Figures below are typical ranges from our own closings and underwriting in each market. Individual properties vary widely based on bedroom count, condition, amenities, and location within the submarket.
Gulf-front and near-beach homes
Our highest-volume Florida submarket. Sugar-sand beaches pull a wide drive-to audience from Alabama, Georgia, and Tennessee, which keeps occupancy resilient even in softer travel years. No state income tax, and the STR regulatory posture has been stable and investor-friendly.
Premium Emerald Coast inventory
Higher entry price than Panama City Beach, but the guest is wealthier and the nightly rate follows. Destin and the 30A corridor command the strongest per-night pricing on the Panhandle. Best suited for buyers with more capital who want a trophy asset that still pencils.
The value play on the Emerald Coast
Same water, same beaches, meaningfully lower basis than Destin a few miles east. Eglin Air Force Base adds a layer of non-tourist demand from military travel and relocations that most beach markets simply do not have. One of our better cash-on-cash markets.
Urban and beach-adjacent
A genuine year-round market rather than a seasonal one. NFL weekends, the beaches district, a large medical corridor, and steady corporate travel produce a booking calendar that fills in the shoulder seasons other Florida markets struggle with. Lower price point, reliable performance.
Disney-adjacent resort communities
Purpose-built vacation-home communities minutes from Walt Disney World. Large bedroom counts at modest per-square-foot pricing, HOAs that explicitly permit short-term rental, and the most predictable demand driver in American tourism. Big-group inventory is the play here.
Great Smoky Mountains cabins
The most proven large-cabin short-term rental corridor in the United States, anchored by the most-visited national park in the country. Sevierville, Pigeon Forge, and Gatlinburg draw more than twelve million visitors a year. Big-bedroom cabins with mountain views and game rooms are the highest-performing asset class we underwrite anywhere.
Urban STR, permitted zones only
Enormous demand from bachelorette parties, live music, and conventions. It is also the most regulated market on this list, so we only pursue properties in zones where non-owner-occupied permits are actually obtainable and transferable. When we find one, the revenue is exceptional.
Tri-Cities value market
Low basis, university and medical demand from ETSU and the regional health system, and easy access to Appalachian outdoor recreation. This is a smaller-check entry point for buyers who want Tennessee exposure without a million-dollar cabin.
Luxury desert resort market
Arizona state law preempts municipal short-term rental bans, which removes the single biggest regulatory risk in the category. Scottsdale delivers golf, spring training, and bachelorette demand at premium nightly rates. Pools and outdoor living are non-negotiable amenities here.
Spring training and snowbird demand
The affordability counterweight to Scottsdale inside the same metro demand pool. Spring training fills February and March, and the snowbird season delivers extended winter stays at strong rates. Note that stays over thirty days can affect your average-stay calculation for tax purposes.
Family and corporate suburbs
Newer construction, excellent schools, and a large tech and semiconductor employment base driving relocation and project-based corporate stays. Less seasonal volatility than the resort submarkets, with a steadier and more forgiving booking calendar.
Hochatown cabin country
One of the highest gross-yield markets we track. Broken Bow and Hochatown sit within a three-hour drive of Dallas-Fort Worth, which supplies an enormous, reliable weekend audience. Low entry price, low property taxes, and cabins with hot tubs that book almost continuously.
Poconos lake and ski access
Genuine four-season demand: skiing at Big Boulder and Jack Frost in winter, lake and waterpark traffic in summer. The entire New York and Philadelphia metro area is within a two-hour drive, which is roughly thirty million people who can reach your property without boarding a plane.
Historic town and outdoor recreation
A distinctive Victorian mountain town with whitewater rafting, rail trails, and a strong fall foliage season. Character properties outperform generic inventory badly here, so design quality matters more in Jim Thorpe than almost anywhere else we buy.
Poconos community inventory
The lowest entry point in our Poconos coverage. Established lake communities with amenity packages already in place, which means a buyer can get into a functioning four-season STR without a beach-market price tag. HOA rental rules require careful diligence, and we do that work up front.
Event-driven urban market
SXSW, ACL, Formula 1, UT football, and a deep corporate travel base produce revenue peaks that few markets can match. No state income tax. Permitting is genuinely complicated, so we are selective and only pursue properties where the licensing path is clear before we write an offer.
South Austin, larger lots
Just outside the Austin city limits, which changes the regulatory picture materially in the investor's favor. Larger lots support pools, outdoor kitchens, and event-friendly layouts while still capturing Austin demand. A quieter, more flexible way into the same guest pool.
Urban base with mountain access
A true year-round calendar: ski traffic staging in winter, hiking and festivals in summer, conventions and medical travel throughout. Denver's licensing rules favor certain property configurations heavily, and we underwrite that constraint before anything else in this market.
Family entertainment destination
Some of the strongest gross yields in our entire portfolio. Branson draws roughly nine million visitors a year to theaters, Silver Dollar City, and Table Rock Lake, and the cost basis is a fraction of comparable beach or mountain markets. Excellent for buyers optimizing pure cash-on-cash return.
