Feves Family Sunriver Investment Property — Feasibility · Life in Bend™
Feasibility Look · Prepared by Tiffany

Feves family Sunriver
investment property.

Before we start a real search, a look at whether Sunriver works for your strategy. Houses versus condos, five sample listings on the market today, and the numbers on each. Use these as examples of what is possible, not a short list to choose from.

Sunriver Properties
Deschutes RiverSHARCThe VillageNorth Store17682 Bittern Lane · Ruled out (STR prohibited)X57711 Splitrock Lane · Example C · Turnkey scenarioC57548 Lark Lane · Example E · Move-in ready scenarioE57522 Tamarack #13 · Example B · Verified history scenarioB17755 Lake Aspen Court · Contrast condo option◆57247 Puma Lane #6 · Example D · Location scenarioD57008 Antelope Lane · Example A · Income scenarioA
AAntelopeBTamarackCSplitrockDPumaELark◆Lake AspenXBittern
Part 01

Houses vs condos.

Houses: SROA only, $530K to $849K, $28K to $58K gross rent, 4BR leads. Condos: SROA plus $170 to $850 stacked, $485K to $680K, $30K to $34K gross rent.

Better Fit

Detached Houses

Higher income ceiling, garage storage, private hot tubs.

HOA
SROA only · $160–$173/mo
Price Range
$530K to $849K
Gross Rent
$28K to $58K/yr
Best Size
4BR leads in income

What Works

  • Garage or storage for ski gear, bikes, paddleboards, winter bins
  • Private yard and hot tub, no shared walls
  • Higher nightly rates and occupancy
  • Stronger resale, broader buyer pool

What to Accept

  • You own the roof, siding, landscaping
  • Snow removal and exterior upkeep on you
  • Higher entry price than a comparable condo
Situational

Condos

Simple ownership, shared amenities, stacked HOA.

HOA
SROA + $170–$850/mo
Price Range
$485K to $680K
Gross Rent
$30K to $34K/yr
Best Use
Low-touch ownership

What Works

  • No exterior maintenance, association handles it all
  • Simpler lock-and-leave ownership
  • Lower entry price
  • Shared pools, tennis in some complexes

What to Accept

  • Secondary HOA adds $170–$850/mo over SROA
  • Most Sunriver condos have carports only
  • Lower rental ceiling than a comparable house
  • Some associations prohibit nightly rentals
My Take

A detached house with a garage. Garages matter more in Sunriver than almost anywhere else, winter guests bring skis and boards, summer guests bring bikes and paddleboards. The examples below are all houses, one condo shown as contrast.

Part 02

Local vs Vacasa.

Commission on a $40K rental: 22% local is $8,800, 30% Vacasa is $12,000. Delta of $3,200 per year on a mid-range property, $5K to $10K on a stronger one.

Better Fit

Local Management

Lower fee, Sunriver expertise, owner relationship.

Commission
20% to 25% typical
Fee on $40K Rent
$8,000 to $10,000
Savings vs Vacasa
$4K to $10K per year
Local Expertise
Knows nuisance rules

What Works

  • Lower commission, more take-home on the same gross
  • On-site team that knows SROA nuisance rules cold
  • Direct relationship with an owner or principal broker
  • Faster response when issues hit, no call center

What to Accept

  • Smaller marketing reach than a national brand
  • You vet the company yourself, results vary operator to operator
  • Less tech polish in owner portals
Situational

Vacasa

National brand reach, higher fee, call-center service.

Commission
28% to 35% typical
Fee on $40K Rent
$11,200 to $14,000
Booking Reach
Multi-channel at scale
Owner Portal
App-based, automated

What Works

  • Broad marketing across Airbnb, VRBO, Booking.com, Expedia
  • Polished owner app and automated reporting
  • Turnkey setup if you want zero day-to-day involvement
  • Familiar brand for some guests

What to Accept

  • Higher commission eats $4K to $10K/yr on a typical rental
  • Call-center support, not a local person
  • Less flexibility on pricing, maintenance vendors, guest rules
  • Operator-by-operator quality varies widely
My Take

A local Sunriver company. On $40K to $58K gross rent, the commission delta is $4K to $10K that flows straight to bottom line. A local operator also knows SROA nuisance rules cold. I can introduce you to two or three worth considering.

Part 03

Example listings.

Five houses, one condo for contrast. Rental income is either verified Vacasa history, Meredith Lodging pro forma, or MLS market estimate. Source tagged on each.

