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Chris Harjes
  • Investor
  • Asheville, NC
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Thoughts on ambitious buy-and-hold in West Asheville

Chris Harjes
  • Investor
  • Asheville, NC
Posted Feb 4 2017, 14:53

I must admit I'm perplexed by this one- $380k, 4/1 plus duplex on one lot in a super-prime spot in Westville, livable and rented now for $4k/month. Needs about $25k now IMO, and another $50k+ in extended cap-ex over the next ten years or so since most systems are aging. Should rent for more like $4300 after the above initial work, so about 1% monthly ROI in Westville- which is good considering the extremely high rent/sq footage ratio there, and nonexistent vacancy.

Still hesitant 'cause I usually go with sub-prime areas at 1.1 to 1.3% instead, and this is uncharted waters for me, on a grand scale. It would also take me out of the game for a while financially. Whatchy'all think? Maybe I can wholesale it if I don't have the cajones to jump in myself. 

Thanks for any feedback/advice. 

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