Investor · Asheville NC, USA · Member since 2020 · 6 posts · 5 votes
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $290,000
Short Term Rental Cabin in Maggie Valley, NC with stunning mountain views, perched at 4200 ft elevation. Located only 5 minutes away from the entrance to the Blue Ridge Parkway!
Investor · Asheville NC, USA · Member since 2020 · 6 posts · 5 votes
2y
@Todd Goedeke Hey Todd, thanks for your reply. This cabin is a 2 bed 2 bath. It was previously a STVR, in fact the previous owner lives next door. He built his house and the one we bought from him. He managed the cabin himself for several years as a STR. He had become tired of the upkeep and work involved. He also wanted to cash out on several of his investments and fully "retire", hence reason for selling. He's become a great friend and mentor to us. This cabin was our first real estate purchase.
We put down $58k. It came fully furnished and was already in excellent condition. No updates needed. We needed a new well pump installed on our shared well in 2022 which was ~$11k for our half.
In 2023 we had no major expenses, occupancy was right at 59.7% (218 nights) and we averaged about $175 per night. It was our best year yet!