Worst house on the block to successful Short-Term Rental

[Matthew Osborne]

Investment Info:

Single-family residence buy & hold investment in Muskegon.

Purchase price: $33,000
Cash invested: $7,500

This property had been vacant for at least 5 years before we purchased it. It was 100% the worst house in the neighborhood and when it was all said and done it should have probably been taken down. In the end, it turned out great and has a lot of charm. The full renovation of this project cost around $70k. It is a 2 bed one bath in a great location. It currently rents on Air BnB and VRBO and averages $2500/mo gross income.

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

It was cheap and in a great neighborhood.

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

Off-market. Cash is king.

How did you finance this deal?

Private Capital

How did you add value to the deal?

LOTS of sweat equity

What was the outcome?

A short-Term vacation rental that averages $2500/mo gross income.

Lessons learned? Challenges?

Make friends with the neighbors, you might find your next house cleaner.