Hi everyone! I'm considering purchasing a fairly high-end condo in a resort town. It is a two-story condo, downstairs (450 sq ft) is one-bedroom with attached full bathroom (along with a balcony that has a hot tub, yay!), upstairs (800 sq ft) is one bedroom, one bath, living room, laundry, full kitchen, another balcony. Both upstairs and downstairs bedrooms and living room have great views.
It's occurred to me that by adding a door to the stairs that I could make this into two separate units when preferred: a studio downstairs (I'd add a mini-fridge and a microwave perhaps) and a proper one-bedroom with full kitchen upstairs. (Or leave the separating door open when booked for a two-bedroom.)
Would anyone be able to give me advice on the $ returns you might expect by having two listings (a one-bedroom and the other a studio) vs one listing of the full (two-bedroom apartment.)
Seems to me this option of splitting the condo and essentially renting two one-bedroom apartments could make more money, or at least be more flexible, than only renting it as a two-bedroom, however, I don't want to go through the expense of adding the door, mini-fridge, microwave, etc if you think it may not pay off.
Yes, STR are allowed in this building and there doesn't seem to be anything in the HOA rules to prevent my idea.
On a personal note, my husband and I are buying partly because we want to stay in the condo ourselves from time to time when it's not booked. However, STRs in this area rarely make much profit, though the area is appreciating fast. So, making sure that we make monthly ends meet is going to be tight as a two-bedroom, hence my idea.
Thanks in advance for any advice!
Stay Happy!
