How Much Can a Cape San Blas Vacation Rental Earn?
Cape San Blas vacation rental income is growing — but it looks different from PCB or Destin. Here are real gross income figures, net income after expenses, cap rate analysis, and an honest assessment of who this market is right for.
Cape San Blas vacation rental income is real — but it's not PCB income. The peninsula's smaller guest pool, shorter rental season, and more nature-oriented visitor base produce lower gross revenue than the Emerald Coast markets. The investment case for Cape San Blas is built on lower purchase prices, natural scarcity, and long-term appreciation — not on maximizing rental yield.
Here are the actual numbers, honestly presented.
Who Is Kinsey Haddock P.A.?
I'm a licensed Florida REALTOR® and Buyer's Agent with Coldwell Banker Realty — Panhandle, representing buyers across the Forgotten Coast including Cape San Blas. I hold the RSPS (Resort and Second-Home Property Specialist) designation. License #BK3253849.
Gross Rental Income: What Cape San Blas Properties Actually Earn
The following figures are gross annual rental revenue — the total amount guests pay before any expenses are deducted. They are based on comparable rental data for Cape San Blas properties and should be used as planning benchmarks, not guarantees.
Gulf-Front Properties
| Property Size | Gross Annual Revenue |
|---|---|
| 2BR/2BA Gulf-front | $40,000–$65,000 |
| 3BR/2BA Gulf-front | $60,000–$90,000 |
| 3BR/3BA Gulf-front | $70,000–$100,000 |
| 4BR/3BA Gulf-front | $85,000–$130,000 |
| 5BR/4BA Gulf-front | $110,000–$165,000 |
| 6BR+ Gulf-front | $140,000–$200,000+ |
Gulf-View Properties
| Property Size | Gross Annual Revenue |
|---|---|
| 2BR/2BA Gulf-view | $25,000–$42,000 |
| 3BR/2BA Gulf-view | $35,000–$60,000 |
| 4BR/3BA Gulf-view | $50,000–$80,000 |
Bayfront Properties (St. Joseph Bay)
| Property Size | Gross Annual Revenue |
|---|---|
| 2BR/2BA bayfront | $22,000–$38,000 |
| 3BR/2BA bayfront | $32,000–$55,000 |
| 4BR/3BA bayfront | $45,000–$72,000 |
From Gross to Net: The Full Expense Stack
Gross rental income is not what you keep. Here's what comes out before you see a dollar:
Property management fees: 20–30% of gross revenue. On $80,000 gross, that's $16,000–$24,000/year.
Platform fees: Airbnb charges hosts approximately 3%; VRBO charges 5–8%. These come out of gross revenue before you receive it.
Cleaning fees: Typically charged to guests separately, but cleaning costs (paid to the cleaning service) run $150–$350 per turnover depending on property size. At 35 turnovers/year, that's $5,250–$12,250/year.
Insurance: Wind + flood + homeowners typically runs $12,000–$35,000/year on Cape San Blas depending on flood zone, construction, and Gulf exposure.
Property taxes: Gulf County property taxes on a $700,000 beach house run approximately $7,000–$11,000/year.
Maintenance and repairs: Budget $5,000–$15,000/year for routine maintenance and repairs in the coastal environment.
Utilities: $3,500–$7,000/year for electric, water, internet, and trash.
