Our family has been privilged to enjoy several vacation properties over the years. I would encourage you to think very hard about what your motivations REALLY are for purchasing property and let that be the overriding factor in any decision. For example, if you frequently get away on the weekends now, and are looking to have your own place to act as a base camp, then look for a place that will provide the minimum amount of financial stress while meeting your CORE criteria for how you wish to enjoy the place. If, on the other hand, your motiviation is primarily financial,then look (and look and look) for somewhere that appears to provide a the best return on investment over your investment period.
Now for the words of caution:
Most mountain and lake properties are priced very high relative to their historical market right now.
If you rent, your expenses will be MUCH higher than expected. For example, the management company will take from 30 to 40% of gross receipts. Then there is the cleaning fees for each occupancy event, and more "crap charges" then you expect. Through in Condo fees if in a condo or snowplowing, lawn maint, painting and repairs, etc... if not in an association. At the end of the year, you will likely have negative cash flow around 8% of the purchase price. Be very careful about the "tax advantage" that realtors will figure in to any analysis they give you - odds are pretty good that the AMT will negate that and you'll have to carry forward loses until you sell.
Also, if you rent, you will have a tough decision at the times you most want to use your property. Christmas week, for example, is a very high demand week. So, if you choose to use it, you are in effect "renting" it from yourself at the net rental that you would have realized. Same holds true for MLK and GWB weekends. Given your children's ages, it sounds like you'll be captive to school schedules for quite some time, so you will likely find it very frustrating if you cannot, for financial reasons, use your place on the few extended weekends you want, after paying the bills month after month after month.
As to slopeside - yes, it is very nice, but you will pay handsomely for the privilage. In my book, the only place that is arguably worth it is the "older" properties at Snowshoe. Elsewhere, the fall off in pricing is greater than the limited benefit of a slopeside unit.
Which brings us to location. Our experience is that if you want to use it, make it close. That means 4 to 5 hours, absolute max. (2 or 3 is much better). If you are outside that range, it's a major drive to get you you place. In that case, think investment and think beyond the mid atlantic, e.g. NH, Utah, CO, NM, etc.. because you're simply not going to use the place very often. Also, in this case, go back and review the points about costs and return.
For rentals, more bathrooms is important. For your own use - well, you're the best one to answer that question. For location, the best "values" around these parts tend to be in CV right now. Some very nice places are still in the 130 - 150 per sq ft range. Black bear, Deerfield and Northpoint come to mind. At Deep Creek, there are still some non-lakefront, non ski area properties that could be viable (depending on your budget, of course) without playing financial roulette. If price is essentially no object, then Deep Creek Lakefront (or Smith Mtn or Lake Anna lakefront if skiing is down on the list) is probably the best thing going. Some Wintergreen properties are very nice as well with the added advantages of easy access, multiple golf courses, and non-outdoors diversions.
To summarize, I would say:
Buy to use, not to rent if at all possible.
Think beyond just skiing.
Be very skeptical of external "financial analysis"
Beware resorts that seem to spend a lot of money selling image, status or comparisions to other locations (you are looking in WV. Not Vail. Not BC, etc....).
Do NOT, at any cost, get suckered into a time share, aka, interval ownership, situation. It is NOT NOT NOT NOT NOT an investment and you will be locked into rising fees forever on a questionable asset that has virtually no resale value.
Good luck!
