Homes for sale in Truckee & Incline Village now
Live MLS listings related to this article.
By Murat Gocmen, Broker, Real Estate Tahoe | Firm: CA DRE #02235314 · NV B.1003327.LLC | September 2026
Real Estate Tahoe's short answer: evaluate a Lake Tahoe investment property in four checks, in this order. First, the short-term rental regulations where the parcel sits: in 2026 each Nevada and California county and town around the lake runs its own permit rules, and a permit never transfers with a sale, so every buyer applies fresh. Second, the transient occupancy tax, 10 to 14 percent of every stay depending on the jurisdiction. Third, the price against the local median home price; the median asking price across Lake Tahoe and Truckee was $1,080,000 on September 24, 2026. Fourth, what comparable rentals gross and net. The Real Estate Tahoe STR-Eligible Inventory Count (987 active MLS listings, September 24, 2026) found 481 of the houses, condos and small multi-unit buildings for sale around the lake and in Truckee in places still issuing permits: Incline Village and Crystal Bay (Washoe County, no cap, 196 homes), Placer County's North Shore, West Shore, Olympic Valley and Northstar (3,900 cap, still issuing, 267 homes), unincorporated Nevada County (4) and South Lake Tahoe's Tourist Core (14). Douglas County (118 homes) decides neighborhood by neighborhood, and El Dorado County (128), South Lake Tahoe's residential zones (121) and the Town of Truckee (139) sit behind waitlists. The live list, home by home: Lake Tahoe homes for sale you can rent short-term. In the North Shore and Nevada markets we track, a median 3- or 4-bedroom grosses roughly $70,000 to $105,000 a year and a professionally managed home nets about 40 percent of that. So the best real estate investment in Lake Tahoe is a parcel-level answer: the permit path, the HOA and the numbers, checked before the offer. Real Estate Tahoe broker-owner Murat Gocmen, who operates 40+ Lake Tahoe vacation rentals through MG Vacation Rentals, verifies that permit path parcel by parcel before a client makes an offer.
"Just under half of the homes for sale around Lake Tahoe sit where a buyer can still get a short-term rental permit, so the permit path goes into the underwriting before the price does."
— Murat Gocmen, broker, Real Estate Tahoe
Where a Lake Tahoe investment property makes sense, by permit status
Seven local governments issue short-term rental permits around the lake and in Truckee, and each one is in a different place in September 2026. The table places every active listing by its coordinates, using the same jurisdiction classifier that colours the STR badge in the Real Estate Tahoe home search, so a "South Lake Tahoe" mailing address in unincorporated El Dorado County is counted in El Dorado. Permit figures are from our September 2026 permit availability tracker.
| Jurisdiction | Communities | New STR permit for a buyer today? | Active homes for sale, Sep 24 2026 | Median asking price |
|---|---|---|---|---|
| Washoe County (NV) | Incline Village, Crystal Bay | Yes, no cap; the HOA may still prohibit | 196 | $1,399,400 |
| Placer County (CA) | Kings Beach, Tahoe Vista, Carnelian Bay, Tahoe City, Homewood, Olympic Valley, Northstar and Martis Valley (Truckee addresses), part of Tahoma | Yes, under a 3,900 cap (live count) | 267 | $1,325,000 |
| Nevada County, unincorporated (CA) | Truckee addresses outside town limits | No permit needed; transient occupancy tax certificate only | 4 | Too few to quote |
| City of South Lake Tahoe, Tourist Core (CA) | Tourist Core Area Plan around Heavenly Village | Yes, outside the 900 residential cap | 14 | $607,500 |
| Douglas County (NV) | Stateline, Zephyr Cove, Glenbrook | Only in neighborhoods under the 15% density limit; 563 of 600 issued (Sep 22 2026) | 118 | $1,349,500 |
| El Dorado County (CA) | Meyers and unincorporated South Lake Tahoe addresses, part of Tahoma, Meeks Bay | No; the 900 Basin cap is reached and new applicants are waitlisted | 128 | $849,000 |
| City of South Lake Tahoe, residential zones (CA) | South Lake Tahoe | No; new residential applications waitlisted since Aug 21 2026 | 121 | $700,000 |
| Town of Truckee (CA) | Truckee inside town limits | No; 1,255 cap full, 324 waiting, and no application within 365 days of a purchase | 139 | $1,050,000 |
| All | 987 | $1,080,000 |
Method: active MLS listings on September 24, 2026 in 23 Lake Tahoe and Truckee community names, both states; single-family homes, condos, townhomes, duplexes, triplexes, fourplexes and small multifamily asking $100,000 or more; rentals, timeshares, fractional shares, mobile homes and land excluded; the duplicate Incline Village listings that appear in two MLS feeds counted once. Medians are asking prices, not sale prices.
