All Forum Posts by: Sabina L Parigian

Thanks for the perspective. CB is very volatile with housing in general right now. Nothing has been restricted for STR the council voted it down for now. I don't see a big risk in them being restricted or at least having trouble getting a permit for now and into the future once you have a rental here.

We are looking at a rental income property in a resort town where we live in Crested Butte, Colorado.

Details:

Asking Price: $498,950

SQF: 717

Rental Income 2020-2021: $43,928

Average Nightly Rate: $152

Occupancy: 289 nights/year

Total Yearly Expense + Mortgage: $36,072

1. - The property is 1 bed 1 bath.
2. - Ski in Ski Out location to a ski resort. 
3. - 100 yards from public transportation bus. 
4. - 200 yards from a ski lift. 
5. - Rental income has big potential to go up.
6. - We would manage the property on our own. 
7. - Unit is fully updated and would need no work that the eye can see. Turn key. 

The property basically is not hitting the 50% Rule or the 2% rule, no properties in our area are. This would be our first rental property and would be putting 20% down. The upside is that we think we could get the yearly income up with raising rates slightly and really working towards increasing occupancy and getting creative. Does this deal not make any sense, should we move on, or is this something that would make sense in a highly vacationed area!?