All Forum Posts by: Michael H. Cook

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $135,000
Cash invested: $50,000

Long term buy and hold in the Fairmont Subdivision of Staunton, VA. I purchased this as a primary residence in 2016 on a Short Sale, knowing it needed to be renovated, and it had a full unfinished basement where I could add a bedroom, bathroom, laundry, storage, and living rooms. I performed a live-in BRRRR, enjoyed the updates for 3 years then moved out.

Purchase Price: $135,000

Seller Credit: $1,350

Appraised Value(2016): $159,000

$25,350 in initial equity.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $135,000
Cash invested: $50,000

Long term buy and hold in the Fairmont Subdivision of Staunton, VA. I purchased this as a primary residence in 2016 on a Short Sale, knowing it needed to be renovated, and it had a full unfinished basement where I could add a bedroom, bathroom, laundry, storage, and living rooms. I performed a live-in BRRRR, enjoyed the updates for 3 years then moved out.

Purchase Price: $135,000

Seller Credit: $1,350

Down Payment (0%): $0

Appraised Value(2016): $159,000

Appraised Value(2019): $235,000

Appraised Value(2022): Coming Soon

$25,350 in initial equity the day I signed on the dotted line.

Mortgage: $775/month

Property will rent for $1,900-$2,100/month.

On to the next!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $135,000
Cash invested: $50,000

Long term buy and hold in the Fairmont Subdivision of Staunton, VA. I purchased this as a primary residence in 2016 on a Short Sale, knowing it needed to be renovated, and it had a full unfinished basement where I could add a bedroom, bathroom, laundry, storage, and living rooms. I performed a live-in BRRRR, enjoyed the updates for 3 years then moved out.

Purchase Price: $135,000

Seller Credit: $1,350

Down Payment (0%): $0

Appraised Value(2016): $159,000

Appraised Value(2019): $235,000

Appraised Value(2022): Coming Soon

$25,350 in initial equity the day I signed on the dotted line.

Mortgage: $775/month

Property will rent for $1,900-$2,100/month.

On to the next!

If you are looking for a solid CoC Return then the NOVA area is not for you. As long as supply is low in metro areas the local govts will eventually tax STRs out of existence or cancel them completely; in favor of primary home buyers. Also consider tourism/foot traffic trends where the tourists are staying 2+ days; just because these areas have a lot of visitors does not mean these visitors are staying longer than a day trip. The Shenandoah are is a solid area with unlimited natural attractions for those looking to escape the city for a long weekend.

@Stacy WengHarrisonburg is similar to the previously mentioned areas of Cville/Albemarle but the county surrounding Harrisonburg is a solid area.

@Stacy Weng, @Account Closed is right about the Cville/Albemarle areas, however I think the northern half of Nelson county is strong for STRs and if regulations were changed in the area it would be a determinate to Wintergreen Resort and the Nelson151 trail.  So even if regulations were changed I find it hard to believe they would be nearly as strict as the Cville/Albemarle regs.

I appreciate that @Laine Fury!

Hi @John Majoris, Thanks for reading!

Thanks @Matt Mullins, it is a great area!

Thanks @Tom Hacku and thanks for reading!