Inside the issuing areas: the HOA and the permit on file
An issuing county is not the same as an eligible home. In Incline Village and Crystal Bay, our STR verdict (the same one printed on each listing) puts 14 of the 196 homes in associations that prohibit short-term rentals and one more where the HOA record says no while the listing says yes; 70 are in associations that allow it or carry listing remarks saying so; the other 111, 81 of them single-family homes with no association on our list, need the CC&Rs read. Real Estate Tahoe tracks the rental rules of 144 Incline Village and Crystal Bay associations, and 61 of them prohibit short-term rentals (see STR investing in Incline Village and the Incline Village permit guide).
In Placer County, 55 of the 267 homes carry the "STR Permit on File" badge in our search: the current owner holds an active county permit. That permit ends with the sale. It tells a buyer the use was permitted at that address; the buyer still applies under the cap (see how many are left). The rules behind every row are on the Lake Tahoe STR rules hub and in which Lake Tahoe properties can legally be an Airbnb.
What a Lake Tahoe investment property grosses
Gross booking revenue by market for the size most investors buy, from the Real Estate Tahoe STR revenue benchmarks (market data pulled August 17, 2026 for the eight markets where our broker operates rentals). Estimated gross is the market's median nightly rate times its occupancy times 365, before any expense. The full table, every bedroom count and the percentile rates are at how much an Airbnb makes in Lake Tahoe.
| Market | Jurisdiction | Occupancy | 3-bed: median rate / est. gross | 4-bed: median rate / est. gross |
|---|---|---|---|---|
| Kings Beach | Placer, CA | 59.4% | $409 / $89,000 | $626 / $136,000 |
| West Shore (Homewood, Tahoma) | Placer, CA | 61.1% | $392 / $87,000 | $573 / $128,000 |
| Carnelian Bay | Placer, CA | 56.4% | $357 / $73,000 | $510 / $105,000 |
| Incline Village | Washoe, NV | 52.3% | $331 / $63,000 | $531 / $101,000 |
| Tahoe City | Placer, CA | 52.4% | $351 / $67,000 | $519 / $99,000 |
| Tahoe Vista | Placer, CA | 51.9% | $383 / $73,000 | $479 / $91,000 |
| Northstar | Placer, CA | 37.2% | $478 / $65,000 | $663 / $90,000 |
| Crystal Bay | Washoe, NV | 59.1% | $422 / $91,000 | No 4-bed sample |
A top-quartile operator adds 25 to 40 percent to those figures: the 3-bedroom Incline Village homes MG Vacation Rentals operated grossed about $107,000 each from June 2025 through May 2026, at 65 percent occupancy. Real Estate Tahoe's underwriting default for a professionally managed home is a 60 percent all-in expense load (lodging tax of 10 to 14 percent, platform fees, cleaning, management, utilities, snow, insurance and permits), which leaves about 40 percent of gross as net operating income before debt service; the worked version is how I underwrite a Lake Tahoe STR, and cap rates are at Lake Tahoe vacation rental returns. These eight markets are all in the two jurisdictions still issuing without a waitlist. For South Lake Tahoe, Douglas County and Truckee, the projection on each listing in our search is built from comparable listings near the address instead. Our own portfolio numbers by market are at the best places to buy a short-term rental in Lake Tahoe.
Which strategy fits the parcel
Short-term rental
The highest gross, and only available in the issuing areas above. Some jurisdictions also set a minimum amount of renting to keep a permit: Placer County requires 30 rented nights a year once its cap is reached, El Dorado County 10 and Douglas County 8. Placer's cap has not been reached yet.
