Appreciation for STRs near National Park

[Tom Tao]

Hi BP friends,

I recently have been looking at STRs near National Parks, and I wonder whether it is a pure cashflow play, or a combination of cashflow + appreciation play?

Specifically, a location I am looking at is Ashford WA, near Mt Rainer National Park. Seems like it is a market which is only for STR, and resale is also mostly dependent on that.

However, the appreciation for the last 10 years has been significant. Wonder what is triggering it, and whether it is sustainable if it is mainly driven by STR investors and things start to saturate.

Thx. Thoughts are appreciated.