Home Buying in Chapel Hill>Question Details

watertravel21, Home Buyer in 27713

Bolinwood Condominiums any good as rentals?

Asked by watertravel21, 27713 Wed Aug 14, 2013

What are the occupancy chances for a 3bd 2ba condo in this community? Is it worth adding to the investment portfolio?

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Answers

3
I have a listing at Bolinwood. My client bought it when their kids were attending UNC. They never had any problem to rent the place even off season. They never deal with section 8 neither. They collect $850-900 per month. The onsite property management company is awesome . They take care of the problem right away. They have a good crew and they charge $50.00 a month.
It is very hard to sell the unit with the tenant. my unit is vacant and the on site property management company always take new application from prospect tenant.
The challenge is getting a loan for condo in general unless it is cash.
Let me know if you have any questions.
0 votes Thank Flag Link Thu Aug 15, 2013
I own one of the 3 bd/2ba condos here. Actually, I own with 2 other people. In general, the rents are around $750. We've been renting to Section 8 and get $900. When we had a loan, it was not a good return, so we paid it off and now the return is much better. It is very difficult to find decent Section 8 housing in Chapel Hill/Carrboro so I think it is a good route to go. Most of our Section 8 tenants have been very good and they are people I like. Another thing is that I take care of problems when tenants notify me.

Most of the units need updating. The biggest thing we've done so far is replace all the windows except for the patio door, and replace the carpet with hardwood laminate, the kitchen and bathroom floors, plumbing fixtures, etc.

I was hoping that eventually this complex would go up in value, especially with UNC North going in. Now I don't know. Still, it is one of the least expensive places around and if you fix it up, it will rent.

I'm happy to discuss it further if you want to.

Vivian Olkin, aka CrazyViv
0 votes Thank Flag Link Wed Aug 14, 2013
Sorry the answer is not concrete - it depends. If you are considering the purchase of a vacant unit now, I would be concerned about finding tenants. Most students are already in place for the fall semester and it would be a challenge to find a tenant over the next 3-4 months or longer.

The best rental cycles in the area are either June 1 or Aug 1, when the majority of student rentals turn over. It sounds like you already own rental properties, so if there are tenants in place then you have to run your numbers to see if the ROI meets your goals, and you already know that the Seller should be able to show a history to indicate vacancy and rental rates.
0 votes Thank Flag Link Wed Aug 14, 2013
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