Seeking advice on my PNW Vacation Market research

[Michael Dinwiddie]

I want to get my first short-term rental by the end of the year! 

I've narrowed in on some areas I personally enjoy and at first glance seem like they would be good STR markets in the PNW where I live. I've started studying Airdna/Rabbu data, MLS listings, enemy method'd a number of properties to get a feel for the numbers.

Now I want to hear from experts/investor/realtors/etc who know about these markets for STR. What's your take on these? What are important considerations & challenges? Do any suck or rock?

Thanks! -MD

MARKETS (Google Doc: PNW markets that interest me)

Ashford, WA (Mt. Rainier NP)

Port Angeles, WA (Olympic NP)

Pacific Beach/Moclips, WA (Coastal, near Seabrook which is super cute but very expensive)

Rockaway Beach, OR (Coastal, centrally located for Oregon Coast activities)

Long Beach, WA (Coastal)

Lake Cushman/Hoodsport, WA (Olympic Penninsula)

[Michael Baum]

Hey @Michael Dinwiddie, welcome to the forum. I am not invested in any of these areas, but I have been to all of them, most more than once. I am contemplating taking over my mother in laws home (she passed in 2021) if my brother in law decides it is too much for him to handle. That is in Longbeach.

Ashford is a neat little town, but I don't see it being profitable for most of the year. The road to Paradise is closed pretty much after Oct so that negates visitors. Grove of the Patriarchs is closed until further notice. Stevens Canyon rd is often closed right now. Plus properties are pretty expensive for a shack. If you can find one.

Port Angeles - Crime ridden right now. I wouldn't buy there at all. Californians have really moved in up on the peninsula and are making life quite difficult for natives who don't drive 85 miles an hour in a 35. My folks live in Sequim. Maybe consider Port Townsend. Very expensive but could be OK.

Pac Beach/Moclips - There are several performing vacation rentals there. I talked with a lady who runs one there and she does OK. Should get decent occupancy year round. Insurance could be a problem depending on the flood zone. I would expect to pay in the 800's for something on the beach.

Rockaway Beach OR - Much more touristy than Moclips. Gets a lot of visitors. There are STR restrictions here and there so you have to really study the maps and call the city. Gets a lot of visitors for the whale watching and beach of course. Beach front is well over a million. Beach view 600-900k. Meh.

Long Beach WA - I have been here a bunch. Lots of things to do in town, it is a big beach of course. Lots of visitors from late spring to late summer. It does get visitors during the winter as well. The ocean is a draw in the winter. Waves crashing in, raining, cold...what's not to like! :) Seriously lots of beach goer's in the winter. IMHO, you need to be west of Pac Coast hwy. There isn't a ton for sale right now, but you would be looking at 600-1m for a decent place.

Lake Cushman/Hoodsport - This is a tough one. I like the area, but many of the homes on the lake itself are leasehold. Always a mistake IMHO. The feds/state can yank that lease whenever they want. Then you have to bid to buy the place you once "owned". Too much risk. Hoodsport itself has almost nothing for sale. You can see what's up and down the canal. But don't hold your breath. Finding a waterfront place will be over 1m.

So, there ya go. I am not big on investing here in WA. What about Ocean Shores? Closer than Longbeach to Seattle. Maybe Seaview OR? Both are very touristy, but tourists mean guests which mean occupancy which means $$$.