How to Buy an Investment Property in the Hocking Hills: A Guide for Investors

Buying an investment property in the Hocking Hills is very different from buying a traditional home. You’re not simply looking for the right property at the right price. You’re evaluating both real estate and a business.

Location, rental potential, short-term rental regulations, amenities, access, financing, operating expenses, existing bookings and even something as seemingly simple as the driveway can affect whether a property makes sense as an investment.

If you’re buying from out of state, there are additional considerations. Many investors purchase properties in the Hocking Hills area from hundreds or even thousands of miles away, sometimes without ever seeing the property in person before closing.

Whether you live nearby or across the country, understanding the process before you begin can help you make better decisions, evaluate opportunities more carefully and ultimately choose a property that fits your investment goals.

Here’s what to consider when buying an investment property in the Hocking Hills.

1. Define Your Investment Strategy

Before you begin searching for properties, you need to understand what you’re actually trying to accomplish with the investment.

Budget is an obvious place to start, but the purchase price is only one part of the equation. Your total investment may also include your down payment, closing costs, cash reserves, immediate repairs or improvements and, if the property isn’t being sold turnkey, the cost of furnishing and preparing it for guests.

Ask yourself what’s most important to you in an investment property.

Are you primarily looking for cash flow? Long-term appreciation? A vacation property your family can enjoy several times a year while rental income helps offset the cost of ownership? Are you hoping to eventually build a portfolio of short-term rentals?

The size and style of property you’re considering should also fit those goals. A one or two-bedroom cabin is a very different investment from a five or six-bedroom property designed for larger groups. Smaller cabins generally require less capital upfront, while larger properties may command significantly higher nightly rates and gross revenue but also come with higher acquisition and operating costs.

Once you know the answers to these questions, you can narrow your search based on your goals instead of simply looking at every cabin that happens to hit the market.

2. Understand Location Within the Hocking Hills Area

One of the first things investors need to understand is that the Hocking Hills is a region, and not a small or uniform vacation-rental market.

Where a property is located can affect the guest experience, accessibility, nearby attractions and potentially its profitability.

Properties near major Hocking Hills State Park attractions such as Old Man’s Cave and Ash Cave can be especially appealing to visitors who come specifically for the hiking trails, caves and other natural attractions the area is known for. Being close to these attractions doesn’t necessarily mean sacrificing privacy or seclusion. Many properties within just a few miles of the park still offer wooded settings, acreage and the private cabin experience guests expect when visiting the Hocking Hills.

Other parts of the region attract visitors for different reasons. Properties closer to Wayne National Forest, for example, may appeal to guests interested in ATV riding, hunting and other types of outdoor recreation.

Properties closer to Logan and Lake Logan offer another type of convenience, with easier access to restaurants, grocery stores, shopping and other amenities while still keeping guests within easy driving distance of many of the area’s attractions.

There isn’t one location that is automatically best. The better question is whether the location fits the property, the guests you’re trying to attract and your investment strategy.

There are practical considerations, too. How accessible is the property? Is the driveway steep or difficult to navigate? How close are the neighboring properties? What surrounds the property? Does it actually feel private when you’re sitting on the deck?

Those details matter in a vacation-rental market.

3. Research Short-Term Rental Regulations

Short-term rental regulations are an increasingly important consideration when purchasing an investment property in the Hocking Hills, and the rules aren’t necessarily the same from one property to another.

A property located within the City of Logan may be subject to different requirements than one located in an unincorporated area of Hocking County. Regulations can also change, making it important to research the rules that apply to a particular property before getting too far into the buying process.

It’s important for investors to understand whether a property can legally be operated as intended, what permits or registrations may be required and whether there are property-specific requirements that could affect the investment.

For more information on current and proposed short-term rental regulations in the Hocking Hills area, read my guide, Hocking Hills Short-Term Rental Regulations: What Investors Need to Know.

4. Explore Your Financing Options

There are a variety of financing options available when purchasing an investment property, including some that aren’t typically available when purchasing a primary residence.

