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
- 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