Mammoth Lakes - Rental Analysis

[Kevin Hu]

Team,

Looking for assistance with STRs in Mammoth Lakes.  I've been reading through some of the earlier forum postings, but have some questions that are better suited for discussion offline.  

Background: I have a property in Savannah that has been paid off thatI would like to 1031 into a STR in Mammoth Lakes. However, my rental experience is all in LTR so I would like to get specific advice on line-item considerations for evaluating property cash flow and local regulatory considerations. Current consideration is a 2/1 or 2/2 apartment that would primarily be STR with occasional personal use for family vacations.

Thanks in advance.

[Tara Faulks]

I purchased a STR with some personal use intent about a year ago. Although it is an off year, i learned alot about STR's and have years of income on our unit. Happy to share some knowledge and answer questions. In short, due to restrictions on rentals during COVID we will have negative cash flow this year. In normal times we project to break even but that's with 30 days owner use (none on prime weekends). Mammoth historically doesn't promise great COC return as a sole rental property (just over 1% i believe). My next property is for investment purposes only and I wouldn't choose Mammoth. But if you will use it yourself as well, with it costing nothing, and other people pay down your mortgage, that't a great deal and how we look at this property.