Confidential: For Qualified Investors Only
Payson STR Duplex: Investor Opportunity
2016 and 2018 E. Thunder Mountain, Payson, AZ 85541 · Sanctuary at the Rim · KnJT LLC
4.99 stars · 186 Airbnb reviews
10/10 VRBO
Forest access · premium lot position
No HOA rental restrictions
Separate deeds · sell combined or individually
5,000 ft elevation · Ponderosa forest
Zero marketing · self-managed
Two side-by-side short-term rentals on adjacent parcels in The Sanctuary at the Rim, one of Payson's most sought-after communities. Each unit sits on its own deed and parcel; sell combined or individually. Both are fully furnished and actively listed on Airbnb and VRBO with near-perfect ratings across hundreds of verified stays. The rear of both units opens directly to undisturbed Ponderosa forest, a rare feature in The Sanctuary at the Rim and a primary driver of guest satisfaction. Elk, deer, and other wildlife are regular visitors to the property. Current performance was achieved with zero marketing spend, no dynamic pricing tools, and personal-use dates reducing available nights throughout the year. A professional operator has clear, documented runway to materially exceed these results.
T-12 Portfolio Highlights (May 2025 to Apr 2026)
Gross revenue
$64,400
T-12 documented
NOI
$21,301
33.1% margin · after existing debt service
Blended occupancy
48.5%
354 nights / 84 bookings
Blended ADR
$182
P&L basis, net of platform fees
Financial Summary: T-12 Actual vs. Pro Forma
Revenue is net of platform fees and taxes, per KnJT LLC P&L (May 2025 to Apr 2026). Pro forma assumes $214 ADR and 60% occupancy; see basis below. The P&L includes mortgage payments on the existing loan. A buyer's debt service and returns will depend on their own financing and management approach.
Why This Pro Forma Is Conservative
- The $214 ADR is not a projection -- it is already happening. A verified comparable home in The Sanctuary at the Rim, same floor plan, is actively booking at $214/night today. No assumptions required.
- 60% occupancy requires no marketing spend. Current blended occupancy of 48.5% was achieved with personal-use holds blocking availability throughout the year. Remove those blocks and occupancy closes most of the gap on its own.
- Neither unit has ever used dynamic pricing. Tools like PriceLabs and Wheelhouse are industry standard for STR operators and typically increase ADR by 10 to 20% without adding a single booking. The pro forma does not assume any benefit from these tools.
- 4.99 stars and 10/10 ratings are already established. A new owner inherits a fully-built reputation with 186 Airbnb reviews and a perfect VRBO score. No ramp-up period, no reputation risk.
Per-Unit Revenue Breakdown
2016 E. Thunder Mtn (2BR/2.5BA)
$26,155
149 nights · 44 bookings · $176 ADR · 40.8% occ
2018 E. Thunder Mtn (3BR/2BA)
$38,245
205 nights · 40 bookings · $187 ADR · 56.2% occ
Combined
$64,400
354 nights · 84 bookings · $182 blended ADR
Platform Performance
Airbnb (both units)
44 bookings
223 nights · 4.99 stars · 186 reviews
VRBO (both units)
40 bookings
131 nights · 10/10 perfect score
Management
Self-managed
Zero marketing spend on P&L
Comparable Sales
Single unit sale · identical next-door home · Sanctuary at the Rim
$440,000
Sold August 2024 · verified STR · similar performance · Zestimate now $408,300
Single unit sale · same subdivision · same build · backs to main road
$386,000
Sold April 2025 · inferior lot position · not confirmed as STR
Single unit listing · across street · similar sq ft
$375,000
No landscaping · no forest access · minimal lot
Our homes share the same layout and forest setting as the $440K August 2024 sale right next door. Where ours stand out is in the finished details: direct forest walk-out access, more developed landscaping, and paver patios, along with a documented income-producing STR business with near-perfect platform ratings that sale did not carry. All three comparables are single-unit sales. At $790,000 for both units combined (below the sum of individual asks), the implied per-unit price of $395,000 is within range of the strongest single-unit comp before any premium for the STR income history, forest walk-out access, and finished lot advantages.
