Turnkey La Quinta Cove Vacation Home - Perfect for Airbnb Investors!

‍
53771 Avenida Herrera La Quinta, CA 92253

$550,000 | 3 Bedrooms | 2 Bathrooms | 7.7% Cap Rate

‍I'm Interested in this Property

Listing Information

Listing: Awning - Redfin - Zillow

Airbnb Estimator: Awning

Market Data: Airbnb Market Data

Welcome to your dream vacation home in La Quinta Cove! This stunning turnkey property is fully furnished and waiting for its new owner to enjoy. Imagine stepping into this beautifully remodeled home, complete with a spacious and fully equipped kitchen, cozy dining area, and comfortable bedrooms decorated for sweet dreams. The backyard is an oasis of relaxation with a saltwater pool, spa, and fire pit, perfect for enjoying the gorgeous mountain views and the California sunshine.

Located in a desirable neighborhood, you'll be just minutes away from exciting activities like art festivals, hiking trails, golf courses, and fine dining. Plus, with no HOA restrictions and the property not located in a flood zone, the possibilities are endless for making this home your own.

As an Airbnb investor, you'll be thrilled to know that this property has a projected monthly revenue of $7,200, making it a smart investment opportunity. Don't wait - come see this gem for yourself and start living the California dream!

The Airbnb Investment Financials

How much does the home cost?

$550,000  

‍How much will it earn on Airbnb?

$7,200 per month

‍How much will it cost to furnish it?

The listing states that the home is fully furnished and that the furniture is already included in the sale price. However, we estimate a $5,000 budget to replace or add additional items.

‍How much will it cost to renovate?

According to Awning, the estimated cost for additional repairs and improvements to ensure the property is rent-ready is $5,000.

‍How much cash can you take home in the first year?

According to the Awning Analysis provided in the listing, the estimated monthly revenue for this property as an Airbnb rental is $7,200. This would result in an estimated operating income of $86,400 for the first year. The estimated operating expenses for the first year are $43,253, resulting in an estimated net operating income of $43,147.

‍What is the cap rate for this property?

The estimated cap rate is 7.7%.

‍All of the cap rates and returns for this property are estimates and are not intended as a guarantee of income or returns. Every investment has risks. It's important to discuss any investment, returns, regulations, laws and projections with a financial advisor, attorney or another fiduciary.

La Quinta Short-Term Rental Regulations

What are the short-term rental laws and regulations in La Quinta, California?

La Quinta, California has specific laws and regulations governing short-term rentals (STRs) or vacation rentals in the city. A citizen-driven ballot initiative called Measure A was proposed in November 8, 2022, to phase-out and permanently ban "non-hosted short-term vacation rentals" in non-exempt areas of the city by December 31, 2024. However, the measure did not pass, and Chapter 3.25 of the La Quinta Municipal Code remains in effect.

Currently, only six gated communities in La Quinta allow short-term rentals. The city council periodically reviews the effects of short-term rentals in the area. La Quinta recently amended its short-term rental law to create three categories of vacation rentals that may operate in the city. To operate an STR business, an approved business license and an STR permit are required. Furthermore, La Quinta raised the annual fees for short-term rental permits up to $1,250 per year.

‍Is there a moratorium in short-term rentals in La Quinta, California?

La Quinta, California had a temporary moratorium on new short-term rental permits in residential areas that was replaced with an indefinite stay on May 20, 2021. The indefinite stay applies to new permits for short-term vacation rentals, except in specially zoned areas such as districts covered by the SilverRock Resort plan and areas zoned for tourist-commercial and village-commercial uses. It is worth noting that a citizen-driven ballot initiative called Measure A was proposed to phase-out and permanently ban "non-hosted short-term vacation rentals" in non-exempt areas of the city by December 31, 2024, but it did not pass. Hence, Chapter 3.25 of the La Quinta Municipal Code remains in effect.

Why Airbnb Guests Stay In La Quinta, California

‍Where is La Quinta, California?

La Quinta is a city located in the southeastern part of Riverside County, California, United States. It is situated in the Coachella Valley, approximately 30 miles southeast of Palm Springs.

‍What is there to do in La Quinta, California?

• Golfing: La Quinta is known for its world-class golf courses, such as the PGA West Golf Course and the SilverRock Resort.
• Hiking and outdoor recreation: La Quinta is located in the foothills of the Santa Rosa Mountains and offers numerous hiking and outdoor recreation opportunities in the nearby desert and mountain areas.
• Shopping and dining: The city features several upscale shopping and dining options, including the Old Town La Quinta shopping district and the La Quinta Resort and Club.
• Art and culture: The La Quinta Arts Festival is a highly regarded annual event that showcases fine art from around the world. Additionally, the La Quinta Museum offers exhibits on the history of the region.
• Wellness and spa experiences: Many of the hotels and resorts in La Quinta offer luxurious spa experiences and wellness programs.
• Local events: The city hosts a number of local events throughout the year, such as the La Quinta Farmers Market, the La Quinta Art Celebration, and the La Quinta Blues & Brews Festival.
• Polo: La Quinta is home to the Empire Polo Club, which hosts numerous polo matches and events throughout the year.

