A Rare STR Opportunity in Southwest Bend
River Wild sits off the Cascade Lakes Highway in Southwest Bend, roughly a mile from the Deschutes River and close to Mount Bachelor Village. Homes here don't come up often, and when they do, they tend to move quickly. This 4-bedroom, 3-bath property — listed around $1,149,000 and approximately 3,500 square feet — has been sitting longer than you'd expect, which likely points to a pricing conversation worth having.
What makes River Wild stand out from an investment standpoint is straightforward: the city's 500-foot separation rule for short-term rentals does not apply here. That means this home can legally operate as a nightly rental, and that right is written into the neighborhood's character — not something you can purchase after the fact in most parts of Bend.
What the Numbers Look Like
Based on AirDNA data for comparable homes in the area by bedroom and bathroom count, gross rental revenue estimates run around $86,000–$87,000 per year. That's a starting point for underwriting, not a guarantee, but it reflects real comp data from similar properties in the same rental market.
River Wild skews toward snowbirds, vacation renters, and multi-use owners rather than full-time residents. That context matters when you're thinking about neighborhood dynamics, HOA expectations, and how a nightly rental fits into the fabric of the street.
What the Home Offers Investors
The exterior holds up well in Central Oregon's climate swings. Cement board siding and composite Trex decking are materials built to handle both the summer heat and winter cold without constant upkeep. The wraparound deck adds meaningful outdoor living space, which matters for short-term rental appeal even without a fenced backyard.
Inside, the home has good bones:
- Vaulted ceilings and floor-to-ceiling windows in the main living area
- Gas fireplace with tile surround
- Central forced-air heating and cooling throughout
- Solid wood floors on the main level
- Gas range, large kitchen island, and double-basin porcelain sink
- Primary suite on the main level with walk-in closet, dual vanity, and balcony access
- Two additional bedrooms upstairs with a full bath
- Below-grade finished space with egress that functions as an additional bedroom area
The finishes are largely original — almond fixtures, tile countertops, fiberglass tub surrounds — so a buyer should budget for cosmetic updates. One window seal appeared broken and would need replacement. The below-grade space is darker and more utilitarian, but it adds square footage and sleeping capacity, both of which matter for rental revenue.
Location Does a Lot of the Work
Renters coming to Central Oregon in the winter want proximity to Mount Bachelor. This neighborhood delivers that. In warmer months, the Deschutes River Trail is walkable from River Wild — no car required. The neighborhood is a loop with no through traffic, which keeps it quiet and makes it genuinely pleasant for guests who aren't familiar with Bend.
"The fact that it has rental history and will always have the value of being able to rent is a huge asset and something that you can't buy — you can't buy that written into your deed."
That's the core of the investment case here. STR-eligible properties in Bend are finite. River Wild is one of the few neighborhoods where that use is simply available to you as an owner, and that has lasting value regardless of what the short-term rental market looks like in any given year.
The Honest Tradeoffs
The home is priced at a level that warrants scrutiny — the fact that it's been on the market longer than typical for this area suggests the price may need to come down before the numbers pencil the way a buyer would want. Finishes are dated throughout and will require investment to maximize rental performance. The below-grade space, while functional, has limited natural light. And without a fenced backyard, families with young children or pets may find the outdoor setup less appealing.
None of those are dealbreakers, but they're worth factoring into your offer and your renovation budget.
Interested in This Property or Others Like It?
If River Wild fits your investment criteria — or if you want to understand how STR-eligible properties fit into a broader Central Oregon portfolio — come talk to us. The PRIMO Private Money Academy is a great place to build the foundation for deals like this, and our monthly investor meetup is where Bend-area investors connect, share what's working, and find their next opportunity. Reach out to Suzanne or Sarah to learn more about either.
