Memphis 3 Property Package

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Memphis 3 Property Package

Alex CraigBusiness Member
Real Estate Professional · Memphis, TN · Member since 2009 · 1k+ posts · 1k+ votes

Our Property Management Company is selling 3 homes in low income area, but not war zones. 2 of the 3 are rented. 1 just came out of rehab. Financials from our Property Management software (Buildium) are available upon request. Financials will disclose income and maintenance on the property.

1326 Salem $29,500: 2 bed 1 bath Just came out of rehab, very nice. Rent range is $550 - $595.

2293 Lowell $29,500: 3 bed 2 bath. Rented for $595. Tenant current and in 3rd month of lease with history of on time payment. New Roof, New AC.

3620 Randolph: $27,500: 3 bed 1 bath. Rented for $550. Tenant current and on month to month lease.

Alex Craig
901-848-9028

901-848-9028
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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    13y

    Can you describe the area a little more in depth? Would you consider a package offer?

    Curt Davis - KAIZEN Realty538 Reviews
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  • Alex CraigBusiness Member
    OP
    Real Estate Professional · Memphis, TN · Member since 2009 · 1k+ posts · 1k+ votes
    13y

    They are all low rent areas, but none that I would be afraid to knock on the door to collect rent--I would not manage anything like that as it is not profitable for a Property Management company. Actually, I own one very close to Salem. I would imagine a local buyer will snag Salem fairly quick as it is in an area where local buyers like due to the demographics of the tenant. The tenant at Lowell likes it there and works in healthcare, I think she sits in house with patients. Randolph tenant is on month to month, but we rented it quick last time. The tenant has not actually expressed any interest in moving out.

    Price is right on all of them as most houses in the area are being sold in the low 30's to investors. So to answer your question, I would not accept a package offer.

    Management is in place by my company at 10%, 1 month lease fee and 10% maintenance. Lowell has new roof and AC. Salem looks really nice as I dropped 11k into. It has ceramic tile in kitchen and bath and we refinished the hardwood floors.

    A little more info then you wanted.

    901-848-9028
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