What kinds of people travel to La Quinta, California?

• Golfers: La Quinta is known for its world-class golf courses, and many people come specifically to play a round or two.
• Snowbirds: Many retirees from colder climates flock to La Quinta during the winter months to enjoy the warm weather.
• Families: La Quinta has plenty of family-friendly activities, such as hiking, swimming, and visiting nearby attractions like the Living Desert Zoo and Gardens.
• Business travelers: With its close proximity to Palm Springs and other major cities, La Quinta is a popular destination for business travelers attending conferences or meetings.
• Outdoor enthusiasts: La Quinta is surrounded by mountains and desert, making it a great place for hiking, biking, and other outdoor activities.
• Spa-goers: The area is also known for its luxurious spas and wellness centers, which attract many visitors seeking relaxation and rejuvenation.

‍When are the busiest and slowest seasons for tourism in La Quinta, California?

The busiest season for tourism in La Quinta, California, is typically from January to April when the weather is mild and pleasant, and many visitors come to escape the colder climates in other parts of the country. This time of year also coincides with the Coachella Valley Music and Arts Festival and the Stagecoach Festival, which are held in nearby Indio and attract thousands of visitors.

The slowest season for tourism in La Quinta is typically during the summer months when temperatures can reach well over 100°F (38°C). Many visitors prefer to avoid the extreme heat and travel to cooler destinations during this time. However, some tourists still come to La Quinta during the summer to take advantage of lower hotel rates and enjoy activities such as golfing and hiking early in the morning or late in the evening when temperatures are cooler.

‍How far is La Quinta, California from the nearest airport?

The nearest airport to La Quinta, California is Palm Springs International Airport (PSP), which is approximately 20 miles (32 km) away.

‍Are there any major events in La Quinta, California?

• La Quinta Arts Festival: This event is held annually in March and is one of the top-rated art festivals in the United States. It features over 220 artists from around the world and attracts thousands of visitors.
• BNP Paribas Open: This is a professional tennis tournament held annually in March at the Indian Wells Tennis Garden, which is located just a few miles from La Quinta. The tournament attracts top players from around the world.
• La Quinta Farmers Market: This weekly farmers market is held every Sunday from October to May at the Old Town La Quinta shopping district. Visitors can enjoy fresh produce, artisanal foods, and live music.
• La Quinta Arts Foundation Summer Concerts: This is a series of free outdoor concerts held on select Saturday nights during the summer months. The concerts feature a variety of musical genres and are held at the Civic Center Campus.
• La Quinta Resort & Club PGA Tour Event: This is an annual PGA Tour golf tournament held at the PGA West Stadium Course in La Quinta. The event typically takes place in January and attracts top golfers from around the world.

‍What Airbnb amenities do guests expect and pay a premium for in La Quinta, California?

• Private pool and/or hot tub: Many guests come to La Quinta to enjoy the warm weather and desert landscape, so having a private pool and/or hot tub is a highly sought-after amenity.
• Outdoor living space: Outdoor living spaces such as patios, decks, and balconies are also popular among guests. These spaces can be used for relaxing, dining, and taking in the views.
• Modern appliances and technology: Guests expect their Airbnb to have modern appliances and technology, such as a fully equipped kitchen, Wi-Fi, smart TVs, and sound systems.
• Location: Properties located close to golf courses, hiking trails, and other attractions can command a premium price.
• Luxury bedding and linens: Guests often pay extra for high-quality bedding and linens, as they want to feel comfortable and pampered during their stay.
• Cleaning services: Guests expect their Airbnb to be clean and well-maintained. Some hosts offer additional cleaning services during longer stays for an additional fee.
• Pet-friendly accommodations: Many guests travel with their pets, and pet-friendly accommodations can be a big draw for those looking for a place to stay.
• Personalized touches: Finally, guests appreciate personalized touches such as welcome baskets, local guides and recommendations, and other small details that make their stay more comfortable and enjoyable.

From Listing to Airbnb

1. Place an offer on this property: If you have a local real estate agent forward them this email and let them know you are interested in the property. If you want help finding the best representation, simply reply to this email and request an agent. Awning will get in touch with it’s network of agents. It’s best to be qualified for a mortgage, here is a list of lenders that work with Airbnb investors.
2. Close on the property: Closing on this property should be simple. An agent will help you review the contract and confirm that everything in the inspection report makes this a good deal.
3. Renovate and furnish the property: This property is easy to renovate and furnish. Then you’ll need some items, which you can find in this Airbnb Host Checklist.
4. Gather necessary documents and permission: You’ll want to consult California Short Term Rental Laws. In most cases, you won’t require an attorney as the paperwork process is straightforward.
5. List the property on Airbnb: To list your property on Airbnb you’ll need a description, title and professional photography.
6. Manage the Airbnb: If you choose to self-manage the Airbnb you should not have much trouble finding reliable cleaners in the area.
7. Awning Management: If you choose to use Awning Property Management we can take care of gathering documents and list the property for you. You can learn more about Awning Property Management or reach our team by responding to this email.