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Short Term Rental property…
Posted on 8/15/22 at 6:00 am
Posted on 8/15/22 at 6:00 am
Wasn’t sure if I should put this here or the Travel board. Need some input and advice on a possible short term rental in Fort Morgan. Looking at purchasing a 100x200 lot located 3 blocks from beach with deeded beach access included in sale. Price right at 50k. Plan is to sit on it and wait for the house and construction markets to cool off a little. I guess my questions are:
How strong is the rental market in Ft Morgan compared to Gulf Shores?
For those who own and rent in the area, is there a sweet spot for home size, number it sleeps, and rental price?
What is a good yearly occupancy percentage? 60-70%?
Flood and home owners insurance cost?
Do you handle rental yourself or thru a property management company?
How do I build it for less than $200 a square foot?
I am looking at this as an investment only. I have no desire for it to be a vacation home for us.
Edit: thanks to everyone who has repliex
How strong is the rental market in Ft Morgan compared to Gulf Shores?
For those who own and rent in the area, is there a sweet spot for home size, number it sleeps, and rental price?
What is a good yearly occupancy percentage? 60-70%?
Flood and home owners insurance cost?
Do you handle rental yourself or thru a property management company?
How do I build it for less than $200 a square foot?
I am looking at this as an investment only. I have no desire for it to be a vacation home for us.
Edit: thanks to everyone who has repliex
This post was edited on 8/15/22 at 12:26 pm
6
Posted on 8/15/22 at 6:37 am to Johnpettigrew
I can’t answer your questions, but I have experience with a STR . Look closely at your return on investment if you aren’t getting personal use value out of the commitment. 
This post was edited on 8/15/22 at 7:01 am
Posted on 8/15/22 at 7:12 am to Johnpettigrew
quote:
3 blocks from beach with deeded beach access included in sale. Price right at 50k.
I hate to tell you but there’s not going to be much demand for a vacation rental 3 blocks from the beach there.
You also shouldn’t be looking to build cheap as an ROI on a vacation rental as people on vacation generally don’t want cheap stuff as a priority. You need to look at what price points rent there, and off the beach you will amenities like a pool to attract people.
Posted on 8/15/22 at 7:43 am to Johnpettigrew
Look at tiny home options. Build one two of them and focus on couples vs family spots.
All of this is just math. See what makes the most sense in your market.
All of this is just math. See what makes the most sense in your market.
Posted on 8/15/22 at 9:23 am to Johnpettigrew
Buy and hold...I am constantly suprised at the number of people renting over there..plus, if this is 3rd tier, your homeowners insurance will be less.
Posted on 8/15/22 at 9:29 am to baldona
quote:As someone who has rented houses out in Ft. Morgan for the last 20 years, I assume when the OP is saying "3 Blocks", he means the 3rd road back from beach front.
I hate to tell you but there’s not going to be much demand for a vacation rental 3 blocks from the beach there.
Those are in very high demand. Rent is cheaper, and it's a short walk to the beach. Not everyone can afford $400-600/night houses.
Posted on 8/15/22 at 11:00 am to Johnpettigrew
You'd be lucky to get 50% occ. on that. I'd plan for 35% and budget from there. I'm at 60-70% in destin
Posted on 8/15/22 at 1:22 pm to NorthEnd
House or condo?
Posted on 8/16/22 at 9:00 am to Johnpettigrew
Baldona is right. There was a huge drop in rental income once you crossed the street from the beach. Hell, I looked at a place on the bay and my 1 bedroom out rented a severely better quality house
Posted on 8/16/22 at 9:38 pm to greygoose
quote:
Those are in very high demand. Rent is cheaper, and it's a short walk to the beach. Not everyone can afford $400-600/night houses.
Agree, but only during peak times.
You take 3-4 week so spring break and 9-12 weeks of summer and I 100% agree. The problem is 13 weeks a year doesn’t do it for an owner.
You want 25+ weeks of good rentals.
I am just warning to be careful as it’s not a stone cold lock.
Posted on 8/18/22 at 4:58 pm to baldona
3 blocks from the beach and in Fort Morgan…. That is a risky investment imo.
This post was edited on 8/22/22 at 6:35 am
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