🔥 STR Homes for Sale | Scouting Report | 05/18/24

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Welcome to this week’s STR scouting report, sponsored by Steadily.

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🔥 In this week's email:

• Trending STR Homes for Sale: Explore the 21 hottest STR homes for sale this week in 11 STR markets.

• Cash Deals are Back: Share of transactions that are bought with all cash.

• Trending News Nuggets: This week’s most important economic, real estate, and str regulation headlines you don’t want to miss.

• Start Ups: Vacation rental recently funded start ups.

Andy & The STR Scout Team

Not a member of our STR community yet? Connect with 130000 STR investor enthusiasts in our Facebook Group & STR Scout newsletter. Discover STR investment ideas, resources, news, and lifestyle asset trends.

STR FEATURED PROPERTIES

Secluded Mountain Retreat: Your Banner Elk Getaway!

🏡 $950K | Banner Elk, NC: Secluded 3br | 3ba mountain retreat, 2696sqft. This successful short-term rental boasts great decks on both the front and back, inviting you to unwind and soak in the serene surroundings. Guests can gather around the fireplace in the living room or enjoy meals in the spacious dining area, offering a warm and inviting atmosphere for all. Nestled in a secluded location but just minutes from all the conveniences Banner Elk has to offer. Perfect for a getaway or investment.

View Property Details
STR Agent: Tyler Coon
Text or Call: 828-620-2541
Website 
Book a Call

Spectacular Mountain Views from Country Estate near Glacier National Park

🏡 $895K | Columbia Falls, MT: Stunning 5br | 3.5ba country estate, 3032sqft with spectacular mountain views. Income projections between $147k to $191k. Magnificent mountain views and just 20 minutes to Glacier National Park! Spacious 5-bedroom plan offers plenty of room for a group or large extended family. Great for STR with no county zoning, no HOA, and CCRs that authorize nightly rentals. Ideal for investment or a family retreat.

View Property Details
STR Agent: John Hayes
Text or Call: 850-375-4113
Website

Welcome to your Corpus Christi, Texas Coastal Oasis

🏡 $645K | Corpus Christi, TX: This charming 4br | 3ba home spans 2250sqft and offers a lucrative short-term rental opportunity with a history of strong rental income. The property features coastal accents, impact windows, and a spacious 1,000 sq ft 4-car garage. Fully furnished and just a short walk to the North Padre Seawall/Beach, this home is perfectly situated for both relaxation and investment. Don't miss out on this one, reach out for financial history details, and local STR market insight.

View Property Details
STR Agent: Kathleen Miller
Text or Call: 361-815-5991
Website

STR CLASSIFIEDS | OFF-MARKET PROPERTIES

🧮 Airdna’s Revenue Calculator: Use this link to estimate your earnings potential on any STR homes for sale.

💰 STR Loan Quote: Use this link to get your STR loan pre-approval letter.

$569K | Gulf Shores, AL: Completely remodeled Gulf front unit with new floors, quartz countertops, added 1/2 bathroom, updated main bathroom, and window shutters. Just steps to the beach, feels like you're sitting on the sand from the balcony. Possibly open to working with buyer's agent. View post.

$364K | Palm Springs, CA: Charming mid-century modern residence in Palm Springs. Renovated, near downtown. Versatile living space, community amenities. Furnishings negotiable. View post.

$395K | Madison, NC: Fully furnished rural retreat with net profits soaring. Strategically located near wedding venues, factories, power plant, and upcoming casino. Net income: $81,000 in 2023. Owner selling to invest in larger Airbnb with a pool. View post.

$795K | Highlands, PA: Established STR with robust revenue over $100K/year. Strong financial performance with NOI of $65K/year. Fully furnished & equipped. Curated experience, 5-star reviews. Digital assets included. View Post.

$1.19M | Mabank, TX: Family-friendly luxury lakefront retreat with 5 beds/5 baths, sleeps 16. Custom putting green, fire pit, oversized hot tub. Stunning lake views. View Post.

STR CLASSIFIEDS | LISTED PROPERTIES

🧮 Airdna’s Revenue Calculator: Use this link to estimate your earnings potential on any STR homes for sale.

💰 STR Loan Quote: Use this link to get your STR loan pre-approval letter.

$950K | Crystal Beach, TX: Great STR with 4 bedrooms, 3.5 baths, large upstairs kids' room, peek-a-boo ocean view, and golf cart path. Close to Galveston. Contact for details. View post.

