I’ve been watching this property for awhile hoping that the seller will come to a more reasonable price. It is a 5,000 sf house that has 2,500 sf of finished space and 2,500 sf of partially finished space.
I’m thinking the finished area could be used as a regular rental unit at $1,900 per month, and the lower unit (with its own entrance) could be used for Airbnb/VRBO since the location is walking distance to downtown Snohomish.
There are a ton of wedding venues in Snohomish, and the nearest hotels are Bothell or Everett so the options are very limited.
In reviewing the nightly rates on Airbnb, I believe the lower unit could rent for $200 on the low end to $250 on the high end. If the unit was rented at an occupancy rate of 50% it could bring in roughly $3,000 per month.
There are companies that will manage nightly rentals for a percentage of overall rents.
The only work this property would need would be finishing off the lower unit and furnishing it. The upper unit is rent ready.
Bottom line: $153,000 initial investment for a potential monthly cash flow of $1,778 or a 13.95% ROI
Link to listing: http://www.matrix.nwm
|Address:||406 Avenue E|