Thinking about buying or optimizing a short-term rental near Marshall in Madison County, but not sure how to benchmark performance? You are not alone. In rural mountain markets, good comps are harder to find and pricing swings with the seasons. In this guide, you will learn a practical workflow to pull accurate STR comps, adjust for amenities like river access or a hot tub, and build realistic revenue projections for the High Country around Marshall. Let’s dive in.
What STR comps are and why they matter
An STR comp is a nearby listing with similar attributes used to estimate your price and performance. Strong comps help you set nightly rates, forecast occupancy, and plan cash flow. You will rely on a few core metrics that travel with you across properties and seasons.
- ADR: Average Daily Rate, or total rental revenue divided by booked nights.
- Occupancy: Booked nights divided by available nights.
- RevPAR: Revenue per available room, calculated as ADR times occupancy. This is a quick way to compare earning power.
- Gross revenue: ADR times booked nights.
- Net operating income: Gross revenue minus variable costs and taxes.
You will also look at cleaning fees, minimum stays, guest capacity, and review count. These details can raise or lower realized performance even when ADR looks the same.
The metrics to track
Collect a small set of consistent KPIs for each comp:
- ADR by season or sample dates
- Occupancy or an observed proxy from the calendar
- RevPAR for apples-to-apples comparisons
- Minimum nights and cancellation policy
- Cleaning and extra guest fees
- Max guests and sleeping layout
- Number of reviews and last review date
Keep your dataset tight and repeatable. Consistent inputs make your adjustments more reliable.
Tools and data sources
Use a blend of paid historical data and public listing intel. Paid data tightens accuracy. Public listings add current pricing and context.
Paid market analytics
- AirDNA for market-level ADR, occupancy, RevPAR, and seasonality.
- AllTheRooms or Transparent for alternative market datasets and listing-level views.
- Mashvisor or pricing tools like Beyond for added benchmarking and pricing signals.
Public listing platforms and maps
- Airbnb, VRBO, Booking.com, and Expedia for live pricing, amenities, calendars, and reviews.
- Google Maps and Street View to confirm location context, drive times to Asheville, river access points, and trailheads.
Local records and compliance checks
- Madison County tax assessor and Town of Marshall records for parcel details and property facts.
- NC Department of Revenue, Madison County, and the Town of Marshall for lodging and sales tax registration, plus any STR permits and inspections.
- Local property managers for on-the-ground occupancy and seasonal insights.
Step-by-step workflow for Marshall
1) Define your subject property
Be precise before you search. Note the property type, bedrooms and baths, max guests, square footage, and whether it is a whole-home rental. List key amenities like a hot tub, river access on the French Broad, mountain views, firepit, pet friendly, and parking. Include any unique features, recent renovations, minimum-night rules, and whether you will self-manage or hire a manager.
2) Pick a smart search radius
Rural mountain supply can be thin. Start with 5 to 15 miles around the subject. Expand to 20 to 40 miles if you need more comps. Anchor your radius to drive time instead of a rigid circle because guests care about the trip to Asheville, trailheads, and river launches. In most cases, you will consider properties within 30 to 90 minutes drive depending on guest expectations.
3) Filter for true comps
Keep must-match factors tight:
- Bedrooms, baths, and max guests
- Property type and whether it is a whole-home rental
- Similar top amenities like hot tub, river or trail access, yard or privacy
Then weigh secondary factors like renovation level, driveway access, parking, and distance to town. If a comp sleeps more people through bunk beds or sleeper sofas, flag that difference for an adjustment.
4) Collect the right data
Use a spreadsheet and create columns for:
- Platform and listing URL
- Bedrooms, baths, max guests, and type
- ADR for sample weekday, weekend, peak, and off-peak dates
- Cleaning fee, extra guest fee, deposits
- Minimum nights and cancellation policy
- Calendar availability for the last 90 to 365 days
- Reviews and last review date
- Notes on amenities, views, riverfront, pet policy, and photography quality
From public calendars, you can count blocked versus open days for an occupancy proxy. Remember that blocked dates are not always paid nights. Cross-check with review cadence and paid data when possible.
5) Check seasonality for Marshall
Expect peak demand from late spring through fall, with the highest ADRs during fall foliage weeks. Summer tends to be strong for river trips and family escapes. Winter includes certain holiday weekends and can be mixed otherwise. Use a paid data source to verify monthly ADR and occupancy and to align your pricing with real seasonality.
6) Adjust your comps
Normalize each comp to your subject with a consistent method. You can use percentage or flat-dollar adjustments. Apply adjustments to ADR and, where relevant, occupancy.
Suggested ranges to test and verify with local data:
- Hot tub: plus 5 to 20 percent ADR
- Direct river access or private waterfront: plus 10 to 30 percent ADR
- Big mountain view or strong privacy: plus 5 to 25 percent ADR
- Pet friendly: plus 3 to 10 percent ADR or higher occupancy
- Extra bedroom: increase ADR by a fixed amount or 5 to 15 percent per added bedroom
Document each adjustment and why you used it. Keep the logic consistent across every comp.
