Selling a Short-Term Rental
Selling Your Airbnb? Price It on the Numbers, Not the Comps.
An STR buyer is buying the income and the right to keep earning it. We list Portland and Mt. Hood short-term rentals with verified booking history, a clear answer on what permit or registration the buyer gets, and an offering memorandum investors can underwrite. Jacob owns and operates STRs himself.
By Jacob Serrill, Broker, Kelly Right Real Estate · Updated November 2026
The Short Version
- Investors price STRs on trailing-twelve-month revenue and net operating income, so clean, owner-verified financials are worth real money.
- In Portland, what the buyer can do depends on the permit. Properties approved for year-round transient lodging are scarce since Ordinance 192004, and that is worth marketing. A standard owner-occupied permit is not.
- In unincorporated Clackamas County, an STR registration ends when the property sells. Buyers will ask about zoning and the county's LUCS requirement, so have answers ready.
- Airbnb accounts, reviews, and future bookings don't transfer to a buyer. Plan the calendar handoff before you list.
- We market to investors directly, including buyers working with Simply Vacation Rental Management, which runs 300+ STR doors in Portland and on Mt. Hood.
How is a short-term rental valued when you sell it?
Two ways at once. Investors underwrite the income: trailing-twelve-month gross revenue, operating expenses, and the resulting net operating income and cap rate. Owner-occupant buyers compare it to nearby home sales. The best price usually comes from showing investors verified numbers while the home still holds up against residential comps.
We build an offering memorandum for STR listings with actual booking and expense history, labeled clearly as actuals versus projections. Our current 3324 SE 24th Ave listing, for example, is marketed on $147,984 of trailing-twelve-month gross revenue.
Does my Portland short-term rental permit transfer to the buyer?
It depends on the permit. Portland's standard accessory short-term rental permit is tied to a host who lives on site, so an investor buyer can't run the home as a full-time Airbnb under it. That home should be priced as a home.
Properties approved for transient lodging, the hotel-style use that allows year-round rentals with no one living on site, are different. Since Ordinance 192004 in December 2024, new conversions have to meet hotel-grade fire and life-safety standards, so an existing approval is rare and worth highlighting. We pull the permit history from PortlandMaps so buyers can verify it themselves.
What about selling a short-term rental cabin on Mt. Hood?
In unincorporated Clackamas County, which covers most of the Mt. Hood corridor, a short-term rental registration terminates automatically when the property transfers. The buyer applies for a new one, and a new registration requires an approved Land Use Compatibility Statement from county planning first.
Sellers who show the current registration, zoning, septic records, and parking that matches the sleeping areas give buyers far fewer reasons to discount. A cabin advertised as sleeping twelve needs the septic capacity, off-street parking, and egress to back that up.
What happens to future Airbnb bookings when I sell?
Airbnb listings, reviews, and reservations stay with the host account, not the property, so they don't transfer to a buyer. Plan for it early: decide how far out to keep accepting reservations, and agree with the buyer on how guests booked after closing will be handled.
We'll work through the handoff with you and the buyer so guests aren't stranded and nobody is surprised at closing.
What should I have ready before listing my Airbnb?
Twelve to twenty-four months of booking statements from each platform, an expense ledger (cleaning, management, utilities, supplies, repairs, lodging taxes), your permit or registration documents, and an inventory of the furnishings you plan to include.
Selling a rental can trigger depreciation recapture, and some sellers use a 1031 exchange. Talk to your CPA before you list so the timing works for your taxes.
Who should I hire to sell my short-term rental in Portland or on Mt. Hood?
Someone who can underwrite the property the way an investor will and who knows which permits hold up. Jacob Serrill is a Portland broker with Kelly Right Real Estate who owns and operates short-term rentals and works alongside Simply Vacation Rental Management, so your listing reaches buyers who already want an STR.
Call or text (503) 780-7521 for a pricing conversation based on your actual numbers.
Short-Term Rentals We're Marketing Now
$1,195,000
3324 SE 24th Ave,
Portland, OR 97202
Beautifully updated SE Portland property with multiple income streams - a 4BD/2BA main home plus three detached tiny homes, each with full utility hookups and private access. Zoned CM2 and permitted for year-round short-term rental use.
- · 1,160 SF main house + three detached tiny homes (1,640 SF total across all structures)
- · Zoned CM2 - permitted for year-round short-term rental use
- · Renovated kitchen & baths, new electrical, plumbing, mini-splits, and fire suppression
$850,000
9647 SW Capitol Hwy,
Portland, OR 97219
Three furnished, permitted short-term rental studios in SW Portland. The trailing twelve months grossed $113,233 across 937 booked nights, with $76,405 of NOI, a 9.0% cap at the asking price. Turnkey, with all furniture and fixtures included in the sale.
- · $113,233 trailing-12 gross, $76,405 NOI, 9.0% cap
- · Permitted for year-round short-term rental use
- · Turnkey and fully furnished, every fixture included in the sale
$584,000
71010 E McFarland Rd,
Rhododendron, OR 97049
Mt. Hood cabin in ZigZag, about 200 yards from public access to the Zigzag River and under an hour from Portland, 12 minutes from Skibowl and 30 from Timberline. Renovated 3-bedroom, 1-bath, 1,468 sf cabin with vaulted cedar interiors, a skylit kitchen, woodburning stove, clawfoot tub and an outdoor hot tub on the deck, plus a separate detached sleeping space. It has operated as a short-term rental with documented income, and conveys as seven platted lots on three tax parcels, 0.385 acres in all.
- · Operated as a short-term rental with documented income, OM available
- · Seven platted lots on three tax parcels, 0.385 acres, sold together
- · Renovated by current owner: 2022 septic with completion certificate, refinished floors, full repaint, new plumbing, partial electrical
Jacob Serrill
Broker · Kelly Right Real Estate
Jacob is a Portland broker who owns and operates short-term rentals himself. He works alongside Simply Vacation Rental Management, which runs 300+ short-term rental doors across Portland and Mt. Hood, so buyers get underwriting based on real booking data from homes already operating.
Tell Us About Your Property
Address, how long it's been running, and roughly what it grosses. We'll come back with how we'd price and market it.
General information only, not legal, tax, or zoning advice. Short-term rental rules change; verify permits and registration for any specific property with the city or county before you buy. Rental income is never guaranteed.
Real estate brokerage services provided by Jacob Serrill, Broker · Kelly Right Real Estate · 1011 SE Oak St, Portland OR 97214 · (503) 780-7521. Short-term rental management is provided by an affiliated management group. Equal Housing Opportunity.