Lake Gaston NC/VA Luxury STR, assumable 2.75% mortgage

[Adam Wachter]

I cross-posted about this property in the advice/deal analysis forum. I figured I'd post here to see if there are any potential buyers out there.

My wife and I own a 5BR/4.5BA house on Lake Gaston currently used as STR and family vacation home. My wife and I are considering selling the property due to a shift in family priorities and a desire to unlock our equity to deploy elsewhere. We have an interest-only ARM with a interest rate of 2.75% that will not reset until Feb 2032. Per our lender (Citizen's Bank) the loan is assumable by a qualified buyer as it is a portfolio loan and was not sold off to investors. Market value of the property is $1.5M-1.7M, loan balance is $1.02M.

We have grossed ~$90k in rental income the past 2 years and are on track for that same amount this year. Net income has only been between $10k-15k the past 2 years (~$35k in 2022) as we have self-managed and have not pursued a max occupancy/max revenue strategy since our goal for doing STR was to pay for our vacation home rather than maximize ROI. An experienced operator could certainly generate more revenue, especially if they don't use the house for 1-2 weeks during peak season like our family does.

We have a fantastic cleaner, a reliable maintenance contractor, and contacts for property managers so this would be a turnkey deal for someone interested in getting into the Lake Gaston STR market. Lake Gaston is a popular destination for travelers from the DC area, the NC Research Triangle, and the Norfolk/Virginia Beach metro areas and is considered the premier lake vacation destination in the region.

I would be happy to provide our VRBO link for photos or any additional info for anyone who is interested. Feel free to DM me if you would like to connect.