Blue Chariot has just completed purchase of our 10th property and the rehab is already underway (back where it all began) in Peppertree at: 3775 Guess Road – Unit #40, Durham, NC 27705. This is a 3 Bedroom, 1 Full & 2 Half Bath Townhouse in the Peppertree Community – which is also the location of our very first property, purchased in June of 2015 (Peppertree – 2 Bedroom / Unit #42). This Peppertree Townhouse was a bank short-sale, but we had previously met the owner / seller while working on another Peppertree Unit (#41).
We anticipate 2 to 3 weeks of rehab on this Townhouse, for which we are already advertising for our next great tenant. This rehab will be impressive, with all new: Stainless Steal Appliances; Kitchen Cabinets & Counter-Tops; Vinyl Plank Flooring (throughout lower level); Vinyl Tile (in upper Bath and Utility Room); Carpet (in Bedrooms, Hall & Stairs); plus Fresh Paint and many fixes / upgrades throughout… Someone’s going to get an AMAZING like-new Townhouse! It may also require a new HVAC; as well as, certain additional exterior and interior fixes and upgrades.
To do our small part aiding Durham’s Affordable Housing Crisis (which has been long running), this Townhouse will be available to someone with a DHA Housing Choice Voucher – as Section 8 Voucher holders can have a hard time finding housing in Durham. The rent here will be approximately $1,180 – which is slightly below market for a 3-Bedroom in this area, to keep it within range of what a DHA / Section 8 Voucher may cover.
This Peppertree Townhouse purchase was funded by a Private Lender. who got a Deed of Trust and Note to secure the short-term loan, along with a great interest rate… creating a WIN (for US), a WIN (for the PRIVATE LENDER), and a WIN (for the TENANT) that we’ll soon find to occupy this home when the rehab is finished. The seller and holding bank also WIN here, because despite being a short-sale, our purchase price was enough to cover the debt… So, a WIN, WIN, WIN, WIN – These are the kinds of deals we LOVE! And there is yet another WIN for our Employees, Vendors, and various Contractors who provide products, skills and labor for the rehab.
The Peppertree Townhouse Community lies off Guess Road and Peppertree Street, off I-85, before getting to Horton Road – in Durham, North Carolina.