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Erika Albert

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Do you underwrite STR deals revenue-first or rules-first?

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By Erika Albert, Jon Martin
| BiggerPockets Verified
Forum Categories All Real Estate Broker · Austin, TX · Member since 2022 · 28 posts · 23 votes Member since 2022 · 1k+ posts · 1k+ votes 25m Join the conversationCreate a free account to reply, vote on answers and follow this thread.
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What makes a “good” STR acquisition if ZIP averages are misleading?

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By Erika Albert
| BiggerPockets Verified
One thing I keep running into with newer STR investors: ZIP-code average revenue gets treated like a target. In practice, averages mix totally different products—bedroom counts, amenities, operator quality, location quality inside the ZIP, and design. If someone is buying a larger group-oriented home and comparing it to a ZIP-wide average, the underwriting can get fuzzy fast.
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Accounting for New Airbnb Service Fees in Proformas

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By Erika Albert
| BiggerPockets Verified
Perhaps I am overthinking this, but I'm wondering how to properly account for airbnb's new 15.5% service fee in proformas derived from airdna revenue estimates. The airdna estimates don't include the service fees, and the estimates are based on 2025 revenue. Theoretically, the assumption was that hosts would raise rates to cover this fee, not sure how much this is actually happening. Should the 15.5% fee just be added as an expense line item to create a conservative proforma?
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