Quadplex being developed to be rented solely as short-term rental units. Residential or Commercial?

[spittman]

I recently did one for a property that was short term rental, except it was catered to military veterans so very niche and very exclusive. Rates were based on military TDY housing which is an expense that can be reimbursed by the military. In addition, the average rentals rates for TDY housing in my area were slightly above average for other short terms rentals like airbnb. Property manager sent me a spreadsheet with all the rents over the past year and it was very inconsistent. I also noticed that this company owned more than one property so operating expenses were shared between all of the properties such as cleaning services. Looking at the income from the spreadsheet she sent it became clear that she thought the home was worth $400k which in reality would be more than twice the price the typical buyer would pay for a similar property in the area. Working on an investment property now where the owner revealed that it was listed on airbnb before, but is now vacant and will like be long term in the future so praying their expectations of market value is not some ridiculous value like the other assignment I did.

 

[Cob]

I recently did one for a property that was short term rental, except it was catered to military veterans so very niche and very exclusive. Rates were based on military TDY housing which is an expense that can be reimbursed by the military. In addition, the average rentals rates for TDY housing in my area were slightly above average for other short terms rentals like airbnb. Property manager sent me a spreadsheet with all the rents over the past year and it was very inconsistent. I also noticed that this company owned more than one property so operating expenses were shared between all of the properties such as cleaning services. Looking at the income from the spreadsheet she sent it became clear that she thought the home was worth $400k which in reality would be more than twice the price the typical buyer would pay for a similar property in the area. Working on an investment property now where the owner revealed that it was listed on airbnb before, but is now vacant and will like be long term in the future so praying their expectations of market value is not some ridiculous value like the other assignment I did.

Are you in the Killeen area?