@Kyler J Sloan This is an investment forum. People come to this forum specifically for STR investment advice and strategies. Usually with the premise that they are trying to maximize cash flow. So that is how most people are going to respond to these posts with these topics. Again, as I said if you just want this property mainly for your own use and you want to use it as a side hustle to generate some extra cash then that is great. No problems with that at all. If that makes you happy by all means do it. I really mean that.
However, if you are seeking advice on this being a great investment STR (which you may not be)- it is not. The reason so many people tried to make an offer on this is because of the buying frenzy for STRs that has been going on over the last couple years. Lots of bidders doesn't make it a good investment during this buying frenzy.
Look sure there is liability like others have said - but insurance can help you with that. It's all the headache man that comes with this place. Two years ago, my HOA had about .2 miles of the road paved, which was the last .2 miles up to one of my cabins. The cost was 80k. The price has gone up since. So paving the road is an expensive option. It's the bad reviews and irate guests and the 11pm phone calls from guests that are going to drive you crazy.
A good investment should give you a good return on your money with little stress, little work, etc.. This is most definitely not the case with this property. I promise you - you will be constantly working on this road. Again, now you stated you won't rent it when you are there. If that is the case, you are also cutting down cash flow - the more we learn about this place the less opportunity for cash flow we find.
So we get back to this - if you want this property because you want it and you just want to try to earn some side cash to help pay for it that's great. If you are buying it for a great investment - its not - there are far better properties for STRs.
But the more I hear about this I am thinking you are just trying to validate can you do airbnb with this property. The answer is yes no problem. Will it be a great cash flowing STR - dunno. Will it have a bunch of headaches - absolutely. Is this a great investment - no there are far better ones out there.
You want to get to the bottom of why it is a bad idea - again this is coming from the perspective of whether or not this is a good investment.
#1 - Far better cash flowing properties available that won't have all the headaches that this one will have.
#2 - You are right in the sense that what makes this one unique is it's view - but to get the higher rental rates that has to be combined with other things - amenities - accessibility to name a few. This is lacking in accessibility.
#3 - You don't fully understand the issues with guests driving up these roads. My mountain top cabin has wide freshly paved roads and I still get comments that guests were scared to death coming up the road (even though my daughter's Toyota Prius can get up it without going into lower gear). With your road being gravel and one lane wide, some guests are going to freak out. Like someone else said on your jeep post. They will crap when they see it. Guests crapping means unhappy guests - no review or bad review. Bad reviews reflect poorly on future booking potential.
#4 - The road will take a lot of maintenance - Maintenance costs money - More money spent on expenses lowers ROI.
#5 - You will have guest stranded - more headache - more cost to help situation - lowers ROI and guest satisfaction.
#6 - You might find it hard to find contractors to work up there.
#7 - Don't know how you can effectively rent it just when you are not there? You need to open up your calendar for bookings. Will you know a year out when you will be there or when you won't be there? What happens if you need to be there but its already booked?
#8 - Back to the road - you get a washout from a summer rain storm and guests can't get up there. Then you can't get someone to fix it for a couple of days. You can have all the people lined up ahead of time - but things happen. Then more headache.
I am sure there are a few that I am missing, but with the exception of #7, I can find STR properties in that region that will produce great cash flow and not have to deal with items 1-6, and 8. So given that, the only reason to purchase that property would be for personal interest and not necessarily an investment.
Again, just trying like others to give you sound advice. What you do with it is solely up to you.