7) Build your comp set and projections
Shortlist 5 to 12 of the closest matches. Calculate averages and medians for ADR, occupancy, and RevPAR. Medians help reduce outlier noise. Then build at least three scenarios:
- Conservative: lower ADR and lower occupancy
- Base case: median ADR and occupancy
- Aggressive: higher ADR and higher occupancy
Break pricing into high, shoulder, and low seasons, or map it month by month. This helps you set dynamic rates and minimum-night rules that match real demand.
8) Model revenue and net income
Project gross revenue as ADR times available nights times occupancy. Net out variable expenses like cleaning, utilities, platform and management fees, insurance, maintenance, and supplies. Include property taxes and lodging or sales taxes. Track whether cleaning fees are collected from guests because that can offset the cleaning expense.
Add a simple cash flow view so you can study seasonality and reserves. If your property has winter access challenges or well and septic considerations, reflect that in occupancy or pricing for those months.
Local factors to account for
Demand drivers near Marshall
Guests come for mountain recreation, river activities, and day trips to Asheville. Reviews often mention hiking, fishing, kayaking on the French Broad, nearby trailheads, and local festivals. If a comp markets easy access to a river launch or a popular trail, weight that in your adjustments.
Seasonality patterns
Spring through fall usually carries the highest occupancy and ADR, with foliage weeks peaking in early to mid fall. Summer is attractive for water and family travel. Winter weekends can still pop during holidays. Confirm with paid market data rather than relying on listing prices alone.
Access, utilities, and guest experience
In mountain areas, the guest experience depends on practical details. Consider driveway grade, road clearing in winter, parking capacity, and whether your property uses well and septic. These factors can influence occupancy and reviews, which flow through to RevPAR.
Rules, taxes, and insurance
Short-term rental requirements are set by the Town of Marshall and Madison County. Before operating, confirm registration steps, zoning allowances, safety inspections, and any caps that may apply. Hosts typically register for state sales tax and local occupancy tax and remit to the NC Department of Revenue and local authorities. Insurance for STR use is often different from a standard homeowners policy and may require a specific endorsement. Always verify current rules and rates before finalizing your projections.
Common pitfalls to avoid
- Treating listing prices as realized ADR. Discounts and last-minute changes often reduce headline rates. Lean on paid historical data for a clearer picture.
- Assuming blocked dates are paid bookings. Owners block calendars for personal use or renovations.
- Working with too few comps. If supply is thin, expand your radius by drive time. Make sure visitor profiles are similar.
- Ignoring hidden fees. Cleaning and extra guest fees impact guest decisions and net revenue.
- Overlooking management differences. Professional management can lift occupancy but with higher fees. Net performance matters.
- Mixing platform data without care. The same home can perform differently on Airbnb versus VRBO. Consider platform mix when you compare.
Quick checklist
- Define the subject precisely, including amenities and guest capacity.
- Search within 5 to 15 miles, then expand to 20 to 40 miles using drive time.
- Pull 5 to 12 close comps that match beds, baths, property type, and key amenities.
- Gather ADR, occupancy proxy, RevPAR, cleaning fee, minimum nights, and reviews.
- Verify seasonality with a paid data source if possible.
- Adjust for hot tub, river or trail access, views, pet policy, and extra bedrooms.
- Build conservative, base, and aggressive scenarios by season.
- Confirm local permits and taxes with Marshall and Madison County.
- Model gross and net revenue and document every assumption.
Helpful visuals to include in your analysis
- A simple comp spreadsheet with anonymized listings and adjustment notes
- A seasonality chart with monthly ADR and occupancy
- A map showing comp locations and drive times to Asheville and river access points
- A short permit and tax registration checklist
What to do next
- Draft your initial comp set and run baseline projections. 2) If possible, purchase a paid market report for Marshall or Madison County to validate ADR and occupancy by month. 3) Call the Town of Marshall and Madison County to confirm current STR rules and lodging tax obligations and to check any HOA restrictions if applicable. 4) Speak with one or two local property managers to sanity-check your scenarios. 5) Finalize your pricing and minimum-night strategy with clear season buckets.
If you want a second set of eyes or need a full underwriting package, connect with our team. We specialize in sourcing, underwriting, and STR guidance across Western North Carolina. For a tailored comp study and revenue model for your property near Marshall, reach out to Levi Bennett.
FAQs
How many short-term rental comps do I need for Marshall?
- Aim for 5 to 12 close matches that align on beds, baths, property type, and key amenities like hot tub or river access.
How far should I search for comps in rural mountain areas?
- Start within 5 to 15 miles, then expand to 20 to 40 miles using drive time to Asheville, trailheads, and river launches as your guide.
Which STR metrics matter most when comparing comps?
- Focus on ADR, occupancy, and RevPAR, and also track cleaning fees, minimum nights, guest capacity, and review recency.
How do I account for seasonality in Marshall and Madison County?
- Use monthly ADR and occupancy from a paid data source, or at least split your pricing into high, shoulder, and low seasons that reflect spring through fall peaks and holiday winter weekends.
Where do I verify taxes and permits for a Marshall STR?
- Check the Town of Marshall and Madison County offices for STR rules, then register and confirm lodging and sales tax requirements with the NC Department of Revenue.
Should I rely on listing prices or historical data for ADR?
- Use both. Paid historical data is better for realized performance, while public listings show current positioning and amenity details you need for adjustments.