$2.175M | Freeport, TX: Stunning 5-bedroom beachfront home with luxurious living, established rental potential, beach and bay views, and community amenities. View post.

$399K | Panama City Beach, FL: Active Airbnb just a few miles from Panama City Beach and Tyndall AFB. 3-story townhouse with bay views, direct Gulf access, non-deeded dock slip, private beach, no HOA or flood insurance required. Sold unfurnished. View post.

$675K | Paonia, CO: Lovely 4-bedroom, 3600 sqft. home on 1/3 acre. Well-maintained with elegant hardwood floors and covered back deck offering beautiful mountain views. View post.

$895K | Columbia Falls, MT: 5 beds, 3.5 baths, 3032 sq. ft. on 1.37 acres. Income projection of $147-191k. Magnificent mountain views, 20 minutes to Glacier National Park, no county zoning, no HOA, and CCR’s authorize nightly rentals. Minutes from Glacier Park Int’l airport. Recreational opportunities with Glacier NP & Whitefish Mountain Resort nearby. Ideal for STR with potential for added amenities. View post.

$595K | Sevierville, TN: 2 beds, 2 baths, sleeps 6. 2023 income of $82K with 84.4% occupancy at an average of $228/night. Amazing Wears Valley views, fully furnished. Just 4 miles to Great Smoky Mountain National Park and 7 miles to Pigeon Forge. View post.

$309K | Lombard, IL: 2 beds, 2 baths, short/mid-term rental in western Chicago suburbs. Current booking from 5/19-6/30 for $10,429.10. Low expenses with well and septic. Close to hospitals, public transport, affluent neighborhood. Fully furnished with bookings included. View post.

$799K | Galveston, TX: 2021 build with custom finishes, near amenities. Spacious decks, successful STR. Kitchen with quartz, stainless steel. View post.

$769K | Naples FL: Luxury 3BR Villa, Private pool, 10 min to beach, established vacation rental. View post.

$395K | Black Mountain, NC: Stunning A-Frame STR Renovated in 2021, walkable to Downtown. Soaring ceilings, spiral staircase, mountain views. Fully furnished with 164 Airbnb reviews. Subject to subdivision. View post.

$1.200M | Morgantown, GA: Stunning 4BD/3.5BA log cabin with deeded Lake Blue Ridge access. Turnkey for short-term rentals or family living. Smart home features, chef's kitchen, treetop views, primary suite sanctuary, hot tub, firepit, wrap-around porch, garage loft, Tesla charging. View post.

$699K | SW Cape Coral, FL: Minutes to Cape HARBOUR. Seller, a BRRR method investor, offers viable STRs. Also selling 2 more rehab properties in Yacht Club area. Proven 5-star hosting since 2017. Certified STR stager available. View Post.

$815K | Bella Vista, AR: Lakefront home with private dock. 3 beds, 3 baths + flex spaces. Ideal for home office or game room. Successful short term rental or forever home. Fully furnished. View Post.

Fast-track your STR sale! Showcase your deal here next week!

RATE WATCH - TOGETHER WITH HOST FINANCIAL

💵 DSCR loans, purchase, refi, or rehab loans. GET A QUOTE. 

💸 10 Year Treasury yield DECREASED from prior week to 4.39%.

🏦 Conventional mortgage rate average DECREASED slightly from prior week to 7.61%.

TRENDING NEWS NUGGETS

Real Estate

📈 Investor Home Purchases Rise: Investor home purchases in the U.S. increased by 0.5% in Q1 2024, marking the first rise since mid-2022. California markets, particularly San Jose and Oakland, saw the largest increases. Investors are buying more single-family homes and high-priced homes, while also gaining share in the affordable market. Profits are up, with the typical investor-sold home going for 55% more than purchase price. Investors now account for 19% of home purchases, the highest share in nearly two years. — Redfin

🏖️ Miami Airbnb Boom: Over 50% of new Miami luxury condos are being built for short-term rentals, leaving long-term renters struggling for affordable housing. Experts criticize the trend, urging a focus on traditional rentals to meet market demand — DailyMail

🏠 Americans Pessimistic About Housing Market: 68% of Americans expect local home prices to rise, up from 56% last year. However, 76% believe it's a bad time to buy a house, tying last year's record low. High home values, mortgage rates, and limited supply drive this sentiment. Younger Americans are more concerned about housing costs. — Gallup

