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With few "families" remaining, school districts are not as important as before. And in the South where bussing exists you are not free to dictate where your child attends class anyway. And frankly, I'd homeschool before I ever let a kid go to the kinds of public schools we have now.
True, but they also always make less annually than STR. That also give you a good window to do renovations since you know it will be a down time. I get the pros and cons and all. There are many ways to remove the cons for seasonality like a Golf simulator in a market that doesnt do well in the winter. Just an example. Not trying to move away from the conversation too much. It seems like if theres not any options they they just go based on the current listings for an area and zoom out till they find them.
Fair point.
STR requires more management so you have to consider that cost. Have you checked out the rents from airBnB or other such sites? I would see what rates asking over a year and you would get idea of average month rent you would have gotten. Then again each year will be different if rates are decreasing or increasing depending on economy. These vacation homes are not permanent home residencies.
Some school districts are desirable and fortunately, my unit falls into that district so it was a selling point in getting my tenants to pay higher rent than few blocks away not in that school district.
Again STR is not the metric I need to use its LTR just because Im using it as an STR doesnt mean I get to use those rates for all lenders. Most lenders that allow STR income just use AIRDNA which stats the house should make 84k a year without any extras that I plan to add.
I'm confuse. Is lender asking you to determine the rent?
No Im trying to do so as I do for pulling comps on my own properties to know where everything lands before I buy a house. Especially when a market has limited rentals.
I often can't find good rental comparable in MLS. So I old School it and call Local Leasing Management Companies. Many of these companies don't place all their rentals in the MLS. Some don't even participate in the local Realtor MLS because of cost. Some charge for it. I have one who lets me build up a Tab and pay later. Hope I was helpful. Oh, ya I almost forgot. I use to get a lot of private SFR or m2-4 duplex Appraisal work from these companies.
It would have been easy to let a company lease my rental. I saw the rentals for rent listed by agents. Many are still on the market not rented and one had a new listing agent since November 2022.