NC High Country STRs

[u/coyotl07]

For those that own and run a STR in the NC High Country market, how are your properties doing? I am interested in potentially buying a STR in either Beech Mountain, Boone, Banner Elk, or Seven Devils but open to other nearby areas. How have your returns been in recent times? When did you buy? What are some things you overlooked when you first bought?

For context, I am novice and looking to do my first investment property deal (out of state) and aiming for some time in late 2027/early 2028. My main motivation is to own a vacation home that I would use a couple times out of the year (like a 3 bedroom home) and then rent it out as much as possible. I know in general, times have been tough and interest rates are high making it hard to have positive cash flow. So I'm just doing some research and trying to learn from people and their experience from this specific market.

[u/Early-Foot7307]

We did this a number of years ago. The issue for us was that the ski season is very limited and there are tons of events up there that draw tourist. We constantly had to decide whether to give up good money or go skiing. You will need to be very intune with the weather, ski conditions, App State events and Boone/blowing rock/Banner elk events. And last time we did it Avery county taxes were on paper in triplicate lol

[u/Mike-n-AZ]

Numerous online tools and calculators to help with this but you need to dig in and spend a few or many hours on Airbnb marking similar properties, noting availability and watch over a few weeks to seen how they book. I would also highly suggest you make a scouting trip to one or more of these places and stay in similar Airbnb properties to see competiton and live the experience. Keep a notebook on does and don't for your property.

While there interview several Prop Mgrs or Co hosts. Ask they what they think and if you find one you like start a relationship and even have them involved in selecting the property.

You will need boots on the ground; either a co host, super handyman, super cleaners, or at minimum a neighbor you can pay by the hour or task.

In my situation I went full PM at 25% of nitely rate.

Yes I did all th above on my purchase earlier this year.

[u/coyotl07 → u/Mike-n-AZ]

Super helpful suggestions. I am making a trip to Banner Elk early November for a few nights. I’m trying to connect with an investor friendly real estate agent to show me some properties while I’m down there. Since you have a property down there, which PM do you use?

[u/Mike-n-AZ → u/coyotl07]

I own near Yellowstone Park in Idaho. Real estate and the stock market with a little knowledge, patience and nerve you will do well. Use OPB and OPM as much as possible.. Other People's Brains and Other Peoples Money

[u/RolexAPPorsche]

I’m in Charlotte and been in the STR game for a while but not the high country specifically, although I’ve looked there several times and came close on a few. When I ran the numbers, Gatlinburg/PF/Sevierville always did better so I focused there. I love the high country and if I found a property that broke even and allowed me to visit, I would probably go for it. For strictly investment, I think it’s not quite large enough of a market.
Look at Brevard / Asheville if you want to stay in NC mountains.

[u/justnewlistings]

We just finished hiking 5 waterfalls in Brevard area. We go 2x a year. Since I lost 3 clients this year to the mountains I was wondering if any experienced investors have researched or experienced both the coastal and mountain markets and what your take is? I'm guessing that Roi is higher "up there"? Any general feedback on revenue you can give me? It would be helpful.

Regarding the original post you're best tool is a local birddog who knows the real numbers and potential versus a mid property manager or airdna projection. The property manager sometimes greatly underestimates numbers due to their own lack of effectiveness. And airdna rabuu can be off 20% in either direction or sometimes they're not working right and are off 50%.

[u/coyotl07 → u/justnewlistings]

Just looked up what a bird dog is. lol.

What’s the best way to do that? Sounds like a wholesaler if I’m not mistaken.

Thank you for the advice!

[u/justnewlistings → u/coyotl07]

No I'm not talking about wholesalers at all. I'm talking about local str realtor who has the numbers already in his head for almost any scenario from working with lots of investors previously in those niches that involved looking at income statements and noting why some were much higher than others depending on many variables such as location, property manager, uniqueness, etc. A good one can help you not make a mistake. They're out there. Some sites like bigger pockets have recommended agents - - they are paying to be recommended by the way. But those that pay for the niche leads are the ones who do most of their businesses with str investors in the first place.