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Old 04-26-2013, 11:10 AM
 
383 posts, read 369,414 times
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I was thinking of building a couple of rental cabins in Hot Springs. I have worked on the type I am thinking of years ago. About 800 sf one bed, loft and one bath. Small kitchen and LV. Log sided. I was thinking about outside of HS, one near LH area and one 7 or 5 north on a acre or more of land. How well do you think they would rent and what would you think they would rent for? Would there be a demand for rentals in HS?
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Old 04-26-2013, 02:56 PM
 
Location: Little Rock AR USA
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My late brother-in-law built lots of rental apartments and condos around the lakes and they did well before the "bubble burst", but I don't know about now. His estate is trying to sell them and they aren't moving. It's purely speculation on my part but I think the property in the area of your interest would be quite expensive unless you get well off the beaten path. I would also think units the size you mention would be very seasonal. I have friends who own small rental houses and hold them vacant until race season. They say that cuts down on the maintenance which is important because often after the race season the the rentals are trashed and need to be cleaned up/fixed up.
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Old 04-29-2013, 05:19 PM
 
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I think your right. I do like the idea of a B&B. Eureka springs has so many I may get lost in the crowd. HS has only a hand full. I just don't know how full they get. It may be just a better idea to just stay where I am at and wait for my property to go up in value. Then I can sell out and just go to HS and sit back on that porch and look over the hills.
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Old 04-29-2013, 07:11 PM
 
Location: Little Rock AR USA
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I like your "Plan B" I've often fantasized about getting some small rentals in H.S. and holding them for only the racing season, and in the off-season sit on that porch I have a friend who retired and moved from Little Rock to H.S. into a small lakeside home. She later decided she had enough of the lake and bought another home closer to town (H.S.) and held the lake home for a seasonal rental. Her first renter was a jockey and from that point on he had a standing reservation for that rental each season. Now that's the kind of deal I would never be lucky enough to fall into. Anyway, best of luck whatever you decide.
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Old 04-29-2013, 07:13 PM
 
Location: Little Rock AR USA
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Quote:
Originally Posted by nutnfancy View Post
I think your right. I do like the idea of a B&B. Eureka springs has so many I may get lost in the crowd. HS has only a hand full. I just don't know how full they get. It may be just a better idea to just stay where I am at and wait for my property to go up in value. Then I can sell out and just go to HS and sit back on that porch and look over the hills.
I don't know where you live, but I keep reading in the paper that property values are slowly increasing.
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Old 04-30-2013, 12:06 PM
 
383 posts, read 369,414 times
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Quote:
Originally Posted by ArkansasSlim View Post
I don't know where you live, but I keep reading in the paper that property values are slowly increasing.
We are in South west Florida right now. Bought a condo to rent out in Sarasota. Its come back very nice. We also purchased a home in Port Charlotte. Its also come back. We are not in a hurry to make a move to HS tomorrow. I think things will move up faster here then there and I want to take full advantage of it. I rent out my condo for a grand a month and after dues I make about 8 percent. So its a good investment and we are only about 4 miles from Siesta Key. Its the no one beach spot in the cont. USA. We rent it out on an annual basis with lease.

As nice as the beach scene is we are cut from country cloth. We love Arkansas and it reminds us of home with a lot less snow. We love ES but there are a couple of things I am just not sure about, one is that there are B&Bs on every corner, I would bet it has the highest B&B per house in the USA. Second is that its a long way to get even a 2x4 at a home depot. Third is they roll up the streets for the winter and its dead for winter. HS has race season and its as busy in winter as summer maybe more so. HS only has a short time in fall and spring its slow.

ES is one of the most unique places I have ever been. Its safe, I would not feel insecure to walk the streets at 3am.

In the end I think HS will win out. There are several places I like to go in Little Rock, the Argenta district, walking down by the water front, and River Fest. And its only about 35 miles away from HS. ES is a small jump to Branson but Branson I can get my fill of very fast. Too commercialized.
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Old 04-30-2013, 02:46 PM
 
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we have a condo in hot springs (for weekends) and we love the town, all year long. we have had the condo for 15 years and leased or rented for decades before that.

i don't think that cabins on rural property will rent very well in that area, but anything on or near either lake will stay full for racing season (jan-april) and vacation season. $1K a month for 1000 sqft is about what i have seen people pay in the busy seasons and daily rates can boost that up considerably.
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Old 04-30-2013, 03:04 PM
 
Location: Little Rock AR USA
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nutnfancy, when you get things worked out I know you will be welcomed to The Natural State
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Old 05-02-2017, 06:09 AM
 
5 posts, read 1,191 times
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Quote:
Originally Posted by nutnfancy View Post
I was thinking of building a couple of rental cabins in Hot Springs. I have worked on the type I am thinking of years ago. About 800 sf one bed, loft and one bath. Small kitchen and LV. Log sided. I was thinking about outside of HS, one near LH area and one 7 or 5 north on a acre or more of land. How well do you think they would rent and what would you think they would rent for? Would there be a demand for rentals in HS?
Couple of key things to consider:
1. What has the value of the land been over the last 20 years? Even if something should happen to the cabins, will the land hold its value?
2. Are there other cabins in the area? How much competition would you have?
3. In terms of setting a rental price, the key is to cover your mortgage and still have some left over to put into a escrow account for repairs and rising costs.
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Old 05-02-2017, 06:17 AM
 
448 posts, read 117,414 times
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I would not build rentals in HS, Fayetteville has a large rental pool compared to owning homes. Also ES is a great seasonal rental base. HS has a smaller base and lakes are the best.
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