Rehab an Investment Property (already owned) in Davis, Oklahoma

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The Story & Summary

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My business plan is to renovate a cabin property along U.S. 77 right outside of Turner Falls Park in Davis, Ok and operate it as a 2nd short term rental.  The cabins on the property were built in the 1940s by Ellsworth Collings, a professor and dean at the school of education at the University of Oklahoma. He also built the historic Collins castle inside Turner Falls park, and the architectural similarities between the castle and the aforementioned property are obvious.

My parents purchased the property in the early 1980’s and operated them for 30 years. The property in question consists of 2 midcentury 2 bedroom cabins nestled between honey creek and U.S. 77 highway frontage in the ancient Arbuckle Mountains. Our projected nightly rate average on that property is $325 per night and our conservative expected occupancy rate is 60%. While there are multiple cabin properties in Davis, Ok, and several of these near and in turner falls park, our property is unique for several reasons: We are walking distance to Turner Falls. We also have water views from the property. We have high visibility on U.S. 77 for any and all who not only intentionally visit turner falls or take the scenic route, but are frequently routed through this highway for interstate construction and automobile accidents. We are located halfway between Oklahoma City and Dallas and are .5 miles from I-35 that connects the two, as well as many other major cities.

Nearby attractions include, but are not limited to, Turner Falls Park, The Arbuckle Mountains, Turner Falls Zip line, Arbuckle Wilderness, Crossbar Ranch off-road park, Multiple Casios, The Chickasaw National Recreation Area, Bedre Chocolate, The Chickasaw cultural Center, Lake Murray and the lake of the Arbuckles. Youth church camps in the are are Cross Timbers, Camp Classen and Falls Creek.

The property is estimated to be valued at $500,000 as is and I am estimating renovations to be around $100,000. Projections would estimate its nightly value to average $325 per night with a 60% occupancy rate. Once up and running with 2nd cabin, conservatively assuming 60% occupancy, the renovated cabin would expect to gross $60,000 along with already existing cabin totaling $120,000 annually.

Based on our initial $200,000 investment, once the property has been renovated and rental records established, the value should easily increase to $750,000.

I am confident that we are able to stay within renovation budget due to based on experience with recent renovation.  2nd house to be renovated overlooks honey creek with a large front and rear yard and will sleep 4-6. Property will have starlink satellite internet, as cable and/or fiber internet is not available in the area or available in any other nearby properties. The overall vision for the property will be a luxurious and boutique experience for our guests, which will be unique entirely to our heavy traveled and visited tourist area. For many years, cheap and rustic lodging has been the norm for this area, this property included. The market that is being missed is the metro travelers who have put Broken Bow, Ok on the map as one of the largest, most profitable and fastest growing Airbnb destinations in the world.

Marketing will consist of our own website, Facebook, instagram, tik-tok, airbnb, vrbo, local guidebooks and magazines, and social media travel influencers. We intend to heavily market to the nearby metro areas of Dallas/Fort Worth and Oklahoma City, as well as Tulsa, Austin, San Antonio, and Houston. As owners who grew up there, we have many local and regional ties. We are also a Chickasaw tribal family in Chickasaw nation territory, which comes with it’s own ties and unique advantages. I also grew up working here helping my parents run the property as nightly rentals before airbnb was even a thought. I have grown up learning and understanding what hospitality and customer service looks like.  I spent 22 years in the Army working in records, recruiting, marketing and operations. After retirement from the Army, I have worked in management roles both at Amazon and Capital One. I have a bachelors degree in business administration. My wife has experience in real estate and marketing as well. We believe our combined experience in life and industry gives us a unique insight into the potential of this property. We are not naive about what it takes to renovate a property, nor what it takes to run a successful business in the hospitality industry. Our projections are conservative, but our goal is to exceed them greatly. We understand that because it is a family owned property, we have a great advantage to buy out and use our instant equity to make this property successful for many years to come.

Contact

Deal Overview

Loan Info

Final Details

The Story & Summary

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