Average price reflects our typical closed purchase price in each submarket. Average monthly revenue is gross booking revenue before expenses, averaged across the full year including off-season. ROI is estimated cash-on-cash return on invested capital in a stabilized year and is not a guarantee. Every property is underwritten individually.
Short-term rental has to be legal, permitted, and politically durable. A market where the city council is one vote away from a ban is a market where your asset can lose half its value overnight. State-level preemption, as in Arizona, is a significant plus.
We want years of booking history across multiple seasons, not one hot summer. A market that only works twelve weeks a year cannot carry twelve months of debt service.
Gross annual revenue has to be a meaningful percentage of purchase price. When prices outrun revenue, a market falls off this list regardless of how attractive it looks otherwise.
Markets reachable by car from a major metro hold up dramatically better when air travel gets expensive or the economy softens. Every market on this list has a large drive-to catchment.
There must be multiple competent cleaners, property managers, and maintenance vendors already working in the market. A great property with no one to run it is a liability.
Coverage has to be obtainable at a rational price. Rising premiums and carrier withdrawals have quietly killed the economics in several otherwise attractive coastal markets.
We get asked this constantly, so here is the direct answer. California properties cost two to three times what comparable inventory costs in our active markets while generating nowhere near two to three times the revenue. Layer on the highest state income tax in the country, property insurance that has become difficult or impossible to obtain in wildfire-exposed areas, and a patchwork of aggressive municipal short-term rental restrictions, and the return math simply does not work.
We would rather tell you that plainly than take your money and put you into a deal we do not believe in. If California is where you want to own, we are not the right firm and we will say so on the first call. Read the full breakdown of why we avoid California.
Estimated revenue, nightly rate, occupancy, and the regulatory picture for every market we actively buy in.
Estimated $78,000 - $210,000 gross a year at $285 - $520 ADR and 58% - 68% occupancy.
Estimated $70,000 - $165,000 gross a year at $265 - $470 ADR and 57% - 66% occupancy.
Estimated $62,000 - $125,000 gross a year at $225 - $400 ADR and 60% - 70% occupancy.
Estimated $55,000 - $125,000 gross a year at $245 - $430 ADR and 52% - 62% occupancy.
Estimated $80,000 - $180,000 gross a year at $300 - $560 ADR and 60% - 70% occupancy.
Estimated $55,000 - $110,000 gross a year at $215 - $380 ADR and 58% - 68% occupancy.
Estimated $78,000 - $175,000 gross a year at $290 - $540 ADR and 56% - 65% occupancy.
Estimated $62,000 - $135,000 gross a year at $240 - $430 ADR and 55% - 64% occupancy.
Estimated $50,000 - $105,000 gross a year at $210 - $360 ADR and 54% - 63% occupancy.
Estimated $58,000 - $115,000 gross a year at $210 - $360 ADR and 62% - 72% occupancy.
Estimated $52,000 - $110,000 gross a year at $255 - $420 ADR and 55% - 65% occupancy.
Estimated $42,000 - $88,000 gross a year at $195 - $330 ADR and 55% - 64% occupancy.
Estimated $55,000 - $105,000 gross a year at $210 - $370 ADR and 58% - 68% occupancy.
Estimated $58,000 - $115,000 gross a year at $230 - $430 ADR and 55% - 66% occupancy.
Strong markets that do not clear our underwriting, usually on regulation, basis, or seasonality. The reasoning is on each page.
Estimated $85,000 - $165,000 gross a year at $310 - $520 ADR and 60% - 68% occupancy.
Estimated $55,000 - $115,000 gross a year at $230 - $410 ADR and 54% - 63% occupancy.
Estimated $38,000 - $78,000 gross a year at $195 - $340 ADR and 48% - 58% occupancy.
Estimated $48,000 - $98,000 gross a year at $245 - $420 ADR and 50% - 60% occupancy.
Estimated $70,000 - $165,000 gross a year at $330 - $620 ADR and 48% - 58% occupancy.
Estimated $95,000 - $230,000 gross a year at $420 - $780 ADR and 52% - 62% occupancy.
The ones where regulation is stable, demand is proven, and the revenue-to-price ratio still supports cash flow after debt service. By that standard we actively buy in Florida, Tennessee, Arizona, Oklahoma, Pennsylvania, Texas, Colorado, and Missouri. The submarket matters more than the state. See the full 2026 breakdown.
Regulation first as a pass or fail gate, then proven demand, revenue-to-price ratio, seasonality shape, and exit liquidity. A market that fails the regulatory check is excluded regardless of how good the revenue looks. Our method is in short term rental market analysis.
Regulatory risk and the revenue-to-price ratio. Purchase prices are high relative to achievable revenue, and several jurisdictions have moved to permit caps, primary-residence requirements, or bans. The longer answer is here.
Within reason. If you have a market in mind we will underwrite it honestly, and if the numbers or the regulatory picture do not support it we will tell you rather than take the transaction. We only operate where we have local relationships, since that is what makes negotiation and management pairing work.
Market selection depends on your budget, your risk tolerance, your tax situation, and whether you want a trophy asset or maximum cash-on-cash return. That is the first conversation we have.