King St Wilmington, DE

[Brandon Balducci]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $430,000
Cash invested: $65,000

I bought this from a contractor. They combined 2 rowhouses into a single family home with an in-law in downtown Wilmington, DE. It was completely renovated in 2018. The 2 bedroom side (approx 1600 ft sq) is an airbnb that generates 2-3k income on the 2 bedroom side and 1 bedroom side generates $1500 form a month to month renter on the 1 bedroom side. There are 6 parking spots in the rear of the house and it is downtown Wilmington, DE.

What made you interested in investing in this type of deal?

This was my first deal so inexperienced with rehab and my job pays well with 50-60% travel so not much time to invest with improvements.

How did you find this deal and how did you negotiate it?

This was and off market deal that was brokered by the best real estate agent in the area, Claryssa McEnany with Compass Real Estate. Highly recommended if you are in the Delaware market.

How did you finance this deal?

Financed with income/invesments.

How did you add value to the deal?

This was a turnkey investment. The previous owner maxed out the potential. The STR income history was impressive and the reason for moving forward with the deal. The outlook on the area wasn't positive as well.

What was the outcome?

Happy Landlord

Lessons learned? Challenges?

Don't rush into a deal.. Find the right professionals to help you along the way. Claryssa was the 3rd RE agent that we felt comfortable with and trusted throughout the process. She is an investor herself and was invaluable throughout the process.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Claryssa McEnany with Compass Realty... Once again highly recommended.