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Brothers bet on southeast Raleigh revival

Posted October 12, 2014

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— A neglected section of downtown Raleigh is getting a makeover, thanks to a pair of savvy investors.

Twin brothers Chris and Kelly Edwards have made a business out of overhauling old homes and then renting them as an investment.

They've bought 20 homes so far this year – many of them southeast of downtown and in disrepair. The brothers see opportunity where others see despair.

"More folks come down to downtown raleigh with Citrix, Red Hat, more jobs downtown, nicer restaurants ... people want to live down here," said Kelly Edwards.

The brothers want to get in before the prices climb so they can see the profit.

"When a home hits the market then every investor in Raleigh is on that house," Chris Edwards said. "It's almost too late by that point."

The Edwards offered the example of a home that sold for $65,000. After renovations, it is on the market for more than $200,000.

Jackie Carter and her two children live in the neighborhood. She pays $500 a month in rent. Renovated homes rent for more than double that amount.

"It will make prices go up for those already living in the area. That's the only worry," she said, but I think it's a beautiful thing."

Mary Baker has owned a home in southeast Raleigh for 50 years. She has watched the neighborhood go downhill and says living there scares her.

She says she's glad investors like the Edwards brothers are trying to turn the area around.
 

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  • StoryBehindTheStory Oct 14, 2014

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    If you read correctly the first few paragraphs you will notice that these two gentlemen seem to buy those SE Raleigh homes for long-term investments, as "rentals".
    Based on the article it doesn't sound as if they're too concerned about selling or "flipping" their investment properties anytime soon. That's how I read it.

    Considering they've "bought 20 homes so far this year" it doesn't sound as if these two young men have to worry about "checks clearing the bank". From the looks of things it would seem they're two fairly savvy businessmen.

  • Cynthia Fig Oct 13, 2014
    user avatar

    Jackie has every right to be worried. it happened to me and many other former dowtown residents. My rent went from $725 to $1125 within 4 years on an 764sqft mill house just on the outskirts of dwntwn. Nothing under 1K in Caraleigh these days either.

  • Pseudonym Oct 13, 2014

    FTA: "The Edwards offered the example of a home that sold for $65,000. After renovations, it is on the market for more than $200,000."

    I can put a 1984 Chevy Citation on the market for $200,000, but it doesn't mean it's going to sell at that price.

    These guys need to remember that it doesn't matter until the check clears the bank.

  • Vincent Vega Oct 13, 2014

    View quoted thread


    And why does gentrification happen?

  • Ron Kemp Oct 13, 2014
    user avatar

    I know it's gentrification but those of us old enough to remember some of those same neighborhoods years ago--- nobody, I mean nobody, wanted to live there. And before that, Oakwood was just as bad. Now look at it.

  • Enough is Enough People Oct 13, 2014

    Well this article certainly tries to put a positive spin on gentrification.

  • a-moment-of-truth Oct 13, 2014

    Chris and Kelly Edwards. Looks the EXACT same as when I went to school with them. At Daniels Middle I do believe. I think they were at Broughton with me for a short time, and they got sent to Leesville when it got built. GLAD to see they are doing well for themselves though!

  • oakcity Oct 13, 2014

    I also live in SE Raleigh. Our street includes black, white, asian, latino, gay, straight, single, married basically every type of person out there. If anything I would say this area is WAY more diverse than anything in North Raleigh or Johnston County.

  • texasncgirl Oct 13, 2014

    I'm wondering where in SE Raleigh you are Frank because I've lived there now for 5 years and have seen a huge declination...I feel incredibly unsafe as each year passes.