Purchase #4 (Units 13-16) - Hope Mills Duplexes

Net Profit - $61,100

 

The first purchase of 2020 was a little further into the year than I anticipated (thanks to two deals falling through), but it was a great one! Units 1-12 were all within an hour of Charlotte, but Units 13-16 are out near Fayetteville (just south in Hope Mills).

This pair of duplexes picked up from a wholesaler was fully occupied at close, in good condition, and at a huge discount. A friend and partner brought me this deal and we took it down with a 50/50 partnership, which made the deal very easy! Check out the stories and updates!

PURCHASE DETAILS

List Price: $125,000

Purchase Price: $115,000

Closing Date: May 31, 2020

Source of Deal: Wholesaler

Funding Source: Hard Money

Size: 1,550 sqft (each)

Estimated Rehab Cost: $3,000

Estimated ARV: $187,000

Bed/Bath: 4br/2ba (each)

 

SELLING DETAILS

List Price: $240,000

Sale Price: $213,000

Close Date: February 17, 2021

Total Time Owned: <1 year

Actual Rehab Cost: $9,550

 

PICTURES

 

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5504-5510 Brown St, Hope Mills 62
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Hope Mills Duplexes Updates