South Lincoln Street (6 units + 1 lot)
Purchased: June 2021
Price: $795K
Terms: Seller Financing, 2.75%
Exit: Scrape and build new houses
Overview: The property rents well while we wait for appreciation. Each unit averages over $100 per night, and has achieved 84% occupancy as medium-term furnished rentals. We rent to traveling workers and people that are often between moves or in transition (1-3 month stays are typical). Reviews have averaged 4.5/5 stars and we are a Superhost due to our positive relationship and evaluation from Air BnB. Our turnover is less since we get longer leases, and we have a property manager who lives on-site in one of the units, to take care of maintenance.
Exit Summary: Scrape and build three duplexes, roughly 1800 SF each with an unfinished basement. Comps have started to eclipse 1.6 million per lot, suggesting a final market value of 4.8 million for the prject. Read more at the deal deck.
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