Covington, VA - Single Family Home

[Cassidy Burns]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $8,000
Cash invested: $1

Purchased for $8000 cash, renovated for $3,500, $1,500 closing costs. All in $13,000 appraised for $33,500 2 months later. Did a HELOC for $25,000 and used to purchase a Quadplex for $165,000. House has had trouble renting out since it is so small but when it is rented out it rents for $425/month. Not a good house, will be doing a 1031 exchange in 2020 on this property.