Asking Price
Combined: both units, real estate only
$790,000
Both parcels · both units · as-is · separate deeds · below sum of individual asks
Turn-key STR business package
$810,000
Adds $20k to combined real estate price · includes all furnishings, supplies, listing content, and full operational handoff · buyer steps in day one
Return Metrics
Cap rate = NOI / asking price. Cap rate calculated at $790,000 combined ask. Pro forma based on documented $214/night comparable in Sanctuary at the Rim. Actual reflects self-managed, zero-marketing, personal-use-constrained performance.
Untapped Upside
- Zero marketing spend: $0 on P&L; all revenue is organic with no paid channels
- No dynamic pricing tools used (PriceLabs, Wheelhouse, etc.): ADR documented at $176/$187 vs $214 neighbor comparable in Sanctuary at the Rim
- 4.99 stars and 10/10 ratings already established: buyer inherits the reputation with no ramp-up period
- 48.5% blended occupancy with personal-use blocks reducing availability: full availability adds meaningful upside
- Owner disclosure: operated to offset carrying costs, not as an optimized STR business; a buyer with a yield-focused approach has clear, immediate runway
What Guests Are Saying
AIRBNB · 5 STARS
"We loved our cozy stay at Thunder Mountain! The accommodations were exceptional: clean, comfortable, and thoughtfully designed with every detail in mind. It felt like a perfect blend of cozy retreat and elevated experience. Waking up each morning to the backyard view was so peaceful with an invitation to step outside and enjoy mature ponderosa trees and singing birds."
AIRBNB · 5 STARS
"We had a fantastic stay in Payson! The house was super clean, cozy, and exactly as described, or I should say even better than the photos! For anyone visiting Payson, whether for a quiet getaway or outdoor adventures, we highly recommend this house. We'd definitely stay here again!"
VRBO · 10/10
"My family and I had a wonderful stay at this property. The house was clean, quiet, and has a beautiful view. We 10/10 recommend staying here."
VRBO · 10/10
"This property was better than the pictures. Everything was top notch and beautiful. Absolutely would recommend this place and would rent it again."
What Transfers at Closing
Furniture and fixturesFurnished option only (see pricing)
Platform listing contentPhotos, descriptions, and review history available for new listings; accounts are not transferable per platform policy
Forward reservationsCoordinated per purchase agreement; dollar value available upon request
Cleaner contactsEstablished vendor relationships
Pricing strategyDocumented and transferable
Guest templatesMessaging and house rules
Property and Setting
Elk photographed from the back patio · wildlife access is a recurring guest highlight
.jpg "2018 unit rear paver patio with outdoor dining; direct forest access, no rear neighbors")
Confidential: for qualified investors only. All financial figures sourced from KnJT LLC P&L (May 2025 to Apr 2026). Revenue is net of platform fees and applicable taxes. Past performance does not guarantee future results. Pro forma figures are estimates only and reflect achievable results based on a documented comparable in Sanctuary at the Rim. Seasonality applies: Nov to Mar slowest; peak May to Oct. Both parcels (304-61-055 and 304-61-056) carry a recorded deed of trust held by a commercial lender, which will be satisfied from sale proceeds at closing. Individual unit sale requires a partial lien release from the lender prior to closing. Both units sit on separate deeds, which affects buyer financing and titling. Forward reservations are transferable to the buyer at closing; buyer assumes responsibility for honoring those reservations per the purchase agreement. TPT licenses are non-transferable; buyer must establish with the Arizona Department of Revenue. Short Term Rental licenses are non-transferable; buyer must reapply with the Town of Payson. Properties offered as-is. Buyers are encouraged to conduct independent due diligence.
Confidential: For Qualified Investors Only
2BR/2.5BA STR: 2016 E. Thunder Mountain, Payson AZ
Forest-backed · Patio and Garage · Self-managed · Zero marketing
2016 E. Thunder Mountain, Payson, AZ 85541 · Parcel 304-61-055 · KnJT LLC
4.99 stars Airbnb
10/10 VRBO
Most occupancy upside · 40.8% actual
Forest access · premium lot
2 bed · 2.5 bath · 1,340 sq ft · 2-car garage
The 2-bedroom, 2.5-bath unit in the portfolio with the most occupancy upside. At 40.8% occupancy on a self-managed, zero-marketing basis, a professional operator implementing dynamic pricing and active yield management has substantial runway. The rear of the unit backs directly to undisturbed Ponderosa forest, a premium lot characteristic shared by both units and a key driver of guest satisfaction. Elk and deer are regular visitors visible from the back patio. A documented comparable home in Sanctuary at the Rim achieves $214/night average; this unit's current $176 ADR reflects the gap available to a professional operator. Adjacent 3BR unit also available; combined purchase preferred.