Conventional investment-property financing is one option. Similar to financing a primary residence, the lender evaluates the borrower’s income, debt, credit history and overall financial qualifications, although investment-property loans generally have different down-payment and lending requirements.

DSCR loans have also become a popular financing option for real estate investors. DSCR stands for debt service coverage ratio, and rather than qualifying primarily on the borrower’s personal income, these loans focus more heavily on the property’s ability to generate enough income to support its debt.

That can make DSCR financing especially appealing to self-employed investors, buyers who already own multiple investment properties or investors who prefer financing that focuses more heavily on the property’s income-producing potential.

Lenders can differ considerably in how they evaluate short-term rental income, projected revenue, borrower qualifications and the property itself. Working with a lender who understands investment properties and short-term rentals can help you understand your financing options and establish a realistic budget before you begin seriously shopping for properties.

5. Work With an Agent Who Understands Hocking Hills Investments

Buying an investment property in the Hocking Hills involves considerations that simply don’t come up in a typical residential transaction.

An agent working with short-term rental investors should understand more than comparable sales and the local housing market. They should understand the investment side of the property as well.

How does the property fit within the local vacation-rental market? Does the location make sense for the guests you’re hoping to attract? Does the layout work well for the number of guests the property can accommodate? Are there opportunities to improve the guest experience or add amenities? Are there access concerns? What questions need to be asked about permits, septic and well systems, existing rental history, operating expenses or future bookings?

Most importantly, does the property make sense for your particular investment goals?

When working with investors, my goal is to provide as much information and insight as possible so my clients can make informed decisions and choose the investment property that best aligns with their individual goals.

6. Tour and Evaluate Potential Properties

If you’re purchasing from outside the Hocking Hills area, there are a couple of ways to approach touring properties.

Some investors prefer to travel to the area and see potential properties in person. Before making the trip, you and your agent can narrow the available options based on your investment goals, budget and the properties that appear to be the strongest possibilities.

Showings can then be scheduled in advance so your time in the Hocking Hills is spent touring a carefully selected group of properties rather than trying to see everything on the market.

I have investor clients who come into town for a day or a weekend, and we spend that time touring the properties we’ve identified in advance. By the end of the trip, they usually have a much clearer idea of which properties they want to consider more seriously.

The rest of the transaction does not require you to remain in Ohio. Offers, contracts and other documents can generally be handled electronically, making it possible to complete much of the buying process from home.

Other investors choose to purchase completely remotely. I’ve worked with clients who have purchased properties from thousands of miles away without ever stepping inside the property themselves.

When touring on behalf of a remote investor, the goal is to document much more than what appears in the listing photos.

That includes the road and driveway, access to the property, surrounding properties and proximity of neighbors, the yard and acreage, exterior condition, decks, garages and outbuildings, mechanical systems, storage areas and interior details that may not have been included in the listing photography.

Listing photos and marketing videos are designed to showcase a property’s best features. A buyer-focused walkthrough serves a different purpose. It should give the investor a more complete picture of the property, including details that may be difficult or impossible to evaluate from the listing alone.

For my remote clients, I provide extensive video from the property along with notes about anything I notice that may deserve a closer look. We can then discuss the property and any questions or concerns before deciding whether to move forward.

A remote walkthrough is not a substitute for a professional inspection. It is another way to gather information and help an investor make an informed decision when they can’t physically be at the property themselves.

7. Evaluate the Property and the Numbers

Once you’ve identified a property you’re seriously considering, it’s time to dig deeper into both the property and its financial potential.

If the property is already operating as a short-term rental, ask your agent to obtain as much historical information as the seller is willing and able to provide. That may include gross rental revenue from the previous two or three years, occupancy information and operating expenses.

Property taxes, insurance, utilities, cleaning and turnover costs, management fees, lawn care, snow removal, maintenance, repairs, supplies and other recurring expenses all affect the actual return on an investment.

