What condition is a boat in, after five years of chartering?

[sanibel sailor]

Ask an accountant.

Charter companies know the charter business pretty well. If there was a 9-10% rate of return to be made, they would be doing it themselves rather than offering this "deal" to the public. I suspect that the pro-forma has a lot of assumptions that are hard to make reality.

One option is to go charter a boat for a week.

See how rigorous the companies are screening potential customers. When I started sailing bigger boats, I was surprised that they would let me take the boat with my limited experience. I woould not have let me charter my boat.

See how the boats get knocked around during a week of constant use by someone who does not own or maintain it, then multiply that by 5 years. Not quite "drive it like you stole it", but it is a rental.

Some of these companies have a brokerage arm to sell the old boats. Check what the pro-forma says about the end of contract value vs what they are asking for them. Selling prices will be considerably less.