Rare opportunity to pick up two turnkey short term rentals in Henderson County for just $110K each. Units could also be used as long term rentals or could be fully renovated for quick and easy flips.
Price: $110,000 per unit
1 Bed/1 Bath (Studio)
Size: 284 square feet
Year Built: 1970
1st floor units with lakefront views
*Assignment of contracts
*One or both units may be purchased
*Earnest money deposit of $2,000 required per unit
Monthly HOA fees ($457/month) cover all utilities (electric, water, sewer, cable, wifi, trash pickup), condominium amenities (pool, tennis courts, lake access, common laundry area, etc.), and exterior maintenance.
Both units have most recently been used as short term rentals, with nightly rental rates between $65 and $165 per night (depending on the season). Units are already “turnkey”, but could also be updated/renovated to be more marketable and increase rental rates. All furnishings (furniture, decor, kitchen items, linens, etc.) are included in the sale price.
Condos could also be used as long term rentals. A slightly larger (450 sq ft, 1 bed/1 bath) fully renovated unit in the same building (Unit #221) was recently listed for rent for $1,800 a month. Estimated monthly rent for studio units would be $1,100 - $1,300 a month or more, depending on the level of updates.
Estimated ARV: $160K-$170K depending on quality of renovation
Estimated Reno Costs: $10K-$12K
Recent Comps:
*1150 W Blue Ridge Rd Unit #204, Flat Rock, NC 28731
-Identical square footage and studio layout, fully renovated
-Sold for $169K on 2/21/23
*130 Old Mill Rd Unit #224, Flat Rock, NC 28731
-1 bed/1 bath unit, 450 square feet, moderately updated
-Sold for $175K on 11/20/23
*1150 W Blue Ridge Rd Unit #301, Flat Rock, NC 28731
-1 bed/1 bath unit, 397 square feet, not updated/original condition, wood paneling throughout
-Sold for $155K on 1/4/24
*1150 W Blue Ridge Rd Unit #222, Flat Rock, NC 28731
-1 bed/1 bath unit, 455 square feet, nicely renovated
-Sold for $185K on 1/30/24
Pictures of Unit #206:
https://drive.google.com/drive/folders/17FY2bz8EMPKICeuK04oTAcTd5KphOyQg?usp=drive_link
Pictures of Unit #210:
https://drive.google.com/drive/folders/1BYUrZOoJvO6Wp4H2OsG_KEHcMYlsJgFR?usp=drive_link
For Inquiries or Offers:
info@horseshoehomesllc.com
(321) 946-8463
Terms of Sale:
-Cash, hard money, or private lending only
-Earnest money deposit of $2,000 required per unit
-Buyer to pay all closing costs and property is sold in as-is condition
-Wholesalers and agents, please add your fees on top of the asking price shown
-Buyer is responsible for their own due diligence and verifying all facts and figures in regards to purchasing the property