Short-term rentals

The STR analyzer underwrites vacation rentals where revenue is driven by nightly rate and how many nights you book, not a fixed lease. It works whether you're listing on Airbnb, VRBO, or going direct.

Inputs explained

• ADR (Average Daily Rate): your average nightly price across the year.
• Occupancy %: booked nights ÷ available nights. AirDNA is your friend here.
• Cleaning fee: pass-through; tracked separately so it doesn't inflate ADR.
• Platform fees: 3% (host) to 14% (host-only) depending on platform.
• Utilities, internet, supplies: STRs pay these; LTRs usually don't.
• STR-specific insurance: proper short-term-rental coverage, not a standard landlord policy.

How the math works

• Annual revenue = ADR × 365 × occupancy, or the sum of peak and off-peak revenue when seasonality is configured.
• RevPAR = annual room revenue ÷ 365 (equivalent to ADR × occupancy at the annualized level).
• Cleaning is a pass-through: only the net cost (cleaner pay − guest fee, when negative) hits OpEx.
• OpEx includes taxes, insurance, HOA, utilities, wifi, permits, reserves (maintenance and capex as % of revenue), Airbnb service fee, co-host / PM %, and net cleaning cost. Vacancy is already baked into occupancy, so no separate vacancy reserve.
• NOI = annual revenue − OpEx (excludes debt service).
• Cash flow = NOI − annual debt service.
• Cash-on-cash = annual cash flow ÷ total cash invested (down + closing + rehab + furnishing).

Reading the results