🏡 Experts Dismiss Housing Bubble Fears: Despite soaring home prices and high mortgage rates, experts reject fears of a housing bubble, attributing the price increases to supply and demand imbalances. The market faces a 3.2 million home shortage, contrasting with the oversupply before the 2008 crash. Prices are expected to plateau or dip slightly but not crash. — ABC News

📉 Fed's Housing Market Challenge: From March 2023 to March 2024, single-family rents rose 5% while multifamily rents increased 2.7%, per Zillow. Rent growth remains above the Fed's 2% inflation target, complicating interest rate decisions. The multifamily sector sees softer growth due to a surge in new apartments, with 671,953 units projected for 2024. — ResiClub

🏡 Redfin CEO on Housing Affordability: Redfin CEO Glenn Kelman predicts housing prices in Florida and Texas will become more affordable due to increased construction and regulatory support. While mortgage rates are expected to remain high until the Fed cuts rates, Kelman suggests current buyers will benefit from lower prices and potential future refinancing. He notes that the broader US housing market faces persistent high prices. — FOX Business

🏡 Decline in Vacation Home Purchases: Demand for vacation home mortgages has dropped to an eight-year low, down 65% since 2021. Contributing factors include high mortgage rates, elevated home prices, and reduced remote work flexibility. In 2023, second-home mortgages fell by 40%, compared to a 20% drop for primary homes. The trend is expected to continue in 2024. West Palm Beach, FL, leads in second-home mortgage originations. — Money

🏖️ Bali Vacation Home Investment: Rory and Casey Jones from Tasmania invested $143,000 in building a villa in Bali to secure a tangible asset for early retirement. Despite construction delays, their modern, locally-crafted villa is now a successful Airbnb rental, supporting their financial goals and future investment plans. — Business Insider

🏡 Austin's Second Home Market Collapses: Interest in second homes in Austin, TX, dropped 62.5% in 2023, the largest decline in the US, due to high property costs and residents returning to their original homes post-pandemic. Overall, second home mortgages fell 40% from 2022 and nearly two-thirds from 2021. Elevated prices and high mortgage rates continue to stifle interest in vacation homes nationwide. — Newsweek

🏠 Airbnb's New Icons Initiative: Airbnb CEO Brian Chesky discusses the company's pivot to IP-driven vacation experiences, starting with themed houses like Barbie's Malibu Beach House and the Up house. This marketing strategy has generated significant media coverage, helping to build anticipation for a broader relaunch of Airbnb experiences. — Fast Company

Economy

📈 Inflation Expectations: The New York Fed survey reveals rising inflation expectations driven by higher anticipated costs in housing, fuel, and energy, with respondents projecting a 3.3% rise in home prices over the next year — CNBC

📉 Economic Softening Signs: The Conference Board’s leading indicators index fell by 0.6% in April, marking continued economic weakening due to sticky inflation, high interest rates, and rising debt. Despite a slowed GDP growth of 1.6% in Q1 2024, experts project further deceleration, possibly prompting Federal Reserve rate cuts later this year. Labor market cooling and consumer spending volatility also signal headwinds, with a 30% recession chance in the next 12 months. — U.S. News & World Report

💰 Dimon and Dalio Warn on US Debt: Jamie Dimon and Ray Dalio express concerns over the soaring US government debt, now at $34.6 trillion. Dimon urges action to reduce the deficit, while Dalio highlights weakening demand for US Treasuries. Both warn higher debt could increase borrowing costs and economic instability. — CNN

💳 Household Debt Rises Slightly in Q1 2024: Household debt grew by $184 billion to $17.7 trillion, with mortgage debt up 1.6% and HELOC balances up 4.4%. Despite high debt levels, delinquencies and bankruptcies remain low. Disposable income also increased, keeping the debt burden historically low. — Wolf Street

Trending

💼 Digital Nomad Visas Available Worldwide: 44 countries, including Costa Rica and Greece, offer digital nomad visas allowing remote work for extended stays, usually from six months to a year. These visas typically require proof of self-employment or employment outside the host country, and sometimes a minimum income. The U.S. does not offer a digital nomad visa but has other freelance work visa options. — CNBC

✈️ United Airlines Expands Latin America and Caribbean Flights: United Airlines is adding nearly 120,000 seats to its Latin America and Caribbean routes in November, primarily from its Houston hub. This includes a third daily flight to Panama, increased flights to Guadalajara, Costa Rica, and Morelia. Other hubs, like Dulles and Newark, also see increases, with significant boosts to Punta Cana and Panama City. — Simple Flying

Vacation Rental-Related Recently Funded Startups