Phoenix/Scottsdale market.
I'm currently evaluating two options:
1. Sell around the $900K range to an investor or buyer who values the furnished-rental/STR potential, or
2. Place another furnished tenant and hold the property.
I'd particularly appreciate input from investors familiar with the Scottsdale/Phoenix furnished-rental or STR market. At approximately this acquisition price, would you view the existing furnished rental history and STR potential as attractive enough to pursue, or would you need to see a different price/yield?
I'm also open to connecting privately with anyone actively looking for a furnished Scottsdale investment property. I can provide additional property information, rental history, photos and details by DM.
Mainly interested in hearing how experienced investors would underwrite this deal in today's market.