Monroe, NC (Charlotte Market) 53 Value-Add SFR

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Overview

This portfolio contains 53 single family rental homes in one contiguous community in a submarket of Charlotte called Monroe. The city sits 25 miles south of downtown Charlotte.

This is a true value-add opportunity with homes built in the late 1980s which have not been updated. Current average lease is $1280 per month and average market rent is $1800 per month.

The units are 100% leased with the majority having long term tenants in place.

Average Asking price per home is $176,000 and the last recorded sale in the subdivision was $259,000 earlier this year.

Assumed rehab per unit is approximately $25,000.

$3M+ of upside

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            Highlights
            53 units in a contiguous community
Average market rents are $1800/unit
Current rents are $1260 per unit
Asking Price is $176,00 per unit
Average ARV is:  $264,000
Average rehab per home needed is $25,000
Total Equity to be earned After Rehab is $3,300,00

        

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