Purchase price: $330,000 Cash invested: $40,000 Hey everyone, I wanted to share a personal story about a property I purchased and renovated in Hudson County, NJ.

Kisaki, you want to utilize a hard money or Bridgemount product to acquire the property and finance the renovation budget.

Currently Im in the process of renovating an ADU above my garage to become my first STR, its a slow process but am looking for some expert contracting help that won't break the bank!  

In terms of finding a partner, I would recommend partnering with someone who has something that you don't have (understands renovations, real estate experience, has money, etc.)

What is your experience with construction/renovations?

If it’s a lower-income rental market, high-end renovations may not justify premium rent.

Depending on the age of the house, even if "fully renovated" it may not have any or enough insulation.

However, there is a specific deal Which I find hard to understand the ARV for.It is a Single Family Home, 2 Bedroom 1 Bathroom, 850 SQFT.These two comps have a price gap I find hard to understand, even when considering the difference in renovation level.If anyone knows this market well enough to understand the cause of this difference, and if it might be due to an issue with the location, or if there is anything I am missing.Comp 1 - 1011 Elm Street, Burlington, NC, 27217 (120K)Comp 2 - 1109 Walnut Street, Burlington, NC, 27217 (120K)Comp 3 - 1505 N Park Ave, Burlington, NC, 27217 (180K)Thank you!

@Chase AlexanderRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

If classic non renovated units - only comp to non-Reno’s.