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What you're missing is the relative desireability of the given property in its own zip code and the zip codes surrounding it.
A ski chalet in West Virginia is simply not going to be as desirable as one in Breckenridge. Even with in Colorado, I'd assume that there is a defined hierarchy.
Take North Carolina. Beachfront properties vary widely simply by what beach town your in. For example, Wrightsville Beach is extremely desireable and expensive. Its an island, so there isn't room to expand. The Beach sand is nice, and the water is extremely clear/clean. Compared to Carolina Beach 20 minutes away. The beach is nice, but the town is very touristy, lots of hotels, and the water not as clear. Its much less expensive.
Lake House: Depends on the lake. Take Minnesota, a place with a really big cabin culture and lakes to spare. A house on Cross Lake, known for being clear and clean and nice all year with good fishing, is going to sell and rent for more than a house on a shallow lake that isn't as nice in August.
As to the type? That varies too. Condo's seem to be pretty popular as rentals in Florida. Not so much on an inland lake in Wisconsin.
Good point, but that's a refining process that can be undertaken once a basic type and location is identified.
If you are buying a place that you are going to live in of course makes sense to focus on areas you'd want to live in to narrow it down, but they'd also have to be places that are desirable vacation spots. Do you have any cities or towns in mind?
I guess it would be hard to suggest a place just because there are so many states and cities in the country.
Personal preferences aside (assuming one is looking more for return on money than a home for oneself), what/where would this be?
Apartments within 5 min walk of shopping centers or closer and a bus stop in front.
Free parking and cable. Utilities paid. Consider making it for 55+ or adults only. 1 & 2 bedroom each with en suite. In suite laundry.
Temperate climate.
To clarify: I'm buying ONE vacation rental property to be managed by onsite vacation rental property managers and to live in part-time when it's not rented out and eventually retire to full-time - or sell - when I'm very elderly and can't travel anymore. Only one.
What and where should it be for best return?
I didn't think this question was that hard...
Keep in mind that if it's seasonal and you want to be there 'in season' your chances of renting it part time 'off season' aren't going to be as easy
I have seen a shift in the way investment properties are purchased. I have a good number of buyers in the Orlando area buying "villas" (TH with private pool), price range new 235K to 500K, where a 12 month lease to one tenant, the owner would get $2000 to $3500 per month. But they are turning these homes into vaca rentals, much like the beach, getting $5500 - $6000 per month. These communities will many time have an on-site check in agent, stopping short of being called a hotel. There's no daily maid service, only a clean-out between tenants. Some even have shuttle services from the clubhouse to nearby attractions. The rental rate is at least $100 less per night than the attraction hotels, and in some cases, can handle 2 families in one unit, increasing the savings to well over $300 per day. The beauty of the location is near perfect weather 365 days a year, near one of the top tourist attractions in the country. We have found our way on the approved lender list for several major builders that sell to Foreign Nationals.
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