I purchased this home in Rapid City in 2023 to be our primary residence,
and my wife and I turned it into a mid term rental last July.
It is fully furnished with:
4 bedrooms
2 bathrooms
W&D
Island bar in kitchen
Large TVs
Automatic locks
HVAC
Pool Table
Fenced Backyard
Fire pit
Propane grill
Double car garage
It has consistently rented for $3600 - $4200/month for 5 months with full coverage and no issues.
The problem for us is that we want to move to Northern Idaho (pricey) and build a home (20-30% down),
and we need the equity out of the house to do so.
(We really don't have much in it ~18% equity,
which is part of the reason I want to sell without
an agent to get more cash out of the deal)
I wanted to see if an investor on this platform would be interested
in a cash flowing, turn key mid term rental
with a short history ~5 months of rent.
From what I understand, during the Sturgis rally you can rent houses for
$5k - $10k/month. I didn't try this, but we easily rented for $3600 at the time
The winter months are the slowest, but there is a very large air base here to help with that (Ellsworth AFB).
We do also have a neighbor down the street with a similar rental that books ~$50k per year on Airbnb (years of data).
Without an agent my asking price is $400k. (I bought it for $375k in 2023).
With an agent, my price if $420k-$440k, depending on the fee.
Those prices barely return my down payment and investment in the home, so they aren't negotiable for me.
This is not the smartest move on my part considering the leverage potential from having this house, but I believe building in Idaho may be an even better move.
So, help me help you.
Address: 2202 Alamo drive rapid city, SD 57702.
Text or call me at: 251-490-1301
-Wes Cramblitt
