Calculating potential revenue

[Dave1124]

Hello

We  live in a 3 flat in chicago(Andersonville). We are currently trying to rent the 1 bedroom garden unit out but am now considering airbnbing it instead. I know there are tools like airdna to figure out the area's demand but is this tool really accurate. I can get $1500/month rent for a 12 month lease and am trying to figure out if I can get $2500/month for airbnb. What are some tools I can use to research?

thank you 

[Helen3]

1. Estimate all your costs setup costs and monthly ongoing costs 2. Estimate a day rate and how many days a year you are likely to be able to let your place for . This will give you your likely profit margin.