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The easiest and best way to analyze short term rental properties like Airbnb and VRBO is to detail all the costs associated and determine how much money is left over after paying all the expenses. If you're not familiar with real estate and all the associated costs this can be tricky and make a potential buyer nervous when looking. Well no fear I'm here to help. Being a Realtor here in Denver, CO I have ran plenty of rental deals as well as have experience in running my own.
The first thing you need to know is the purchase price and how much money you have to put down and buy furniture with. If you don't have this information its tough to have any sort of starting point, so its key you know at least this information. Then the rest is easy... Find homes you are interested in then use a site like AirDna to get information about how other properties in the area are preforming. This will give you a good indication of how your subject property will do. Use that information and download the Analyzer spreadsheet from my website.
From there you just enter in all the information it asks and presto! You now have all the details easy to read. Make sure your deal makes sense numbers wise and then its just a matter of managing the property. You can also check this more detailed video that I've made to guide you through the process.