Monthly and seasonal leases
Leases longer than 30 days fall outside the Tahoe short-term rental programs, which makes a ski-season or summer lease the income option in Truckee and South Lake Tahoe's residential zones while their waitlists run. Gross is lower than nightly renting, and the county's own day threshold decides where the line falls (Washoe's is 28 days).
Second home with some rental use
The most common Tahoe purchase. Federal tax treatment turns on personal use: more than the greater of 14 days or 10 percent of the days rented makes it a residence for tax purposes, and whether rental losses can offset other income turns on the 7-day average-stay rule (see cost segregation for a Lake Tahoe Airbnb). Budget the fixed carry first: on a $1.5 million, 2,500-square-foot home our estimator puts it at $29,650 to $35,050 a year on the California side and $17,700 to $19,330 in Nevada, before HOA dues, maintenance and any mortgage (the full second-home cost breakdown).
Buy-vs-operate checklist
Real Estate Tahoe's broker operates 40+ short-term rentals on Lake Tahoe's North and West Shore through MG Vacation Rentals, and both halves of this list come from underwriting and running those homes. The first half is the brokerage work before an offer; the second is what the owner signs up for after closing.
Before you buy
- Place the parcel by coordinates, not the mailing city. In the count above, 107 homes with South Lake Tahoe addresses sit in El Dorado County and 93 with Truckee addresses sit in Placer County, and the permit answer changes with the county.
- Confirm a buyer can get a new permit on that parcel. Cap headroom, the waitlist, El Dorado's 500-foot buffers, Douglas County's neighborhood density limit and Truckee's 365-day bar after a purchase. The seller's permit ends at closing; it is not part of what you buy.
- Read the HOA and CC&Rs. An association ban overrides a county permit everywhere; 61 of the 144 Incline Village and Crystal Bay associations we track prohibit short-term rentals.
- Check the occupancy and parking limits. They set the guest count and so the rate. Washoe County allows two guests per bedroom plus one per 200 square feet of remaining space and requires one parking space per four occupants.
- Quote wildfire insurance before the offer. On the $1.5 million example it runs $3,100 to $6,900 a year on the California side and $3,600 to $5,200 in Nevada; see Lake Tahoe wildfire insurance cost.
- Underwrite on market occupancy, not the seller's best year. Occupancy in the markets above runs from 37.2 to 61.1 percent.
- Set the financing and tax structure early. DSCR loans qualify on the rent; a 1031 exchange has fixed identification and closing deadlines; cost segregation works federally, but California does not conform to bonus depreciation. The state-line choice is covered in California or Nevada side.
- Check TRPA land coverage if you plan to add on. Coverage caps what can be built on the parcel; see TRPA rules for buyers.
After you buy
- Start the permit as soon as title records, in the county's order. In Washoe County, get the RSCVA lodging tax number first, then apply on OneNV and pay the invoice; in Douglas County, the fire inspection comes first; in Truckee the application waits 365 days.
- Pass the inspections. In Incline Village and Crystal Bay, the county Building life-safety inspection and North Lake Tahoe Fire's defensible-space inspection follow payment, and the permit issues after both; in Douglas County, pass the $300 Tahoe Douglas Fire inspection before applying and upload the passing record with the application.
- Register for transient occupancy tax and collect the 10 to 14 percent lodging tax from guests on every stay the platform does not remit.
- Meet the minimum-use rule where one applies (Placer 30 nights once capped, El Dorado 10, Douglas 8), and renew on time: in a capped jurisdiction a lapsed permit is a slot for the next person on the waitlist.
- Decide who operates it. Self-managing saves the fee and costs the hours; either way, underwrite the 60 percent expense load so the net is real.
The risks that sink Tahoe purchases, in order of what they cost, are in the risks of buying a Lake Tahoe Airbnb, and the full 2026 picture is in the Lake Tahoe short-term rental investment guide.
Frequently asked questions
What is the best real estate investment in Lake Tahoe?
There is no single best one; there is the best parcel for the plan. For rental income, it is a 3- or 4-bedroom home where a buyer can still get a short-term rental permit: in Real Estate Tahoe's market benchmarks the highest 4-bedroom gross is Kings Beach at about $136,000 a year and the West Shore at about $128,000, both in Placer County. Incline Village and Crystal Bay add no state income tax and no permit cap, but 61 of 144 associations there prohibit short-term rentals. In Truckee and South Lake Tahoe's residential zones a purchase today is a lease or second-home investment unless you plan to wait out the permit queue.
