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Investing/Strategies / Vacation Rental Management
|Subject: how to evaluate||Date: 4/12/2012 11:27 AM|
|Author: katiewa||Number: 62 of 98|
Browsing around CraigsList last night and came across a river-front (fishing, canoeing) property for a slightly lower-than-average price about an hour away. In looking through VRBO, most vacation rentals in that area are already fully (or nearly) booked for summer, 2012, regardless of price ($100-$800) or maximum number of guests (4-30). Several have bookings for April and May, a few have them for December, 2012.
The house in question has not been used as a vacation rental previously, so there is no history. However, the current owner decided last week to rent it out this year (through a property manager), and already has 5 bookings.
I have not yet seen the house. However, the location (based on Google Earth and county maps) is excellent--private but not remote: a 5-house subdivision surrounded by state and federal land, 1/2 mile from the highway. The area is known for fly-fishing, boating, and Yellowstone in the summer, and snow-mobiling and cross-country skiing in the winter, so the house has year-round potential. Because real estate is so depressed in our area, there is significant appreciation potential over the next decade.
What other questions do I need to be asking as I consider this property?
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