Bend is one of the few places where an STR can earn from two peak seasons, summer on the Deschutes and the Cascade Lakes and winter at Mt. Bachelor. It is also a city that caps where new whole-home vacation rentals can go, so the permit question comes first.
In short: LendingStreet finances Bend and Central Oregon short-term rentals with DSCR loans that can qualify on projected rental revenue on some programs, with no W-2s or tax returns. Loans start at $150,000, purchases go up to 80% LTV and the minimum credit score is 620. In Bend's residential zones, new non-owner-occupied whole-home rentals face permit and spacing limits, so confirm a permit is available for the address before you count nightly income.
The City of Bend requires a short-term rental permit and registration for transient room tax. In residential zones, the city has limited how close new whole-house rentals can be to existing ones, a spacing rule that has made new permits hard to get on many blocks in popular neighborhoods. Owner-occupied rentals and properties in some commercial and mixed-use zones are treated differently.
Because the rule depends on what already operates nearby, two houses on the same street can have different answers. Ask the city before you write an offer, and ask the seller whether an existing permit can continue under a new owner; do not assume it transfers.
If the Bend address you want cannot get a permit, the region has other choices. Sunriver, a resort community south of Bend in unincorporated Deschutes County, has a long history of vacation rentals, with owners association rules and fees. Black Butte Ranch near Sisters is another established resort setting.
Sisters, Redmond and La Pine each have their own permit and tax rules, and Deschutes County regulates rentals in unincorporated areas outside resort communities. Our Oregon short-term rental page covers the coast, Portland and other markets with different rules.
Bend revenue tends to be strongest from late June through Labor Day, when visitors come for river floating, mountain biking, the Cascade Lakes and events in the Old Mill District, and again from December through March for Mt. Bachelor. Late spring and late fall are quieter.
Late summer wildfire smoke can cut bookings in some years, and a property far from the mountain sees less winter demand. Revenue projections average all of this into a yearly figure, so read the monthly breakdown, not just the total.
| Season | Main draw | General pattern |
|---|---|---|
| Late June to early September | River, lakes, biking, events | Peak nightly prices and occupancy |
| Late September to November | Fall visitors, events | Quieter; weekends carry the month |
| December to March | Mt. Bachelor skiing, holidays | Second peak, strongest on the west side |
| April to mid June | Spring visitors | Shoulder season, variable |
This example is illustrative and not a quote. An investor buys a three-bedroom home for $725,000 in a location where the city confirms a whole-home permit is available. A third-party projection supports average revenue of $5,600 a month across the year.
At 75% LTV the loan is $543,750 and estimated principal and interest on a 30-year term is about $3,802. With taxes of $520 a month and insurance of $180, the payment is about $4,502 and DSCR is about 1.24x. At 70% LTV the loan is $507,500, principal and interest is about $3,549, the payment about $4,249 and DSCR about 1.32x. The extra cushion matters in a year with a weak ski season or a smoky August.
Oregon's Measure 50 limits growth in a property's assessed value to 3% a year in most cases, and the assessed value does not reset when a home sells. As a result, the tax bill on an older Bend home is often well below what a simple percentage of the purchase price would suggest, and the seller's bill is usually a reasonable guide.
New construction and major additions are different: they are added to the rolls using a ratio set by the county, so a new home's first full bill can surprise you. Confirm the current and expected tax with the Deschutes County Assessor. Deschutes County does not charge a real estate transfer tax.
Homes near the forest edge on the west side, on Awbrey Butte and in rural Deschutes County carry wildfire exposure, and insurers price it. Get a written quote that covers short-term rental use, since some standard policies exclude it, and ask about defensible-space requirements.
Winter brings snow loads, frozen-pipe risk and the need for snow removal between guests. Hot tubs, a popular Bend amenity, add maintenance and liability. Budget these costs before you rely on the projection.
Some investors buy in Bend anyway and rent for 30 days or more, which is generally outside short-term rental rules. Mid-term stays for traveling nurses at St. Charles Bend, remote workers and families relocating to the area can fill a furnished home for months at a time.
In that case, the loan would usually be underwritten on long-term or market rent rather than nightly projections. We can run both versions so you know whether the property works without a permit.
Send the address, price, the permit status from the city or county, and a third-party revenue projection. LendingStreet will check the ratio on the actual tax bill and an STR insurance quote and tell you whether the file fits an STR program or a standard DSCR loan.
Our investor loans are business-purpose loans on non-owner-occupied property. Call (877) 298-1001 or use the form below.
No. In residential zones, the city limits new whole-home rentals near existing ones. Availability depends on the address, so check with the city first.
Sunriver has a long history of vacation rentals in unincorporated Deschutes County. It has owners association rules, fees and county requirements to review before you buy.
On some programs, yes. A third-party revenue projection can stand in for a long-term lease. If it comes in low, see our page on low projections.
Do not assume it does. Ask the City of Bend whether the permit can continue after a sale before you rely on it.
The City of Bend transient room tax and the Oregon state lodging tax generally apply. County and resort-area rules differ outside the city.
Yes. STR refinances can use the property's actual booking history on some programs, with cash-out up to program limits.
No. Our investor loans are business-purpose loans on non-owner-occupied property. Every unit has to be held as a rental.
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