A hybrid multi-family STR play near downtown san antonio. Whenever we buy short term rentals we will always target areas with multiple overlapping industries, not just vacation destinations. We’ve found with multiple tenant attractions we limit the seasonality of the returns. This one in particular is near downtown, a major military base and within 20 minutes of several universities as well as a healthcare systems. We inherited 4 tenants on 4 separate leases and at the current rates the deal cashflowed negative. We were comfortable taking on the nominal negative cashflow knowing we’d be able to turnover the units and convert to STRs as the existing leases expired through 2023.
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