Ocean Isle, NC

[Brandon Oliver]

I am a newbie investor from Yadkin County, NC. I am interested in multi-family properties, but my area is primarily single families out of range for a buy and hold investor, which is the form of investing I am most interested in. I went and took a tour of a small 13 unit  apartment complex in Yadkinville, I honestly dont know how the place isn't condemned. My girlfriends family told me Ocean Isle is an ideal place to invest, they own a few singlewides towards Shallote. I am currently analyzing a 4 plex. The Cap rate is only 5.84% however with bank rates being so low on quad I can finance at 3.25% on 30y. It would cash flow 4,900 a year after 50% rule and mortgage payments. Being in a historic area near the Causeway I think it could follow a high appreciation rate. This quad was built within the last 20 years. I am a young investor eager to make a move, I just don't wan't to jump in on a bad deal out of eagerness. Anyone from Ocean Isle area that is familiar with non-vacation rentals, as well as anyone with experience insuring a waterfront properties' advice is appreciated.