Blog > 133 Last Resort, Black Mountain, NC - $625,000

133 Last Resort, Black Mountain, NC - $625,000

by Tyler Coon

After 1 month on the market they have $135k on the books.

They bought the house for $625k, and invested $450k in it including house updates, finishing 2000sf, adding 2 beds, 1 bath, kitchen, and turning garage into useable square footage.

The house just reappraised for $1.375m and they were able to cash out refi at 75% LTV. So they just got back $406k. Now, they have around $50k into that property and on track to do $300k per year. With the mortgage and expenses they'll net around $150k per year conservatively, and they only have $50k into the property, which means they'll be getting a 150% CoC return every year.

Deal Metrics:

Purchase Price : $625,000

Closing Date: June 2023

Listing Live: April 2024

Setup/Design Budget: $450,000

On Track: $300k/year

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