Acquisition · Indian Trail, NC
1013 Stevens Pride Ct
This property currently is a pad split that is rented out by the room and generating about $7,500 in income. However, the town of Indian Trail and the HOA have forced the sellers to stop the pad split. We are going to work with a local ministry in the area to put kids that are aging out of foster care into the house. They're going to pay about $500 a month per room. The current property has 7 rooms in it, so that will end up to be cash flowing once we are fully stabilized with it at around 3500 a month. The current mortgage is $2,600 a month at a 4% interest rate. ARV: $580,000 Purchase Price: $510,000 Down Payment $50,000 Taking the property subject 2 the existing mortgage at 5% Monthly Mortgage: $2,650 6 Rooms rented out at 500-800 a month is $3,200-$3,500 a month Exit: Refinance in 8-12 after stabilized
- Asset type
- Residential
- Strategy
- Acquisition
- Market
- Indian Trail, NC
- Exit plan
- Long Term Hold
- Offering
- Standalone
About this deal
This property currently is a pad split that is rented out by the room and generating about $7,500 in income. However, the town of Indian Trail and the HOA have forced the sellers to stop the pad split. We are going to work with a local ministry in the area to put kids that are aging out of foster care into the house. They're going to pay about $500 a month per room. The current property has 7 rooms in it, so that will end up to be cash flowing once we are fully stabilized with it at around 3500 a month. ARV: $580,000 Purchase Price: $510,000 Down Payment $50,000 Taking the property subject 2 the existing mortgage at 5% Monthly Mortgage: $2,650 6 Rooms rented out at 500-800 a month is $3,200-$3,500 a month Exit: Refinance in 8-12 after stabilized
