1016 Stevens Pride
Investment Details
About This Investment
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
Exit Strategy
Sell
Please contact us for more details about the exit strategy.
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Risk Factors
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Risk Factors Pending
Risk factors for this investment will be disclosed here once they are identified and documented.
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