Short Term Rentals in the Poconos

[James Gibbons]

Hi everyone. I’ve been/am very interested in purchasing a home as a short term rental in the Poconos.

AirDNA and Mashvisor show very promising Gross Annual Revenue and Occupancy rates.

The below thread however, shines a very gloomy light on all of my hopes.

https://www.biggerpockets.com/forums/530/topics/711235-vacation-rentals-in-the-poconos

My main concerns are:

Townships having so much control over the future of STR's and exit strategy if Townships ban them.

I’m interested not only breaking even, but making 2-5k/month, as the analytics reflect, based on input obviously.

The house I am looking at is an a gated community on the lakefront (non motorized boats), 20 minutes from every major attraction and the Delaware water gap. I’m thinking the small LakeFront has very much appeal, but being 20 minutes, is that too far?

This is my first deal and I will be throwing all of my capital into down payment, closing, and small finishes around the house.

I’m so torn on whether I should consider another area, based on the history of the Poconos. 

If anyone familiar with this market can weigh in, I would be immensely appreciative.

Thank y’all so much!

-James

[Mike Kelly]

Hey James,

I had the same thoughts and hesitation as you regarding short term rentals in the Pocono’s.  We deciding to make the plunge buying our first property in November of last year.  We started renting it in March and have enjoyed the results (currently beating AirDNA projections).  We have found reliable team members to helps us run and manage the property.  There have been a couple questionable tenants that have caused us to make minor repairs, but we account for that type of stuff in our expenses.  You do need to understand the community and townships rules about Short term rentals as they vary quite a bit.