T-12 Highlights (May 2025 to Apr 2026)
Gross revenue
$26,155
T-12 documented
Bookings
44
15 Airbnb · 29 VRBO
Occupancy
40.8%
149 nights booked
ADR
$176
vs $214 neighbor comp
Pro Forma Basis: $214 ADR / 60% Occupancy = $46,866 Revenue
- $214 ADR is already achieved by a verified comparable home in Sanctuary at the Rim with the same floor plan
- 40.8% occupancy reflects personal-use holds; removing those blocks closes most of the gap to 60%
- No dynamic pricing tools have ever been used; implementing them alone typically adds 10 to 20% to ADR
Platform Performance
Airbnb
15 bookings
58 nights
VRBO
29 bookings
91 nights
Ratings
4.99 / 10/10
Airbnb stars · VRBO score
Comparable Sales
Identical next-door home · same layout · Sanctuary at the Rim
$440,000
Sold August 2024 · verified STR · similar performance · Zestimate now $408,300
Same subdivision · same build · backs to main road
$386,000
Sold April 2025 · inferior lot position · not confirmed as STR
Across street · similar sq ft · active listing
$375,000
No landscaping · no forest access · minimal lot
This unit shares the same builder, layout, and forest setting as the $440K August 2024 sale right next door, with more developed landscaping, direct forest walk-out access, and a documented STR income history that sale did not carry. Asking $396,000 as a standalone unit; combined purchase with adjacent 3BR preferred at $790,000.
Asking Price
Real estate only
$396,000
Parcel 304-61-055 · subject to partial lien release · see disclosure
Furnished (RE + furnishings)
$406,000
Adds $10k · fully furnished as shown · move-in / operate-day-one ready
Combined duplex with 2018
$790,000 RE only
$810,000 fully furnished · both parcels · preferred transaction
Untapped Upside
- Zero marketing spend: $0 on P&L; all revenue is organic with no paid channels
- 40.8% occupancy is the most room to grow in the portfolio; personal-use holds reduced availability throughout the year
- 4.99 stars and 10/10 already established: buyer inherits a fully-built reputation with no ramp-up period
- Owner disclosure: operated to offset carrying costs, not as an optimized STR business
Exterior and Setting
Living Spaces and Common Areas
Primary Ensuite 1
Ensuite 2
Property Specs
Bedrooms2
Bathrooms2 full, 1 half
Living area1,340 sq ft
Garage2-car attached
PatioCovered front; paver rear
Ceiling height9 ft throughout
LaundryIn-unit; Samsung W/D
KitchenFull; stainless; island seating
Primary suiteKing; walk-in closet; ensuite
HVACSplit unit heat pump
HOANone
Parcel304-61-055
Confidential: for qualified investors only. All financial figures sourced from KnJT LLC P&L (May 2025 to Apr 2026). Revenue is net of platform fees and applicable taxes. Past performance does not guarantee future results. Seasonality applies: Nov to Mar slowest; peak May to Oct. Both parcels carry a recorded deed of trust held by a commercial lender, which will be satisfied from sale proceeds at closing. Individual unit sale requires a partial lien release from the lender prior to closing. Forward reservations are transferable to the buyer at closing; buyer assumes responsibility for honoring those reservations per the purchase agreement. TPT licenses are non-transferable; buyer must establish with the Arizona Department of Revenue. Short Term Rental licenses are non-transferable; buyer must reapply with the Town of Payson. Property offered as-is. Buyers are encouraged to conduct independent due diligence.
