@Kara West We bought a vacation home in Arrowhead in 2011 for dirt cheap. It was the last house on the block that had lake rights - we slowly fixed it up over the years and over doubled our money when we sold in 2017. That was a unique situation to have that much equity growth . We didn't think it would make a good AirBnb since there were so many nicer homes closer to the lake to compete with. It probably doesn't make much difference if it has lake rights if you are strictly doing short term rentals but it will be more valuable when you go to sell. There are some neighborhoods closer to the Village that don't have lake rights but are close enough to the action -they probably rent well.
The lake is warm enough to swim in the summer. Since it's' a private lake, guests won't be able to bring their boat. There are a lot more restrictions and membership costs than Big Bear Lake. Annual boat registration was up to $500 when we left, plus membership fees, boating license, etc. Also, no dogs are allowed at the beach clubs. If we had the foresight in 2011 to buy a condo by the lake, we'd probably still own and be renting it out. The maintenance is tough up there - the elements are rough on the exterior, and you will need to do annual weed abatement. We did it ourselves which was labor intensive. Also, it's harder to find a flat lot up there. Be very careful about the parking situation. You can't park on the street in the winter due to snow plows so I would avoid properties that don't have off street parking or really steep driveways, lots of steep stairs, etc. Also, make sure you aren't too far out in the boonies or you might have a hard time getting fire insurance- try to be in a neighborhood with hydrants.
I'd say the rental market is most likely stronger in Big Bear - much more to do there. On the upside, Arrowhead is unincorporated, so it follows San Bernardino County STR rules which are less restrictive. Prices are high there now -not sure if the numbers would make sense. If you can find a deal on a fixer and add value/sweat equity- that would be the way to go. Like other's have said, make sure you can carry the monthly costs - renting it out is icing. The recession hit Arrowhead hard. We were fortunate to ride the wave up with it and see it fully recover. Will wait for the dip to buy again!!
