Rental Property Investor · Auburn, WA · Member since 2016 · 45 posts · 24 votes
2y
Hi folks,
My wife and I are looking to purchase a vacation cabin in Packwood not for use as an Airbnb. We have been keeping our eyes and ears out there for the past year. For anyone that is looking at developing or purchasing an STR in Packwood, WA I would take a peek at the numbers that are on the rental sites and the amount of bookings. Currently we are seeing STR owners posting for sale due to reduction in prices they can get per night and the vacancy rate increasing. The Packwood, WA market may be officially saturated on STR's. Also 4th quarter of last year Packwood and county officially did discuss potentially regulating STR's by either limiting numbers or adding a tax to cover increases in local services that are needed.
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
4y
Hey @Eric Coats. Interesting choice for STR. I have read some folks are doing well there. 20 miles to White Pass ski area. Quite a lot of hiking trails in the general are for summer. Plus the Packwood town garage sale!
I don't really have any recommendations for an agent. Nightly rates are decent at around $170 a night and occupancy for summer is good. Winter months appear empty on most of the places I looked at, but that doesn't mean it won't start filling up. Ski season start date at White Pass can be more sketchy than Snoqualmie so I would suspect that people wait and see how things shake out weather wise.
I am interested in hear what your budget is and what you are looking to do. I have spent quite a bit of time in that area. There aren't a lot of inventory in Packwood and the average home price is around 500k.
Hey @Michael Baum. The strategy is to have purchase a place that we can use and travel to within our home a few times a year and then rent out to cover the cost of the home. We are looking for a more cabin feel. Our price range is in the $600-$700k. I've been looking at AIRDNA and it seems like it could work if we get the right property at the right cost. There is only a few homes. That's why I was hoping to find an agent that knows that we could ask some price questions.
Rental Property Investor · Auburn, WA · Member since 2016 · 45 posts · 24 votes
2y
Hi folks,
My wife and I are looking to purchase a vacation cabin in Packwood not for use as an Airbnb. We have been keeping our eyes and ears out there for the past year. For anyone that is looking at developing or purchasing an STR in Packwood, WA I would take a peek at the numbers that are on the rental sites and the amount of bookings. Currently we are seeing STR owners posting for sale due to reduction in prices they can get per night and the vacancy rate increasing. The Packwood, WA market may be officially saturated on STR's. Also 4th quarter of last year Packwood and county officially did discuss potentially regulating STR's by either limiting numbers or adding a tax to cover increases in local services that are needed.
Lender · OR ID AZ CA WA CO NV TN MT · Member since 2018 · 599 posts · 312 votes
2y
Hey @Evan D.! Thanks for posting about this. I would be glad to connect further on this if you want to go more in depth. Just send me a message and we can get a call scheduled from there!