Michael,

I will see if I can answer your question. I know the building that you are looking at it is a pretty good deal. The trouble is , if you are looking to rent on a seasonal basis it may fall short. The proximity to the beach is everything. Now with so many closed Short Sales on the Island you are in competition with beach block units being rented very cheap. The buyers on these units are paying close to half of what they originally went for so, they can afford to reduce rents because they have lower debt service. They are also offering much newer units.

You may want to do the math on a year round basis and see how that figures out. Year round tenants as long as the screened , are less work. Another thing to concider,You would have to organize the turnovers if you rent by the week in the summer. Which becomes more like a job. Then at the end of the summer the units sits or you have to find someone that will be willing to rent just for the off season. My experience is that you will have trouble with that.

I hope I could help


Edward ( Augie ) Augsberger

Weichert Realtors REO / Short Sales

609-338-1189 cell

609-523-1112

There are some terrific properties in lower price ranges that may make it a bit more comfortable for you where you don't "need" the rental income quite as much. There are even some projects with special financing to make it more affordable for you. Please contact me directly at 609-780-4223 or email at huntbarb@comcast.net and we can discuss more. Thanks! Barb Hunt

rentals were off this year a bit. Other than weekends It would depend on the amount you would need to help...