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I'm interested in a property in downtown St Augustine, FL. It looks like the highest and best use would be a mix of long term and short term rentals until leases expire. Eventually the entire property could be transitioned to short term rentals if the model works. Many places are pushing back on short term rentals in neighborhoods. I'm hoping to discuss this with people currently doing this in St Augustine to get a feel for the climate and understand the regulations/taxes/fees involved in this area.
Purchase price - $255,000 Expected rehab - $80,000 Expected ARV - $425,000 Actual rehab/carrying costs - $155,000 Actual sell price - $525,000 Profit - $76,400 Time to complete – 7 months to get on market, 9 months to close DOM – 27 days See link to “after” images here: Our First Flip The House This was a mid century 3/2 2300 sq ft home on a large ½ acre lot near White Rock Lake in Dallas.
This is one of my all time favorite topics on BP! There are a few classic threads out there on point-- like this one (with 284 replies!): https://www.biggerpockets.com/forums/52/topics/680... Without providing a laundry list, I think the theme is to tackle the wear points and troubleshoot the individual unit.
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