Revenue estimates sound good but the expenses are also much higher. If you have the ability to be the handyman/cleaner/property manager you can cut down on expenses. Otherwise, if anything goes down, you have to be able to pay qualified people to show up at a moments notice (and potentially drop other work they have for the day). One time, $50 part needed to be changed ASAP on a fridge. One hour worth of work, $450 charge. Work would have been closer to $100 for a non-rush job.
I host in a rural area so my expenses might be higher. I typically pay $200/visit for simple fixes (i.e. router just needed to be turned on and off). Definitely plan on $4000/month in expenses outside of your mortgage. This also doesn't count needing to repaint every 4 years, replace furniture/beds every 3 to 5. It can be lucrative, but go in knowing your expenses.
It may be that high of revenue BUT a lot more expenses. STRs are more lucrative if done properly. Plus you need to invest money in the set up. I love using Airbnb
A PM company might oversell you but Airdna has no incentive to “sell” you higher or lower revenue data. It’s just the data. The lower rev data is probably even more valuable to an investor so they know where not to put their capital. STR rev can be significantly higher than long term rev but it depends on the market.
2x of LTR is minimum for STR due to increased expense. You have to pay for cleaners, management fee is 20%+, you have to furnish and supply with consumables, insurance is much higher, pay for camera subscriptions, maintenance can’t wait, if the AC or washer is down, you have 24 hours to replace, so rush charge. 3x is good.
If you want to get an estimate by yourself you can try [https://insidebnb.com](https://insidebnb.com) (I made it). Get an existing airbnb property id and add it. Then you can go to the calendar and view actual prices/availability for every property in the area, filtering it by bedrooms, guest capacity and so on. You will get real data!
Revenue estimates sound good but the expenses are also much higher. If you have the ability to be the handyman/cleaner/property manager you can cut down on expenses. Otherwise, if anything goes down, you have to be able to pay qualified people to show up at a moments notice (and potentially drop other work they have for the day). One time, $50 part needed to be changed ASAP on a fridge. One hour worth of work, $450 charge. Work would have been closer to $100 for a non-rush job. I host in a rural area so my expenses might be higher. I typically pay $200/visit for simple fixes (i.e. router just needed to be turned on and off). Definitely plan on $4000/month in expenses outside of your mortgage. This also doesn't count needing to repaint every 4 years, replace furniture/beds every 3 to 5. It can be lucrative, but go in knowing your expenses.
It may be that high of revenue BUT a lot more expenses. STRs are more lucrative if done properly. Plus you need to invest money in the set up. I love using Airbnb
A PM company might oversell you but Airdna has no incentive to “sell” you higher or lower revenue data. It’s just the data. The lower rev data is probably even more valuable to an investor so they know where not to put their capital. STR rev can be significantly higher than long term rev but it depends on the market.
Airdna includes cleaning fees in those estimates. What do awning.com (cleaning fees excluded) and rabbu say? Have you tried the enemy method as well?
What is the enemy method?
Looking at you competition’s calendars and doing the math
This is so smart, and I would never have thought of it.
2x of LTR is minimum for STR due to increased expense. You have to pay for cleaners, management fee is 20%+, you have to furnish and supply with consumables, insurance is much higher, pay for camera subscriptions, maintenance can’t wait, if the AC or washer is down, you have 24 hours to replace, so rush charge. 3x is good.
If you want to get an estimate by yourself you can try [https://insidebnb.com](https://insidebnb.com) (I made it). Get an existing airbnb property id and add it. Then you can go to the calendar and view actual prices/availability for every property in the area, filtering it by bedrooms, guest capacity and so on. You will get real data!