Net Income Analysis: Three Scenarios
Scenario 1: $550,000 Gulf-View, 3BR/2BA, North Cape, AE Zone, Non-CBRA
Gross rental income: $52,000
Less management (25%): ($13,000)
Less platform fees (4%): ($2,080)
Less cleaning (30 turnovers × $200): ($6,000)
Gross operating income: $30,920
Operating costs:
Insurance: $13,000
Property taxes: $7,000
Maintenance: $5,500
Utilities: $4,000
Total costs: $29,500
Net operating income (NOI): $1,420
Cap rate: 0.26%
With 20% down ($110,000) and 7.5% mortgage on $440,000:
Annual mortgage: $36,960
Annual cash flow: ($35,540) — negative
Scenario 2: $850,000 Gulf-Front, 4BR/3BA, North Cape, VE Zone, Non-CBRA
Gross rental income: $105,000
Less management (25%): ($26,250)
Less platform fees (4%): ($4,200)
Less cleaning (40 turnovers × $250): ($10,000)
Gross operating income: $64,550
Operating costs:
Insurance: $22,000
Property taxes: $10,500
Maintenance: $8,000
Utilities: $5,000
Total costs: $45,500
Net operating income (NOI): $19,050
Cap rate: 2.24%
With 20% down ($170,000) and 7.5% mortgage on $680,000:
Annual mortgage: $57,120
Annual cash flow: ($38,070) — negative
Scenario 3: $600,000 Gulf-Front, 3BR/2BA, All-Cash Purchase, AE Zone
Gross rental income: $78,000
Less management (25%): ($19,500)
Less platform fees (4%): ($3,120)
Less cleaning (35 turnovers × $220): ($7,700)
Gross operating income: $47,680
Operating costs:
Insurance: $16,000
Property taxes: $8,000
Maintenance: $6,500
Utilities: $4,500
Total costs: $35,000
Net operating income (NOI): $12,680
Cash-on-cash return (all cash): 2.1%
The Honest Assessment
Cape San Blas vacation rentals do not cash-flow for leveraged buyers at current prices and interest rates. This is true of virtually every Gulf Coast vacation rental market — the math doesn't work for cash-flow-first buyers using conventional financing in the current rate environment.
What does work:
- All-cash buyers who can achieve positive NOI without a mortgage payment
- Buyers with a 10+ year time horizon who are buying for appreciation and personal use, with rental income as a partial offset
- Buyers who value the natural character of Cape San Blas and are not purely return-driven
The appreciation case: Cape San Blas has appreciated meaningfully as the Forgotten Coast has become better known. The peninsula's natural scarcity — the state park, CBRA protections, limited developable land — supports continued appreciation. Buyers who purchased 10 years ago have seen substantial gains.
FAQ
How much does a Cape San Blas vacation rental earn per year?
Gross annual rental income for Cape San Blas vacation rentals ranges from approximately $22,000/year for a small bayfront property to $200,000+/year for a large Gulf-front home. Net income after all expenses (management, cleaning, insurance, taxes, maintenance) typically runs 50–65% of gross.
Does a Cape San Blas vacation rental cash-flow?
At current purchase prices and interest rates, most Cape San Blas vacation rentals do not generate positive cash flow after mortgage payments. Net operating income (before mortgage) is positive for well-priced properties, but the mortgage payment typically exceeds NOI. All-cash buyers can achieve positive returns.
How does Cape San Blas rental income compare to PCB?
PCB generates higher gross rental income than Cape San Blas for comparable property sizes, driven by its larger guest pool and longer rental season. Cape San Blas offers lower purchase prices for Gulf-front ownership, which partially offsets the lower income. Neither market cash-flows easily for leveraged buyers at current prices and rates.
What is the best property type for rental income on Cape San Blas?
Gulf-front properties generate the highest rental income on Cape San Blas. Larger properties (4–6 bedrooms) that accommodate larger groups generate higher gross revenue. Properties with kayak storage, fishing amenities, and proximity to St. Joseph Bay attract the scalloping and fishing guest segment that drives shoulder-season demand.
Is Cape San Blas a good vacation rental investment?
Cape San Blas is a good investment for buyers with a long time horizon who value natural scarcity, appreciate the Forgotten Coast character, and can carry the property without depending on rental income to cover the mortgage. It is not the right market for buyers who need the investment to cash-flow from day one.
How do I evaluate a specific Cape San Blas property as a rental investment?
Work with a buyer's agent who will help you model the full cost stack against realistic rental income projections based on actual comparable data. I help buyers build honest investment models for every Cape San Blas property they're considering. Visit emeraldcoastbuyersguide.com/contact to get started.
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Written by
Kinsey Haddock P.A.Kinsey Haddock P.A. is a Broker Associate and REALTOR® with Coldwell Banker Realty, specializing in coastal real estate across the entire Florida Panhandle — from St. George Island and the Forgotten Coast to Panama City Beach, Scenic Highway 30A, and Destin.
