From “Hot List” to Real Numbers: How to Read a Short-Term Rental Screen

Short-term rental education · Underwrite the shortlist

Every week we screen Disney- and Universal-area listings for vacation-rental potential. Here's what that screen tells you, what it can't, and what to check next.

Our Hot Short-Term Rentals page does one job. Each week, Ryan screens active Disney- and Universal-area listings and pulls out a few that look worth a closer look. Each card shows the price, bedroom count, pool setup, and an estimated gross revenue figure, along with a short note on why the home made the list.

That estimate is useful, as long as you read it the right way. It’s a market-level number built from AirDNA and Rabbu benchmarks and adjusted for bedroom count. It is not a projection for that specific house, and it says nothing about whether the home is allowed to operate as a short-term rental. Think of the hot list as the start of your research.

Here’s how to take a home from “interesting” to “I understand this deal.”

1. Confirm the home can actually be a short-term rental

Start here, because nothing else matters if the answer is no. In Florida, section 509.032(7) of the statutes generally keeps local governments from banning vacation rentals or limiting how often or how long they’re rented, unless the local rule was adopted on or before June 1, 2011. Counties and cities can still regulate other things, and HOA and condominium documents can set their own restrictions.

So check three layers for every address: local zoning and registration rules, the community’s recorded documents and current rules, and any state licensing that applies. Rules differ between Osceola County, Polk County, and city limits, and they can change, so verify directly with the county or city and the HOA. Don’t rely on a listing remark that says “STR friendly.” Our buyer’s verification checklist walks through the steps.

2. Swap the benchmark for real comps

A market benchmark blends many homes. To underwrite a specific property, look for comparable rentals that match it closely:

• Same community, or one that offers guests a similar experience
• Same bedroom and bath count and similar sleeping capacity
• Same pool setup. A private pool and community-pool-only access are different products to a guest.
• Similar extras, like game rooms, themed bedrooms, or resort amenities

Then look at the whole year, not just the busy weeks. Compare nightly rates and booked nights in the slower months next to holiday peaks.

3. Turn gross revenue into net

Gross revenue is what guests pay. What you keep depends on the costs underneath it. Build a line-item budget that covers:

• Management, cleaning and laundry, supplies, and platform fees
• Utilities, internet, pool and pest service, lawn care, and repairs
• HOA dues, any CDD assessment, and resort or amenity fees
• Insurance written for short-term rental use
• Furniture replacement and a reserve for big-ticket items like AC systems and roofs

Taxes and registrations need their own line. Florida’s Department of Revenue collects 6% state sales tax, plus any local surtax, on rentals of six months or less. Counties add a tourist development tax on top of that. The Department of Revenue’s current rate chart lists 6% for Osceola County and 5% for Polk County, both collected by the county. Most whole-home vacation rentals also need a license from the state Department of Business and Professional Regulation (DBPR). Our STR licensing and taxes guide covers the details. For our own approach to budgeting, see How to Build a Realistic Orlando Vacation-Rental Operating Budget.

4. Read the community, not just the house

The hot list often features townhomes and condo-style homes because they can price well per bedroom. That makes the community’s finances part of your investment. Ask for the HOA or condo budget, reserve information, recent minutes, and any special assessments. If the home is a condominium, keep in mind that Florida now requires structural integrity reserve studies for condo buildings with three or more habitable stories. Ask whether the building is covered and what the study found.

Pool rules matter too. Private pools come with their own safety and maintenance needs, and our pool safety requirements guide is a good place to start.

5. Use price per square foot as a clue, not a verdict

The hot list sometimes points out a low price per square foot or a recent price cut. That’s a reason to look closer. It could mean a seller who’s open to offers, or it could mean dated finishes, higher community fees, or a location guests like less. Figure out why the number is low before you treat it as a bargain.

6. Stress-test the downside and the exit

Run your numbers at lower occupancy and lower nightly rates than the benchmark, and make sure the property still works for you. Then ask the resale question from our resort vs. traditional neighborhood comparison: who buys this home from you later, and could it also work as a long-term rental or a second home?

Get the full screen each week

The Hot Short-Term Rentals page shows the top few homes from each week’s screen. The weekly Investor Pulse includes the full screen and a market snapshot, and Ryan can run a deeper look at any property on request. You can also browse Our Listings.

Revenue figures on the hot list are market-level screening estimates, not guarantees of revenue, occupancy, or short-term rental eligibility. Confirm rules with the county or city and the HOA, and talk to tax and legal professionals about your situation.

Ryan Sager, REALTOR®, LPT Realty · ANEW Collective · FL License #3540605 · (407) 342-6367 · ryan@sagerfl.com