All Forum Posts by: Krystle Jiang
Krystle Jiang has started 2 posts and replied 3 times.
Quote from @Alex Chiapetta:
As far as STR Zoning: If the property is not in the STR area you technically can not have a STR. That being said, there are STRs all over Savannah. The city has started cracking down, I personally got fined for having one outside the approved area. If you are going to gamble on the STR play, I would be sure the property will cash flow as a long term or you are willing to deal with the vacancies of a mid term. Hope this helps!
Hi there, I'm new to investing and new to Savannah. I ran the below analysis, can anyone help review and give some pointers on what I'm not thinking about? It seems too good to be true so it probably is :)
Property address: 627 E Anderson St, Savannah GA
Listing price: $429K
4 bed / 3 bath
STR zoning: it looks like it's outside the historic district / any zoned areas so does that mean it's just the $400 STR application cost? (I am not sure here)
AirDNA estimates $133k rev yearly
Assuming 7% interest rate, 20% down, 30% pm cost, 5% maintenance and 5% capex savings, total costs come to ~$6-7K/month
That would make breakeven revenue $70-80k/year which seems like a pretty big cushion with the AirDNA estimate
Thoughts? What am I missing?
Post: newbie here - possible to find a deal with minimal rehab?
- Posts 3
- Votes 2
Hi everyone! I want to get into the game, but I'm highly risk averse and afraid of biting off too more than I can chew for a first deal. Do y'all think it's realistic to try to find a SFR that does not require a lot of rehab to cash flow? Seems like this might be challenging to make the numbers work with a long term rental, so I'm thinking short term rental. Want to do some quick aesthetic work but not much more. Thoughts on if this is a viable newbie strategy? Ideally in ATL area