Ohio

Why physicians are looking at Put-in-Bay

Put-in-Bay is Lake Erie's island resort — the destination visitors ferry to for the full vacation experience, and the market where Ohio STR pricing power peaks. A $285 average nightly rate is a different business than the mainland's $165: guests arrive planning to spend, stays cluster around weekends and events, and a well-run property earns resort-grade revenue in a Midwest ZIP code.

The numbers, interpreted

Expect roughly $285/night at 62% occupancy — about $177 RevPAR and $5,301 in monthly gross revenue — against a $325,000 purchase, a 21.7× GRM and ~3.2% cap rate. The interpretation: top-line leadership with seasonal concentration. That $5,301/mo is an annualized figure earned mostly while the ferries run full, so peak months must fund the whole year, and hospitality expenses — professional management, high-frequency cleaning, island logistics — come out before net. Across the water, Kelleys Island runs the quieter island trade at $185/night and $285,000, while Hocking Hills earns $245/night at 65% occupancy with no ferry involved. Put-in-Bay is the premium-ADR pick of the three — priced accordingly.

Costs and rules to underwrite

Ohio's 1.53% property tax rate runs roughly $4,970/yr on a $325,000 property, due year-round against seasonal income. Moderate Regs apply to short-term rentals: verify local rules — licensing, zoning, occupancy caps — in writing before closing. Resort islands manage tourism actively, and STR requirements can shift between seasons; address-level confirmation is non-negotiable diligence here. Insurance also deserves an early quote — resort-island properties carry hospitality-grade exposure, and premiums vary enough between carriers that shopping the policy is worth real money on a $325,000 asset.

Building your local team in Put-in-Bay

You wouldn't send a family-medicine doc into brain surgery, and you shouldn't hand a resort-island STR to a mainland long-term-rental manager — this is specialist work. The team makes or breaks the return: an on-island professional operator who can run event-weekend turnovers and dynamic pricing at the $285 ADR level, a realtor who knows island inventory and values on revenue, and furnishing capital committed up front — because guests booking a resort island compare listings side by side, and themed, amenity-rich properties capture the premium bookings that commodity units watch float past. Dr Home Investor introduces you to vetted local team members — including a Realtor match with boots on the ground — instead of a blind Google search across a market too small and specialized to guess at.

Bottom line

Put-in-Bay is Ohio's high-ADR island play: $325,000 in, roughly $5,301/mo gross annualized at $285/night, with resort demand concentrated into the ferry season. Underwrite the compression honestly, verify the STR rules first, and staff the operation like the hospitality business it is. Explore other Ohio markets for steadier-cadence alternatives. STR revenue is lumpy, and the write-offs matter — our tax strategies for physician investors covers the short-term-rental loophole physicians ask about most.