My wife and I are thinking to buy a house in upstate NY. We live in Brooklyn, NY (US) and rent AirB&B houses for weekends year round for a few days there. Our thought is that we would like to buy a house and rent it out to AirB&B during the times we aren't there to help with the mortgage.
We currently only go up 2-3 times for a season, each rental costing us around $800 per trip as we need space to accommodate extended family and friends. Houses that would have enough space for us go for about $250K and should yield income that's slightly lower than we're paying.
A little about our finances: we can put 10% down payment and are making about 100k together after taxes. Our current rent is $2.8k monthly. Spending money on the downpayment + closing costs on a $250k house would leave us with $10k in savings.
Our calculation is that at $800 a week average cost to rent our new place (which is extremely conservative as $800 is what we would pay for a weekend now) would yield $3600 monthly. Paying tax on that money and charging extra for cleaning/maintenance fees we should be enough to cover the mortgage and most of the expenses.
What we're looking for is basically skim from the top - go when rentals aren't great or when there's enough money to cover the mortgage + all expenses already. So when the mortgage is repaid, we get a vacation house that's paid in full and are able to save on those rentals now.
What do you guys think of this? I am missing any critical parts that would alter the equation?
We do not own any property now and are intending for this to be our permanent home - at least as far as banks are concerned. My parents are also in - and they also do not own any property and we're considering all options including taking them buying it if there's any benefit.
Area where we're looking in has year-round attractions - ski, hiking, biking, festivals etc.