Turn Key rented for $900 per month

Completely renovated all brick house featuring new: Roof, A/C, Interior Paint, upstairs carpet, electrical fixtures, ceiling fans, kitchen floor and refinished hardwood floors. House includes stove top and double oven. This property is currently rented for $900 a month and a $450 security deposit.

http://www.youtube.com/user/alcraig70#p/c/5DCDB0FA219DE2B9/4/eDxlBrJtdeo

Edited: 06/26/2010 at 12:05PM

Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado

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Mar 16 '10, 06:21 AM

How about posting some more details, Benolyn? Where is this located? How much are you asking?

Edited: 06/26/2010 at 12:05PM

Jon Holdman, Flying Phoenix LLC

Benolyn Craig

Real Estate Consultant · Memphis, Tennessee

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Mar 16 '10, 06:31 AM

Jon,

You are correct some more details were in need.

4415 Boyce
Memphis, TN
ARV 94,000
Sales Price $59,950

Edited: 06/26/2010 at 12:05PM

Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado

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Mar 16 '10, 06:35 AM

Thanks!

Edited: 06/26/2010 at 12:05PM

Jon Holdman, Flying Phoenix LLC

Bryan A.

Real Estate Investor · Charlotte, North Carolina

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Mar 16 '10, 11:00 AM

does this property need work? you said completely rehabbed, but then gave an ARV in your next post??

Edited: 06/26/2010 at 12:05PM

Benolyn Craig

Real Estate Consultant · Memphis, Tennessee

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Mar 16 '10, 11:07 AM

Bryan -
No work is needed on this property. During the renovation we put on a new roof, carpet, refinished the hardwood floors, new HVAC, updated electrical and much more. I meant to put Appraised Value 94,000. Are you interested in this property?

Edited: 06/26/2010 at 12:05PM

Bryan A.

Real Estate Investor · Charlotte, North Carolina

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Mar 16 '10, 11:14 AM

sounds like yall did a great job!!! i am not currently in the market for an out of state rental, but best of luck..i was just curious and clarifying for others really

Edited: 06/26/2010 at 12:05PM

Mike M

Accountant · Garden Grove, California

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Mar 16 '10, 11:52 AM

Benolyn
I may be in the market but never purchased in Tennessee. What are the Property Taxes, Insurance, Management Costs, and/or any other costs?

Edited: 06/26/2010 at 12:05PM

Account Closed

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Mar 17 '10, 03:26 AM

I may be in the market but never purchased in Tennessee. What are the Property Taxes, Insurance, Management Costs, and/or any other costs?

In Memphis, I pay $50-60 for insurance, 10% PM, and $150 taxes (on about a 50k house) Some areas are unincorporated (e.g. 38125) so you pay no CITY taxes.

TC

Edited: 06/26/2010 at 12:06PM by Account Closed

Benolyn Craig

Real Estate Consultant · Memphis, Tennessee

37 posts
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Mar 17 '10, 06:43 AM

Mike -

The taxes for this property are $1695.69 (944.70 County + 750.99 City). We just had the city reappraise the property to lower the taxes. A landlord policy for this property should be $500 per year and the property management is 10%. PM me your email address and I will send you over a detailed breakdown for this property.

Thanks,

Benolyn

Edited: 06/26/2010 at 12:06PM

Mike M

Accountant · Garden Grove, California

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Mar 27 '10, 12:16 AM

Benolyn, the "sale" side of my 1031 is due to close on April 5, I may be in contact with you after that.

Edited: 06/26/2010 at 12:14PM

Benolyn Craig

Real Estate Consultant · Memphis, Tennessee

37 posts
1 award
50 influence

Mar 27 '10, 09:50 AM

Mike - I look forward to hearing from you and helping you meet your investment goals.

Edited: 06/26/2010 at 12:14PM