Curious if my home would be a good STR - wine country

[Jesse Howell]

Hello,

I have been playing around with the idea of turning my home into an STR/MTR, but not sure how well it would perform. My concern is the home is large (4,500SF with 3.5 acres) and about 15 minutes out of the city. The pro's are we are in pretty decent wine country, about 8-10 minutes from 2 very popular vineyards and around another half dozen smaller ones in the area.

We love our home and have a 2.25% interest rate so we don't want to sell it.  My idea would be to rent it out and buy another home each year while putting a long term tenant into each home as we move on.  Move back into our current home maybe 5 years down the road as we make updates and add amenities to it to increase the desirability and income of it, all while stacking other rentals.

There is a MTR/STR down the road that does very well, but it's a 2/1 cottage and caters to traveling nurses and couples who want to check out the vineyards. He shared with me that he does $3,000 to $3,500 for MTR and $2,600 to $9,000 for STR depending upon the season and is currently booked out about 4 months. It's a new build and very nice. Everything else I see, especially larger homes are closer to town.

My cost to break even I'm guessing with PITI, maintenance, etc., would be around $60k (conservatively) annually. I have some local mutli-family rentals and out of state single family rentals, but I'm not overly educated on MTR/STR space. I would love some feedback and or ideas from people in the space. TIA

Some property info:

- 4,500 SF home with 3.5 acres and 3 car garage.

- Home would be remolded and is a 5 bed 3 bath with a game room (one very small room that could maybe be a nursery or bunk room).

- Hot tub.

- Could leave one room as a gym.

- Wine country with a newly remodeled wildlife refuge area about a mile away.  Beautiful area.

- About 15 minutes to Salem and about hour from Portland Airport.

- There is a shop and community lake, but those would be off limits.

- There are also a couple pet goats in a fenced area haha

[Collin Chan]

Definitely worth to try both in a hybrid if you can.  I don't know the Oregon scene too well however a house we purchased in Napa was a monthly vacation rental before and it was booked 8 months of the year.  It was smaller as well (2/1) so maybe attracted retired couples but with things changing, I'm not sure if remote workers might be interested in staying your location?  Most of our STRs have an office set up of some sort or a spot to work with monitors and we do find this attracts a lot of guests where someone needs to work while the family enjoys the activities.

Traveling nurses get a lot of the buzz around MTRs but displaced families from fires (Napa and Oregon do see a lot of these), other work force that can be remote or travel, or other potential guests.

Also, definitely use Airdna or one of the other sites that estimate your revenue to see how it would perform in your market and then look at other listings as well to see what amenities they offer to see if you could be competitive in your market.