This week, I want to share a project we’re currently working on within our own rental property portfolio.
The story begins a few years ago when we purchased an apartment building from my grandmother. The building contained four apartment units along with storage space. Prior to the purchase, one of the apartment units had been utilized as a large gathering space where our family hosted events and get-togethers over the years. While it held plenty of memories, it wasn’t producing any income.
For the former gathering space, I had a vision of converting it into a short-term rental.
What made this project especially meaningful was the history behind the building itself. Before becoming an apartment building, it was known as Lower’s Country Store—a family-owned country store that operated from the late 1800s until the 1970s.
Lower’s Country Store in operation
My grandfather essentially grew up in that store. He played a vital role in its success and managed it for nearly two decades before the family eventually decided to close its doors.
I was very close with my grandparents, and as I began planning the renovation, I knew I wanted to preserve as much of the building’s history as possible. My goal wasn’t simply to create another Airbnb. I wanted to transform the space into something special—a place that honored the family’s history and reflected the legacy my grandparents left behind.
Here are a few photos from the renovation process:
Aside from this project, every property in our rental property portfolio is leased as a long-term rental. We actually haven’t operated a short-term rental since selling our oceanfront condo several years ago.
Short-term rentals are a different animal than traditional long-term rentals. They typically require more management, more guest communication, and greater attention to the property’s location. In this case, however, the location was already determined. We weren’t searching for a new short-term rental opportunity—we were simply looking for a better use for an asset we already owned.
A Few Things Worth Mentioning
Pricing
To determine our nightly rate, we researched comparable Airbnb listings in the area and looked at what similar properties were charging.
Our goal isn’t to be the cheapest option or the most expensive. Instead, we want to offer a quality experience at a fair market rate. That’s our starting point, at least. As bookings come in and we gain a better understanding of demand, we’ll adjust pricing if necessary.
Airbnb vs. VRBO
The two largest short-term rental platforms are Airbnb and VRBO. Airbnb is probably the more recognizable of the two, although I’ve heard some hosts express frustration with its rating system and how guest reviews can impact listings.
There are software platforms that allow hosts to synchronize calendars across multiple booking sites, but for now we’ve decided to keep things simple and list exclusively on Airbnb. We’ll evaluate the results before expanding to additional platforms.
If you’re curious, you can view the listing here:
The Country Store Inn on Airbnb
In a few months, I’ll provide an update on how the project is performing. I’ll share mistakes we made, lessons learned, and any other insights that might help investors considering a short-term rental of their own.
Whether this becomes a long-term success or a learning experience, I think there’s value in sharing the journey.
-BROCK