Single-family residence buy & hold investment.
Purchase price: $98,000
Cash invested: $70,000
This acquisition is a rehab special, yet in the perfect location for a short term rental. It's across the street from Hobart and William Smith Colleges. Notably, it's across the street from their major sports facilities. It's also in the heart of wine country, the Finger Lakes, and a destination for people looking to do wine tours.
What made you interested in investing in this type of deal?
This property is the epitome of location, location, location. It's a beautiful home with 4 Ionic pillars; two porches; a driveway that fits 7-10 cars (easily); and easily accesses all of best restaurants, wineries, college, and other attractions of the Finger Lakes.
How did you finance this deal?
This was financed with a traditional mortgage and $15,000 down.
How did you add value to the deal?
A lot of work is required and requires me to act more as a general contractor as anything else to get it up and running. A new roof; flooring; electric; cosmetic upgrades are all required. As is landscaping. I also need to furnish it. This should generate a monthly return of 30-45% based upon all estimates.
Hi James! did you make this a STR? How did it work out?
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