Example A · Income Scenario
Strongest Income Potential
57008 Antelope Lane
Forest Park · 4BR/4BA · 1,792 sqft · 1981
$680,000
Detached House
HOA / mo
$173
SROA only
Insurance / mo
$312
Est. 0.55% annual
Gross Rent / yr
$58,443
Meredith Lodging pro forma · Range $47K–$71K
Pro Projection
Storage
Driveway, no garage
1981, some original finishes
What Works
  • 4BR income tier, $10–20K premium over 3BR
  • Public water and public sewer
  • Active vacation rental right now
  • Forest Park near SHARC
What to Accept
  • No garage storage for guests
  • Projection assumes $15K hot tub install
  • Some dated interior finishes
View Listing →Airbnb Comps →VRBO Comps →
Example B · Verified History Scenario
Lowest Projection Risk
57522 Tamarack, 13
Mtn Village East · 3BR/2BA · 1,391 sqft · 1981
$649,500
Detached House
HOA / mo
$173
SROA only
Insurance / mo
$298
Est. 0.55% annual
Gross Rent / yr
$32,881
Vacasa verified: 2024 $33,041 · 2025 $32,881
Verified History
Storage
Carport, no garage
1981, turnkey furnished
What Works
  • Two years verified Vacasa history
  • Fully furnished, STR permit active
  • Under 2 miles to SHARC
  • Turnkey from day one
What to Accept
  • Gross below Sunriver 3BR average
  • Carport only, no garage
  • Smaller 1,391 sqft footprint
View Listing →Airbnb Comps →VRBO Comps →
Example C · Turnkey Scenario
Newest Build · Cleanest Start
57711 Splitrock Lane, 12
Deer Park · 3BR/3BA · 1,659 sqft · 1994
$650,000
Detached House
HOA / mo
$173
SROA only
Insurance / mo
$298
Est. 0.55% annual
Gross Rent / yr
$40,000
Market estimate, newer build premium
Market Estimate
Storage
Two-car garage (only one in set)
1994, mini-splits new 2026
What Works
  • Two-car garage for ski and bike storage
  • Newest build in the field
  • STR permit already issued
  • Mini-splits installed 2026
What to Accept
  • No rental history, used as 2nd home
  • County records as 2BR (loft converted)
  • Rent estimate needs comp validation
View Listing →Airbnb Comps →VRBO Comps →
Example D · Location Scenario
4BR Across from SHARC
57247 Puma Lane, 6
Forest Park · 4BR/2BA · 1,519 sqft · 1972
$725,000
Detached House
HOA / mo
$149
Lowest in the set
Insurance / mo
$332
Est. 0.55% annual
Gross Rent / yr
$45,000
Active Airbnb and VRBO, history available
Market Estimate
Storage
Check garage at tour
1972, oldest in the set
What Works
  • 4BR income tier
  • Directly across from SHARC, best location
  • Active on Airbnb and VRBO
  • 1% lender buy-down available
What to Accept
  • 1972 build, oldest
  • Tenant in place until 9/30/26
  • 2nd home loan conflict until resolved
View Listing →Airbnb Comps →VRBO Comps →
Example E · Move-In Ready Scenario
Best Physical Condition
57548 Lark Lane, 14
Mtn Village East · 4BR/3BA · 1,936 sqft · 1978
$849,000
Detached House
HOA / mo
$173
SROA only
Insurance / mo
$389
Est. 0.55% annual
Gross Rent / yr
$45,000
Market estimate, 4BR + 2024 remodel
Market Estimate
Storage
1-car garage
Full 2024 remodel, 40-year roof
What Works
  • 4BR with active STR permit
  • Full 2024 interior and exterior remodel
  • 40-year roof, new windows, quartz counters
  • Best physical condition in set
What to Accept
  • Highest price point ($849K)
  • Only 1-car garage despite 4BR
  • Full STR setup needed, not running yet
View Listing →Airbnb Comps →VRBO Comps →
Part 04

Things to consider.

Four smaller items worth understanding before a real search.

01

1031 Exchange

Ask your CPA: does a 1031 structure apply, or does the deferred income pair directly? The answer shapes the timeline.

02

SROA Nuisance Rule 5.08

Two citations in 30 days or four in 180 triggers fines up to $2,500. Local operators avoid this by briefing every guest.

03

Furnishings Value

Outfitting a 3BR for STR runs $20K to $40K pre-booking. Most examples are furnished. Weight that against an unfurnished shell.

04

Second-Home Financing

STR is compatible with a second-home loan if you occupy 14 plus days and there is no full-time tenant. One example has a tenant to 9/30/26.