The purpose of this paper is to propose and investigate the financial viability of sustainable development activities in the area of Gavrogo and Acheloos Valley. Initially, the characteristics of nature-based, hiking and adventure tourism are analyzed. A short description of the area of study is also made. Then, three actions for developing tourism in the area are analyzed, followed by a feasibility study. The main guiding principle, on which the whole issue was set, is the rebirth of mountainous Greece, by formulating sustainable development activities, in order to create new opportunities for people, seeking to settle in mountainous areas and live near nature. The study indicates that local authorities can attract fairly enough visitors in the area of Gavrogo and Acheloos’ Valley by allocating low budget funds and by adopting the proper and correctly targeted strategies.