I recently spoke with some new buyers looking for a second home in Summit County and they had a flexible budget up to $1.2m. They were open to different types of properties. Usually, buyer’s budgets and their property requirements automatically define the properties that will work for them. However, in this instance, these buyers were OK with different property types and sizes and were more interested in learning about how the rental income would affect their ownership.

So, I created House Hunters Summit County! I divided the price points into three categories: Around $600,000, $900,000, and $1.2m. I then chose four different properties, in different areas, within each price band. With the help of Jennifer Luberto, my assistant, we created an APOD (Annual Property Operating Data) spreadsheet for each property and then created a summary for all 12 properties. 

If you are interested in knowing what you can get for your money in the Summit County market, along with the effect of rental income on your ownership costs, this analysis will be a good place for you to start. (Watch my walk-through here!)

Spoiler alert!

With rental income, both short and long-term, depending on the location of the property, here are the approximate costs of ownership monthly and annually in each price band:

$600,000 – $2,000/month, $24,000/annually

$900,000 – $3,200/month, $38,400/annually

$1.2m – $4,500/month, $54,000/annually

If you are looking for more information about short-term rentals and where properties can and cannot obtain a STR license, visit my blogs on the topic. One of the options to bring these expenditures down is if an owner can manage the rentals on their own. That would save ~30% of the rental income annually. 

Also, if you like my ChatGPT photo for this article and would like to experience the AI journey I went on to get this photo, you can see my slide show here. It’s pretty funny actually – my son Max and I were laughing out loud!