What sellers hide on profit and loss statements, and how I catch it before making an offer.
10
Rentals Owned
Dozens
P&Ls Reviewed
~100
Managed via FunStay
Every seller’s Airbnb P&L tells a story. Most of the time, it’s fiction.
I own 10 Orlando vacation rentals and manage close to 100 through FunStay Florida. I’ve reviewed dozens of vacation rental profit and loss statements across real transactions, and sellers routinely hand over numbers that make a property look like a money printer. Then I dig in and find inflated revenue, buried expenses, and thousands in hidden costs.
This is not another projections guide. If you’re doing vacation rental due diligence on a specific deal and you have an STR income statement in front of you, here’s what to look for in an Airbnb P&L before buying.
The Five Lines That Matter Most
When I review a vacation rental profit and loss statement, I go straight to five line items. These are where Orlando vacation rental expenses get inflated or hidden entirely.
Gross Revenue: Strip Out the Noise
The top line on any Airbnb P&L is gross revenue, and it’s the most commonly inflated number. Sellers count owner stays as “available nights,” include promotional credits as income, and roll cleaning fee pass-throughs into revenue.
To normalize owner stays on an Airbnb P&L, subtract every night the owner or family used the property. Recalculate occupancy based on guest-paid nights only. A property showing 70% occupancy often drops to 55% once you strip owner stays out.
Cleaning Costs: Check Both Sides
Cleaning shows up on both sides of the vacation rental profit and loss: income (fees charged to guests) and expense (what the crew costs). In Orlando, a 4-bedroom runs $155 to $240 per turnover. A 3-bedroom runs $130 to $205.
If cleaning expense exceeds income, the owner is subsidizing every booking. That gap tells you the real cost of operations.
Insurance: The $2,000 Test
Orlando STR insurance runs $2,000 to $4,000 per year for inland resort communities. If a seller’s Airbnb P&L shows insurance at $800 or $1,200, they’re either underinsured or carrying a standard homeowner’s policy that won’t cover short-term rental claims. Your real Orlando vacation rental expenses will be higher than what’s on paper.
HOA Fees: The Wildcard
HOA fees in Orlando STR communities range from $200 to $800+ per month. A property in Windsor Hills runs $540 to $619 monthly. Reunion Resort can hit $744. Storey Lake ranges from $159 to $810 depending on unit type.
If the STR income statement doesn’t list HOA as a separate line item, that’s $2,400 to $9,600 per year getting buried somewhere or missing entirely.
Management Fees: The Hidden Labor
Self-managed properties show no management fee on the vacation rental profit and loss, which makes the bottom line look great. But someone is handling guest communication, coordinating cleaners, managing pricing, and dealing with maintenance.
Full-service STR management in Orlando runs 15% to 35% of gross revenue. If you plan to hire a manager after buying, add that back in. It can flip a “profitable” deal into break-even. Understanding how management fees impact your cash-on-cash return is what separates real vacation rental due diligence from guesswork.
How to Cross-Check Revenue
Never trust a seller’s numbers without verification. Here’s how to verify Airbnb revenue in three steps.
1. Request the Payout CSV
Get the Airbnb payout CSV for the last 24 months. This is the transaction-level record of every booking payout. Match it against the P&L’s revenue line. The payout CSV is your best tool for verifying any STR income statement.
2. Match Bank Statements
Payout CSVs should match bank deposits. Gaps mean undisclosed cash bookings or payouts from other platforms the seller isn’t mentioning.
3. Cross-Reference Market Data
Use AirDNA to check market comps. If the seller claims $60,000 annual revenue on a 4-bedroom in Kissimmee but the market average is $45,000, demand an explanation. You can verify Airbnb revenue independently without trusting anything the seller provides.
Airbnb charges a 15.5% host fee on most bookings now. Make sure the Airbnb P&L reflects post-fee revenue, not pre-fee gross. That 15.5% is thousands of dollars annually. This is how to verify Airbnb seller revenue claims at the most basic level.
Orlando Cost Benchmarks
Here’s what Orlando vacation rental expenses actually look like in 2026. If the seller’s STR income statement shows numbers significantly below these ranges, something’s missing. These are the expenses that should be on a vacation rental P&L for any Orlando STR.
| Expense | Orlando STR Range (2026) |
|---|---|
| Insurance | $2,000 – $4,000/yr |
| Cleaning (3BR) | $130 – $205/turn |
| Cleaning (4BR) | $155 – $240/turn |
| HOA Fees | $200 – $800+/mo |
| Management (full-service) | 15% – 35% of gross |
| Property Tax (Osceola Co.) | ~1.26% of assessed |
| Airbnb Host Fee | 15.5% of subtotal |
| Utilities (all-in) | $300 – $500/mo |
Market occupancy in Kissimmee averages 53% to 57%. Top-quartile properties hit 75%+, with average daily rates around $281 per night. If you’re comparing Orlando vacation rental expenses across communities that pencil out for investors, use these as your baseline.
Red Flags That Kill Deals
After years of vacation rental due diligence on Orlando properties, these are the red flags in vacation rental profit and loss statements that make me walk away.
No Line-Item Breakdown
A one-page summary with just “Total Revenue” and “Total Expenses” hides everything. A real Airbnb P&L has 15 to 20 line items minimum.
Insurance Below $2,000/Year
They don’t have STR-specific coverage. Your lender will require it, and it will cost more than what’s on their P&L.
Missing Platform Fees
If the vacation rental profit and loss doesn’t account for Airbnb’s 15.5% host fee, net revenue is overstated by thousands.
Only 12 Months of Data
One year hides seasonality. Always request 24 months for proper vacation rental due diligence.
Occupancy Above 75% With No Explanation
The Kissimmee market average is 53% to 57%. Numbers above that are either exceptional or the seller is counting blocked dates as booked.
No Maintenance Reserve
Pool equipment, HVAC, hot tubs. Zero maintenance budget means deferred repairs you’ll inherit. Smart sellers address this before listing. If you’re on the selling side, the same scrutiny applies when preparing your rental for sale.
Before you verify Airbnb revenue on any deal, confirm the property complies with Osceola County STR laws. Licensing issues kill purchases faster than bad financials.
Ready to Analyze a Deal?
The Airbnb P&L needs to survive this level of scrutiny before you make an offer. I’ve walked away from deals that looked perfect on paper because the vacation rental profit and loss didn’t hold up under verification.
I review P&Ls and verify Airbnb revenue on Orlando vacation rentals every week. I’ll tell you whether the deal works at today’s Orlando vacation rental financing rates. Already own and wondering what your Orlando vacation home is worth? That starts with understanding your own P&L.
Mike Chen | La Rosa Realty Celebration | 503-888-8070
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