Turn Key STR Opportunity near Blue Ridge Mountains in Western North Carolina

[Jared Hennings]

Subject Property: 103 Black Point Dr, Newland, NC

Property has 110 5 star reviews on Air BnB

July 2023-appraised for $865k

previous 4 years averaging 60k in revenue

Pictures/Listing: https://www.blueridgerentals.com/rentals/pisgah-retreat-at-linville-falls

Appraisal: https://drive.google.com/file/d/12jgXQlHBKtNfLUkVn6XP0EdGEZBSEjz2/view?usp=drive_link

Income details:

• Short term tenant currently in place. Property currently rents for $5k monthly until May 31.
• Rent was paid in advance.
• Buyer will receive a $25k credit for tenant rent at closing
• Expected rental income of $10k/month in the summer/fall and for the Thanksgiving and Christmas holidays.

Projections: https://drive.google.com/file/d/1F5Rk1W3PYNhHXiaAHcWO4wgqeXG5k9KE/view?usp=drive_link

Debt Details:

There are two mortgages

• 1st Mortgage Balance of $472,504, rate of 3.875%, 2,276.45/Monthly payment
• 2nd Mortgage Balance of $248,380, rate of 3.875%, $2,500.00/Monthly payment
  
  
  • purchasing the 2nd Requires a qualified substitute guarantor
  • The 2nd Mortgage holder would also agree to a $150,000 lump payment to fully release the 2nd.
  
  

Purchase options

1. All cash
   1. $700,000 purchase price
   
   
2. Purchase subject to the 1st mortgage, pay lump sum to release the 2nd mortgage
   1. $745,000 purchase price
   
   
3. Purchase subject to both the 1st and 2nd mortgage
   
   
   1. $780,0000 purchase price
   2. The 2nd mortgage holder will require a personal guarantee from the Buyer