Historical performance can be extremely useful, but it shouldn’t be the only factor used to determine a property’s future potential.

The current owner may not be operating the property to its full potential. Management, marketing, photography, pricing strategy, amenities, guest experience and availability can all affect rental performance. A property with underwhelming historical numbers may have opportunities for improvement, while strong past performance doesn’t guarantee that a future owner will achieve identical results.

The property itself also needs to be considered. Bedroom count, guest capacity, location, acreage, privacy, views, layout and amenities can all influence how well a short-term rental competes within the Hocking Hills market.

Gross revenue is only one number. The more complete the information you gather, the better equipped you’ll be to determine whether the property fits your investment strategy.

8. Make an Offer on Your Hocking Hills Investment Property

Once you’ve evaluated the property and decided it makes sense for your goals, it’s time to prepare an offer.

Price is obviously an important part of the negotiation, but an offer on an operating short-term rental can involve additional details that don’t typically come into play when purchasing a primary residence.

Furniture and Contents

Many Hocking Hills short-term rentals are sold furnished or turnkey, but the purchase contract should clearly identify what is included in the sale.

Furniture, appliances, kitchen items, linens, rugs, décor, outdoor furniture and other contents can represent a significant expense if they need to be replaced. Both buyer and seller should have a clear understanding of what stays with the property and what the seller intends to remove.

Existing and Future Bookings

An active short-term rental may already have guest bookings extending beyond the anticipated closing date.

Those future stays need to be addressed as part of the transaction. Depending on the situation, there may be questions involving whether reservations can be transferred, who communicates with upcoming guests, how payments are handled and how the transition between owners will take place.

Addressing those details before closing can help avoid confusion for the buyer, seller and guests.

Possession and Transition

The timing of possession can also be particularly important when purchasing an operating rental property.

The contract should clearly address when the buyer takes possession and any arrangements necessary to transition the property from the current owner to the new owner.

A well-structured transaction should give everyone a clear understanding of what happens before, during and after closing.

9. Schedule Inspections and Complete Additional Property Research

Once your offer has been accepted, you’ll have an opportunity to learn even more about the property before closing.

A professional home inspection is an important part of that process. Depending on the property, additional inspections or research may also be appropriate for items such as the septic system, well, utilities, access, permits or other property-specific concerns.

Rural properties and cabins can come with considerations that buyers may not encounter in a typical subdivision.

This is also the time to further investigate concerns identified during an initial showing or remote walkthrough. If something about the property appears questionable or deserves additional attention, the appropriate inspector or qualified professional can provide more information.

The purpose of this part of the transaction isn’t to determine whether a property is perfect. Very few properties are. It’s to gather the information necessary to understand the property’s condition and make an informed decision before closing.

10. Prepare for Ownership and Operations

While you’re working toward closing, it’s also time to begin preparing for what happens after you own the property.

A short-term rental requires a local team and reliable systems, particularly if you live outside the Hocking Hills area.

Cleaning and guest turnover, routine maintenance, lawn care, snow removal, hot tub service and repairs all need to be handled consistently. If the property needs improvements or new amenities, contractors may need to be scheduled as well.

Investors also need to decide whether they plan to self-manage the property or hire a professional property-management company. That decision will affect how much of the day-to-day operation you’ll need to coordinate yourself.

For clients who plan to self-manage, I can also help connect them with trusted local vendors and resources for many of the services needed to operate a short-term rental in the Hocking Hills area.

Getting those relationships and systems in place before closing can make the transition into ownership considerably smoother.

11. Close on Your Hocking Hills Investment Property

Once inspections, financing and the remaining details of the transaction are complete, it’s time to close on your investment property.

A typical financed real estate transaction may take approximately 30 to 45 days from an accepted offer to closing, although every transaction and financing situation is different.

Depending on how possession is structured, closing may also mark the point when you officially take ownership and begin transitioning the property into your own operation.

