This long-term rental is located in an up-and-coming neighborhood near downtown Macon, GA. This 3-bedroom, 2-bathroom cottage-style home, built in 2008, was acquired in April 2021. The property was purchased vacant and required only minor repairs to become rent-ready. A full renovation was deemed unnecessary at the time, as the home was in good condition and the projected rental income did not justify additional investment.

The purchase was financed in cash using a personal loan, which was later refinanced. At acquisition, the property appraised at $60,000. By 2024, key improvements were made, including installing a new roof, upgrading the flooring, and replacing appliances.

Although the location initially presented concerns, shifts in the market have mitigated these risks. In November 2024, the property underwent a third refinance, appraising at $122,000, enabling us to fully recover our initial investment. During the first year, rents were $800, but as of October 2024, the property is leased for $1,200, with Section 8 covering the full amount. This increase in rental income reflects the impact of our improvements and the positive changes in the neighborhood.