This project by local investor and real estate agent Micah Barber is a perfect example.
Micah bought 3116 Exeter Road, renovated it, furnished it, launched it as a short-term rental, and completed a cash-out refinance in just 3 months.
With its prime Augusta location near the Masters Tournament, the property also has major upside as a Masters rental.
The Numbers
- Purchase Price: $191,500
- Down Payment: $19,500
- Hard Money South Loan: $210,000
- Renovation Cost: $45,000
- Furniture / Setup: $7,000
- Total Timeline: 90 Days
- Exit Strategy: Cash-Out DSCR Refinance
- Appraised Value: $328,000
- DSCR Loan Amount: $262,000
- Estimated Airbnb Revenue: $3,500/month
Why This Deal Worked
1) MLS Deals Exist
Many investors think every good deal is off-market. Not true.
Micah sourced this property directly from the MLS, proving that strong opportunities still exist for investors who know how to analyze value, move quickly, and execute.
2) Prime Masters Rental Location
Exeter sits in one of the most desirable short-term rental zones in Augusta.
That means year-round Airbnb income plus premium pricing during Masters Tournament week.
For many Augusta investors, one Masters rental can dramatically improve annual returns.
3) Forced Appreciation Through Smart Renovation
The biggest upgrades were the bathrooms, helping modernize the home and improve nightly rental rates.
Like many older Augusta homes, Micah also uncovered expensive crawl space issues and had to replace cast iron plumbing under the house.
That increased the budget, but solving hidden problems the right way protects long-term value.
The Result
Micah refinanced the property with a DSCR loan based on the new appraised value of $328,000.
That allowed him to stabilize the asset, recover capital, and hold a cash-flowing short-term rental with substantial equity.
This is exactly how many investors scale: buy right, renovate fast, refinance, repeat.
Investor Background
Micah grew up around real estate. His mother has been in the business for 30 years, and Micah entered the industry straight out of high school.
That early exposure gave him an edge, but execution still mattered. He moved quickly, handled renovation surprises, and finished strong.
Advice for New Investors
Micah’s biggest warning: “Don’t underestimate crawl space work.”
In older Augusta homes, plumbing, moisture, structural issues, and access problems can destroy a renovation budget if you miss them during due diligence.
Why Hard Money South
Deals like this require speed, certainty, and local market understanding.
At Hard Money South, we help Augusta and Aiken investors close quickly, fund renovations, and execute profitable BRRRR strategies.
If you have a deal in Augusta, North Augusta, Aiken or surrounding markets, let’s talk. Whether it’s fix and flip, rental, Airbnb, or BRRRR, Hard Money South can help you move fast and win deals.
[Photos courtesy of Casey Arant]