A turnkey short-term rental that is already furnished and operating may require a relatively short transition. A property that needs renovations, furnishings, new amenities, professional photography or an entirely new rental setup will naturally take longer before it’s ready to welcome guests.

Once closing is complete and the property is officially yours, the buying process is over. Now the work of owning and operating your Hocking Hills investment begins.

Frequently Asked Questions

Is the Hocking Hills a good short-term rental market?

The Hocking Hills has become an established Midwest vacation destination that attracts millions of visitors, but that doesn’t mean every property in the area is automatically a good investment.

Purchase price, location, amenities, management, operating expenses and the investor’s individual strategy all matter.

For a more detailed look at the market, tourism, property values and the larger investment case, read Investing in Hocking Hills Real Estate.

How much rental income can a Hocking Hills short-term rental generate?

There isn’t one revenue number that accurately represents every property in the market.

Bedroom count, guest capacity, amenities, location, management, pricing and the overall guest experience can all have a significant effect on gross rental revenue.

For real examples and a more detailed discussion of earning potential, read Hocking Hills Short-Term Rental Income: How Much Can You Really Earn?

Do short-term rental regulations vary throughout the Hocking Hills area?

Yes. Regulations can differ depending on exactly where a property is located, including whether it is within the City of Logan or an unincorporated area of Hocking County.

Because regulations can change, investors should verify the requirements that apply to a particular property before purchasing.

For more information, read Hocking Hills Short-Term Rental Regulations: What Investors Need to Know.

Do I need an agent who specializes in Hocking Hills investment properties?

Working with an agent who regularly works with short-term rental investors can provide insight that goes beyond a traditional residential transaction.

Investment buyers need to consider rental potential, local regulations, historical revenue and expenses, existing bookings, furnishings, guest appeal, amenities and operational considerations in addition to the real estate itself.

Can I buy a Hocking Hills investment property without seeing it in person?

Yes. Many investors purchase properties in the Hocking Hills area remotely.

A detailed agent walkthrough, extensive video, professional inspections and additional property research can allow an investor to evaluate a property without traveling to Ohio for every showing.

Investors who prefer to visit in person can also narrow their options in advance and schedule multiple property tours during a day or weekend in the Hocking Hills area.

What happens to future bookings when I purchase an active short-term rental?

Existing and future bookings should be discussed before closing and addressed as part of the transaction.

Depending on the property and how the rental is currently managed, considerations may include whether bookings can be transferred, communication with future guests, payments already collected and the timing of the transition between owners.

What financing options are available for a Hocking Hills investment property?

Investors may have several financing options depending on their financial situation and the property.

Conventional investment-property financing is one option, while DSCR loans are also popular with real estate investors because qualification focuses more heavily on the property’s ability to generate income.

A lender experienced with investment properties and short-term rentals can help determine which financing options are appropriate for your particular situation.

How long does it take to close on an investment property?

A typical financed transaction may take approximately 30 to 45 days after an offer is accepted, although financing type, inspections, appraisal requirements and other factors can affect the timeline.

Considering a Hocking Hills Investment Property?

You don’t have to live in the Hocking Hills, or even in Ohio, to invest here successfully.

What you do need is good information and people on the ground who understand the market.

I work with both local and out-of-state investors throughout the buying process, from identifying properties that fit their investment goals and evaluating potential performance to touring properties on their behalf, negotiating the details unique to short-term rental purchases and helping connect them with local resources after closing.

The goal isn’t simply to buy a property. It’s to understand what you’re buying, how it fits into the Hocking Hills rental market and whether it makes sense for the investment you’re trying to build.

If you’re considering purchasing a short-term rental or vacation property in the Hocking Hills area, I’d be happy to talk with you about what you’re looking for and help you determine your next step.

Explore Hocking Hills Investment Properties

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Jennifer Kitchen

REALTOR® | MBA | RSPS

Thinking about investing in Hocking Hills? Whether you're buying your first short-term rental or expanding your portfolio, I'm happy to answer your questions and help you evaluate properties with confidence.

Contact Me