You buy at the peak tenants can not pay rent.

I bought my first one here in Utah county in 2006, almost the peak of the market then and interest rates were higher then too.

We are around our previous peak in value so it is uncertain how much room there is for additional appreciation. 

@Diana Villalon the only time I tell my clients here in Southern California to make an investment like this is if there is a great opportunity for appreciation in the near future.Most likely this property has reached it's peak and while there may be a 3-4% increase over the next few years it will most likely not make sense from a cash flow perspective.There are other deals here in Southern California that can get you closer to cash flowing but the appreciation is what is going to be the big benefit in the near future.

Medium Peak Winter Season: December to FebruaryThe Poconos is also a popular winter destination, attracting skiers, snowboarders, and winter sports enthusiasts from all over.

Then with summer options seeming more plentiful and again the demand driver cities, I can see getting about 80-90 days occupancy better (between winter long weekends maybe a couple of holiday weeks, and 4-6 summer peak weekly rentals). 

Bye!

Your condo may have achieved the peak of it's value and it will take another 4-5 years to grow like it has the past 4-5 years so it would be worth it to cash out and invest elsewhere.If you have questions please feel free to ask.

As for whether or not you should go STR vs LTR, It all depends on your market, your property, and how risk averse you are.If you're doing it right, your peak season revenue should more than offset the low occupancy during the off season. 

Whether they bought at a peak or at a bottom, they've pretty much all seen great appreciation.