TBH, the management fee is too much too...

The reality is that those platforms don’t account for most of the nuanced factors that go into a successful listing.Here’s a quick example: I had a client looking for a 3 bed 2 bath in the Poconos.

Then you factor in the cost of the MLS, maintaining your license, E & O insurance, etc.

You must pay management fees, maintenance, taxes, insurance, and other expenses, such as vacancies.

Hi Sherry- It definitely looks like there's a lot of competition, but I think saturation depends on a few more factors beyond vacancy rates.

Then there are negative cashflowing properties all over, due to a variety of factors, like inventory controls, owner standards, management standards, marketing standards, guest experience, furniture, decorations, amenities available, etc.I’ve been helping many STR owners and operators that are in a similar situation as yours.

📊 Here’s What It Calculates for Me Automatically:Monthly Cash Flow (based on rent, expenses, financing, etc.)Cash-on-Cash ReturnEstimated Total Annual Return (cash flow + loan paydown + appreciation)Plus, I included assumption fields for insurance, maintenance, interest rates, and more — because if you’re not factoring in the less obvious costs, you’re fooling yourself.💡 Real-World ExampleHere’s a Twin Cities, MN deal I analyzed this morning in about 5 minutes:Purchase Price: $359,900Estimated Total Rent: $4,000/monthExpenses: $1,637/month (with PM and reserves)Debt with PITI: ~$2,624Initial Investment with 25% Down and Closing Costs: ~$100,772→ Cash Flow: ~$176/month→ CoC Return: ~2.09% Now this isn't the best deal out there, but I wanted to demonstrate how quickly and easily I was able to determine it was a dud and move on.

Value is also a key factor. 

This helps you to make a decision and form an opinion on whether the tenants risk factor.

Leverage, FICO, income vs no income, more documentation vs less documentation, appraised value, duration of loan, etc. are all risk factors that banks consider when making the decision to issue a mortgage.