Free Investor Playbook
The 2026 Short-Term Rental
Investor Playbook
Revenue projections, DSCR qualification with STR income, market selection, and platform optimization — backed by real funded deals.
What's Inside
How lenders qualify STR income (AirDNA, actual revenue, lease comps)
Revenue projection methods and seasonal normalization
DSCR calculation with STR income — worked examples
Platform optimization: Airbnb vs VRBO vs direct booking
Market selection: top STR markets and what makes them work
Regulatory landscape: where STR is safe and where it's risky
Furnishing and setup: budget breakdown and ROI
Real funded STR deals from 818 Capital
The STR Premium
Short-Term vs Long-Term: The Numbers
Same property. Same market. Dramatically different income.
Long-Term Rental
$2,200/mo
Short-Term Rental
$3,375/mo avg
Revenue Analysis
STR Revenue Waterfall
From gross bookings to the number your lender uses.
Monthly DSCR Income: $3,225
This is what the lender uses for qualification
Qualification Impact
How Occupancy Changes Your DSCR
10% occupancy difference can mean the difference between qualifying and not.
Conservative
65%
occupancy
$2,925/mo
0.95 DSCR
Needs Restructuring
Moderate
75%
occupancy
$3,375/mo
1.25 DSCR
Sweet Spot
Aggressive
85%
occupancy
$3,825/mo
1.55 DSCR
Strong
Seasonality
Monthly Revenue Pattern
Don't annualize your peak month. Lenders use 12-month averages.
Annual average: $4,508/month | Peak months drive 52% of annual revenue
Qualification
STR DSCR Calculation — Step by Step
Four numbers. That's all the lender needs.
Annual STR Revenue
$40,500
75% occupancy x $150/night x 365 days
Monthly Income
$3,375
$40,500 / 12 months
Monthly PITI
$2,700
P&I + taxes + insurance
DSCR Ratio
1.25
$3,375 / $2,700 = qualifies!
Market Intelligence
Top STR Markets 2026
Where the numbers work — and why.
Smoky Mountains
Pigeon Forge / Gatlinburg
$250
$/night
78%
occupancy
$71K
annual
Nashville, TN
Music City
$200
$/night
72%
occupancy
$52K
annual
Gulf Coast FL
Panama City / Destin
$275
$/night
70%
occupancy
$70K
annual
Scottsdale, AZ
Phoenix Metro
$225
$/night
74%
occupancy
$61K
annual
Joshua Tree, CA
High Desert
$300
$/night
68%
occupancy
$74K
annual
Sandpoint, ID
Lake Pend Oreille
$350
$/night
65%
occupancy
$83K
annual
Startup Investment
STR Setup Cost Breakdown
Furniture and photography are the two highest-ROI line items. Don't skimp.
Furniture
$8K-15K
Kitchen/Dining
$2K-4K
Linens/Towels
$1.5K-2.5K
Decor/Styling
$1K-3K
Outdoor/Patio
$1K-3K
Smart Home/Tech
$500-1.5K
Photography
$300-800
Contingency
$1K-2K
Total Setup: $15,000 – $30,000
Typical payback period: 3-6 months of STR revenue
Funded Deals
Real STR Deals We've Funded
30-Yr DSCR Cash-Out
Pigeon Forge, TN
$385,000
70% LTV
Smoky Mountains STR. 12M+ annual visitors. Projected gross yield 15-22%.
30-Yr DSCR Cash-Out
Nashville, TN
$445,000
75% LTV
Music City STR. $7B+ tourism economy. Cash-on-cash 11-16% after refi.
30-Yr DSCR R&T
Sandpoint, ID
$340,000
75% LTV
Lakeside resort condo. $150-300/night. Year-round tourism demand.
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