133 Last Resort, Black Mountain, NC

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.