The Journey of 617 Wave Arch
The story of 617 Wave Arch illustrates the determination and strategic thinking required to maximize the potential of a vacation rental property. With the goal of increasing annual rental revenue the owner’s had no idea it would be by an additional $150,000. It started when the owners sought an exceptional vacation home that was not readily available in the market.
Frustrated by the lack of suitable existing beach houses and driven by their vision of owning a premium rental property, they approached North River Properties (NRP) with an ambitious proposal: If they provided NRP with a viable property, would NRP bring it up to the highest NRP standards? Despite initial hesitations due to the challenging nature of finding such a property, NRP agreed to the challenge, setting the stage for a transformative renovation journey.
After several attempts to identify an ideal home, a semi-oceanfront property emerged that offered proximity to the beach, making it an appealing find. However, bringing the property up to NRP’s rigorous standards demanded a significant investment of over $400,000. The decision was not made lightly, considering the potential risks of renovating an older structure.
The result was nothing short of spectacular.The property’s value soared by over $800,000 once renovations were completed, becoming the epitome of a dream vacation rental that investors aspire to own. This journey underscores the importance of investing wisely in quality renovations to combat the natural deterioration of properties over time. With careful planning and execution, the owners successfully leveraged their investment, resulting in not only a remarkable property but also a lucrative vacation rental opportunity.
