In 2016, Sara McDaniel moved to Minden, Louisiana, and was immediately drawn to the charm of the small city. Not only did she find a welcoming community, but she also saw an opportunity to expand her real estate investing business. Already an experienced investor, McDaniel owned several properties in the Minden area, including short-term rentals, long-term rentals, and vacant land.
A life-changing offer: The villas at Spanish Court
In 2020, McDaniel received an unexpected call from a childhood friend. The friend owned a piece of abandoned property and wanted to know if she was interested in purchasing it. The property consisted of eight villa-style apartments that had been sitting vacant for nearly 40 years.
The villas varied in size—two were approximately 750 square feet, while the remaining six measured 500 square feet each. Despite the daunting condition of the apartments, McDaniel saw potential.
“The villas weren’t my first rodeo with abandoned properties,” McDaniel told CNBC Make It. “But this project really pushed my skill set and really pushed me to the next level.”
The path to financial freedom
McDaniel, now 47, had long been a follower of the Financial Independence, Retire Early (FIRE) movement. She began saving 50% of her income in her early 30s, with the goal of investing in real estate and retiring early.
When the opportunity arose to buy the villas, she used her savings to purchase “The Villas at Spanish Court” in 2021 for $51,306.
“I saw the potential that real estate had to give me a life of freedom and flexibility,” McDaniel said. “I was very confident when we closed the deal, but it wasn’t long thereafter that I literally started having panic attacks, wondering what in the world did I get myself into.”
Overcoming unexpected challenges
The condition of the apartments was far worse than McDaniel initially realized. The ceilings were caving in, windows had bullet holes, and structural damage was extensive. Even more concerning, she had made a critical mistake—she hadn’t conducted an environmental hazard assessment before purchasing the property.
“Come to find out they are filled with asbestos and lead paint,” she said.
Determined to find a solution, McDaniel turned to Google, where she learned about the Brownfield Cleanup Revolving Loan Fund from the Louisiana Department of Environmental Quality (LDEQ). The fund provides low-interest loans to help clean up hazardous properties.
Through this program, McDaniel secured a $46,731 loan at a 0% interest rate to assist with the necessary environmental remediation.
Funding the restoration
To finance the restoration, McDaniel made significant financial moves. She sold one of her properties in Texas for $175,354 and added $8,000 from other income streams to cover initial renovation costs. Additionally, she secured an interim construction loan of $202,725 from a local bank and later obtained a permanent mortgage of $290,710.
These funds allowed her to complete the project over 18 months. By the time renovations were finished, the total cost had reached $729,885. McDaniel now has a monthly mortgage payment of $3,298 and is repaying the LDEQ loan in $400 monthly installments.
Restoring the villas’ historic charm
Throughout the renovation process, McDaniel aimed to preserve the historical character of the villas. She retained original features such as archways and architectural details from their 1930s construction. Many of the bathrooms still feature their original tilework.
To enhance the outdoor space, she added patio chairs, tree lights, and solo stoves so guests could enjoy a peaceful atmosphere during their stay.
A profitable future
By 2023, the villas had been booked for approximately 1,000 nights. Just one year later, that number increased to 1,300 nights at an average rate of $143 per night. In 2024, the villas generated $224,133 in revenue.
“Right now, every single piece of income is going right back into the business,” McDaniel said. “Walking through this renovation almost brings me to tears because I am so proud that I did this.”
McDaniel’s ultimate goal is to make The Villas at Spanish Court profitable within five years. For her, purchasing and restoring this historic property has been more than a business venture—it’s been a labor of love and a testament to her perseverance in real estate investment.
