Investment Property in Cary, NC

[Scott Ashworth]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $259,000
Cash invested: $35,000

Classic home in the heart of Cary on a half-acre private lot. Features include stainless steel appliances in updated kitchen including granite (2019), plumbing and disposal (2019), matching granite countertops in each of the bathrooms (2019), new toilets in both full baths (2019), new exterior paint (2019), new insulation under home (2019), fully restored hardwoods (2019), and new custom shower and flooring in master bath (2019). Gorgeous hardwoods in living room, dining/den, and each of the 4 b

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

I love older homes in "old" Cary. The lot sizes are larger, the homes are well-built, and they are close to a transitioning downtown.

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

I found it on the MLS. It was listed for $289,000 but had about $25,000 worth of crawl-space work to do (French Drain, Sump Pump, and sistering 20 joists)

How did you finance this deal?

20% down and then out of pocket on the expenses.

How did you add value to the deal?

We updated the Kitchen and Master Bathroom. The home has hardwoods throughout - we restored these old hardwoods and improved the finishes throughout.

What was the outcome?

We spent about 4 weeks rehabbing this property. We listed this property for rent and it was rented within 6 hours. I received my first rent check prior to my first mortgage payment being due.

Lessons learned? Challenges?

If I could do this deal again, I would have purchased and rehabbed all cash, and then done a cash-out refi. This was my first investment property, so lots of learnings. Also, my rent is too low considering it got rented within a handful of hours from it being posted.