Where should I buy a Lake Tahoe investment property?
Where the permit path is open. On September 24, 2026, 481 of 987 active Lake Tahoe and Truckee homes for sale sat in places still issuing short-term rental permits: 196 in Incline Village and Crystal Bay, 267 in Placer County's North Shore, West Shore, Olympic Valley and Northstar, 14 in South Lake Tahoe's Tourist Core and 4 in unincorporated Nevada County. Douglas County's 118 depend on the neighborhood, and El Dorado County's 128 sit behind its waitlist.
Is a Tahoe investment property worth it if I can't get a short-term rental permit?
It can be, as a lease or a second home, but underwrite it that way from the start. Leases longer than 30 days fall outside the Tahoe short-term rental programs, so a seasonal lease is the income option in Truckee and South Lake Tahoe's residential zones. Budget the fixed carry: on a $1.5 million home Real Estate Tahoe's estimator puts it at $29,650 to $35,050 a year in California and $17,700 to $19,330 in Nevada, before HOA dues, maintenance and any mortgage.
Is a Lake Tahoe Airbnb investment still worth it in 2026?
Where a permit is available and the HOA allows it, the market numbers still work: a median 3- or 4-bedroom in the North Shore and Nevada markets we track grosses roughly $70,000 to $105,000 a year, occupancy runs 37 to 61 percent, and a professionally managed home nets about 40 percent of gross before debt service. The deals that fail are the ones bought on a seller's permit or a seller's best year.
Does the short-term rental permit come with a Lake Tahoe investment property?
No. STR permits never transfer to a buyer in any Lake Tahoe jurisdiction. The seller's permit ends with the sale and the buyer applies fresh under the cap and waitlist in force at closing; in Truckee a new owner cannot apply for 365 days. An "STR Permit on File" badge only shows the use was permitted at that address.
How many Lake Tahoe homes for sale can be used as a short-term rental?
By jurisdiction, 481 of the 987 active homes Real Estate Tahoe counted on September 24, 2026 sat where new permits are still issued. The HOA narrows it further: in Incline Village and Crystal Bay 14 of 196 are in associations that prohibit short-term rentals and 111 need the CC&Rs checked. Real Estate Tahoe prints an STR-eligibility verdict on every listing in its home search and verifies it parcel by parcel before an offer.
Sources
- Real Estate Tahoe STR-Eligible Inventory Count: active MLS listings on September 24, 2026, placed by coordinates with the jurisdiction classifier and STR-eligibility verdict used on every listing at /properties/ (houses, condos, townhomes and 2 to 4 unit buildings at $100,000 and up; rentals, timeshares, fractional shares, mobile homes and land excluded; dual-feed Incline Village listings counted once)
- Real Estate Tahoe STR revenue benchmarks, market data pulled August 17, 2026 (median nightly rates, occupancy and estimated gross for eight markets)
- Real Estate Tahoe STR permit availability tracker, September 2026 (caps, counts and waitlists; Placer County registry count of September 16, 2026)
- Washoe County short-term rental FAQ and Development Code Article 319 (no cap; occupancy and parking standards)
- Placer County Short-Term Rental Program and Placer County STR ordinance update (3,900 cap; 30 rented nights once capped)
- Town of Truckee registration count and waitlist standings and Ordinance 2023-01 (1,255 cap, 324 waiting, 365-day bar)
- City of South Lake Tahoe Vacation Home Rentals (residential waitlist since August 21, 2026; Tourist Core outside the cap)
- Douglas County VHR permit waitlist and Tahoe Douglas Fire VHR inspections
- El Dorado County Vacation Home Rentals Division (900 cap, 500-foot buffers)
- Nevada County short-term rentals (no permit; transient occupancy tax certificate)
- Real Estate Tahoe second-home carrying cost model ($1.5 million example: property tax, insurance, utilities, IVGID)
Search every Lake Tahoe listing with its STR-eligibility verdict, permit badge and a revenue projection at Real Estate Tahoe's home search, or read how the brokerage works with investors at the Tahoe real estate agent who operates short-term rentals.
