Here it is! Our Air BnB rental :)
So this is the fourth unit and our Air BnB rental we restored in the two duplexes we bought a few months back. It’s a one bedroom, one bath finished with furniture and everything. Our plan is to rent in on Air BnB when we don’t need it ourselves. It could potentially bring in the same return as we get from the permanently rented apartments, but with slightly more work.
Below are a few photos I took before we started this project. As you might notice there was a few changes to the place, including a fresh layer of paint, new kitchen, electrical, new trim, new walls in the bathroom, new vanity, new toilet, new air conditioner, new bedroom closet, new appliances, new lighting, new plumbing and then fully furnished.
Our costs for doing all this stayed at a mere $2000 which in my opinion was pretty cheap for a ready to go Air BnB rental. We managed to save a lot by buying slightly damaged cabinets for the kitchen, used air conditioner and used appliances. Most of the furniture came from friends and family so not much money spent on that either.
Speaking of money this apartment is as mentioned one out of five on this property. We spent $105 000 to purchase the place and then another $20 000 to restore it all. Total costs = $125 000. If we divide that by 5 we get an average of $25 000 per unit.
In order to get a good return we would have to make at least 10% of the total investment on a yearly basis. That means $2500. We think the unit should rent for $50 per night (EASY!!) and it will therefor have to be rented 2500/50 = 50 nights to reach the magic number. Not unlikely at all. And there is more to it. Every night we use the Air BnB rental for ourselves, we save a few bucks. A penny saved is a penny earned :)
Read more and see a video about our other rentals the location HERE