Confidential: For Qualified Investors Only
3BR/2BA STR: 2018 E. Thunder Mountain, Payson AZ
Cozy, Stylish and Wild · Near Nature Sanctuary · Self-managed · Zero marketing
2018 E. Thunder Mountain, Payson, AZ 85541 · Parcel 304-61-056 · KnJT LLC
4.99 stars Airbnb
10/10 VRBO
Highest revenue unit · $38,245
Forest access · premium lot
3 bed · 2 bath · 1,340 sq ft · 2-car garage
The higher-revenue unit in the portfolio at $38,245 for the T-12 period, with 56.2% occupancy and a $187 ADR on a fully self-managed, zero-marketing basis. This 3-bedroom, 2-bath home carries near-perfect platform ratings with the most bookings of either unit. A documented comparable home in Sanctuary at the Rim achieves $214/night average, with this unit's nicer finishes, including an updated glass-enclosed master shower and upgraded landscaping, providing a credible basis to reach or exceed that rate. The rear of the unit backs directly to undisturbed Ponderosa forest. Elk and deer are regular visitors visible from the back patio. Adjacent 2BR unit also available; combined purchase preferred.
T-12 Highlights (May 2025 to Apr 2026)
Gross revenue
$38,245
T-12 documented
Bookings
40
29 Airbnb · 11 VRBO
Occupancy
56.2%
205 nights booked
ADR
$187
vs $214 neighbor comp
Pro Forma Basis: $214 ADR / 60% Occupancy = $46,866 Revenue
- $214 ADR is already achieved by a verified comparable home in Sanctuary at the Rim with the same floor plan
- 56.2% occupancy with personal-use holds; removing those blocks gets this unit to 60% with minimal effort
- No dynamic pricing tools have ever been used; implementing them alone typically adds 10 to 20% to ADR
Platform Performance
Airbnb
29 bookings
165 nights
VRBO
11 bookings
40 nights
Ratings
4.99 / 10/10
Airbnb stars · VRBO score
Comparable Sales
Identical next-door home · same layout · Sanctuary at the Rim
$440,000
Sold August 2024 · verified STR · similar performance · Zestimate now $408,300
Same subdivision · same build · backs to main road
$386,000
Sold April 2025 · inferior lot position · not confirmed as STR
Across street · similar sq ft · active listing
$375,000
No landscaping · no forest access · minimal lot
This home shares the same builder, layout, and subdivision as the $440K August 2024 sale, with direct forest access, updated finishes, professional landscaping, and a documented STR income history that comparable sale did not carry. Asking $406,000 as a standalone unit; combined purchase with adjacent 2BR preferred at $790,000.
Asking Price
Real estate only
$406,000
Parcel 304-61-056 · subject to partial lien release · see disclosure
Furnished (RE + furnishings)
$416,000
Adds $10k · fully furnished as shown · move-in / operate-day-one ready
Combined duplex with 2016
$790,000 RE only
$810,000 fully furnished · both parcels · preferred transaction
Untapped Upside
- Zero marketing spend: $0 on P&L; all revenue is organic with no paid channels
- 4.99 stars and 10/10 already established: buyer inherits a fully-built reputation with no ramp-up period
- Updated finishes including glass-enclosed master shower and upgraded landscaping support premium ADR positioning
- Personal-use holds reduced available nights; removing them gets this unit to 60% occupancy with minimal effort
- Owner disclosure: operated to offset carrying costs, not as an optimized STR business
Exterior and Setting
Living Spaces and Common Areas
Primary Ensuite
Second Bedroom
Third Bedroom
Property Specs
Bedrooms3
Bathrooms2 full
Living area1,340 sq ft
Garage2-car attached
PatioCovered front; paver rear
Ceiling height9 ft throughout
LaundryIn-unit; Samsung W/D
KitchenFull; stainless; island seating
Primary suiteKing; walk-in closet; ensuite
HVACSplit unit heat pump
HOANone
Parcel304-61-056
Confidential: for qualified investors only. All financial figures sourced from KnJT LLC P&L (May 2025 to Apr 2026). Revenue is net of platform fees and applicable taxes. Past performance does not guarantee future results. Seasonality applies: Nov to Mar slowest; peak May to Oct. Both parcels carry a recorded deed of trust held by a commercial lender, which will be satisfied from sale proceeds at closing. Individual unit sale requires a partial lien release from the lender prior to closing. Forward reservations are transferable to the buyer at closing; buyer assumes responsibility for honoring those reservations per the purchase agreement. TPT licenses are non-transferable; buyer must establish with the Arizona Department of Revenue. Short Term Rental licenses are non-transferable; buyer must reapply with the Town of Payson. Property offered as-is. Buyers are encouraged to conduct independent due diligence.