December of 2016, we acquired this 1500 square feet, 3 bedroom/2 bath ranch style home. This property is well located on a large corner lot within the nationally recognized Mooresville school system.
Due to high demand from homebuyers, it was imperative we purchased this property off market.
CHALLENGES BEFORE ACQUISITION:
Tons of Competition from Homebuyers
Below Market Rents
VALUE PLAYS AFTER ACQUISITION:
Bought Right by Finding Off Market Deal
Bought Right by Finding Motivated Seller
Increased Rent on Existing Unit
RESULTS AT THIS TIME:
Purchased for $75k (Appraised at $130k)
Increased Rent from $450/mo to $1000/mo
FUTURE VALUE PLAYS:
Increase Rental Rates to $1200/mo
Renovate and Refinance or 1031 to Capture Equity