Rental #8 - 8-plex in Fayetteville, NC

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We all make mistakes right? Every investor needs a dud.

This one was mine by far. What started out as an opportunity to turn 8 units into long or short term rentals near downtown Fayetteville turned out to be an absolute disaster. 

Blowing the budget was just the tip of the iceberg as we ran into permitting problems, architectural problems, contractor problems, financial problems, and selling problems. 

This one is on the way to closing for a major loss while trying to recoup even more lost money from a general contractor. I've spent over $90,000 on a rehab that is barely started and am selling it as-is for someone else to finish. Stay tuned for the end result of this one!

 

PURCHASE DETAILS

List Price: $107,000

Purchase Price: $97,000

Closing Date: January 7, 2021

Source of Deal: MLS

Funding Source: Private loan

Size: 3,600 sqft  

Estimated Rehab Cost: $175,000

Estimated ARV: $500,000

Bed/Bath: 8br/8ba

SALE DETAILS

Sale Price: $165,000

Sale Date: December 17, 2020

Estimated Profit: $40,473

Total Rehab: $90,773

 

PICTURES

 

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