- Votes |
Keep as rental vs sell home in Jack Britt district.
I have a 2,500 sqft home in Fayetteville NC valued around 315K, 4 bedroom 2 1/2 bath 1/2 acre. Built in 1989, located in a desirable neighborhood. The house needs some rehab I'm guessing $25-30K in rehab expense to bring it up to market value. I currently owe 156K. My long term goals is to accumulate long term and short term rental properties, eventually multi family. I am also learning more about assisted living. I'm a registered nurse so assisted living as a business and real estate investment is intriguing.
My questions are:
1. Is Fayetteville NC a good long term rental property in regards to appreciation.
2. Would it be wiser to sell the house and 1031 exchange into a more valuable home in a area that is likely to appreciate faster.
a. For more detail I am currently paying $985 per month and Zillow has rental value at $1890
3. Redfin had Fayetteville's competitive score ranked in the 80's. Thant's one of the highest in the country. Does anyone know why Fayetteville is so competitive?
3. If America goes to war would that drop value of homes in Fayetteville?
I am new to bigger pockets and this is my first time posting on the forum. The information I have obtained has been valuable and much appreciated.
Thank you for taking the time to answer my questions, Derrick Blackwell