Off Market Duplex In Memphis, TN. $38,000 (Rented) 23.4% ROI
Please see details below regarding this Off Market Duplex Deal in Memphis, TN. Please let me know if you are interested.
-3226 Forest Brook Dr. Memphis, TN. 38118
-Each unit is rented for $625 per month
-Each unit is on a month to month lease, tenants have been there 5 months
-Built in 1970
-2,340 total sq feet
-Roof is in good condition
-HVAC for both units is 3 years old
-Water heaters for both units is 3 years old
-Microwave, stove, and fridge provided in each unit
-Yearly taxes $1,324.79
-Repairs $5,000 (cut grass, trim trees in front and back yard, remove broken trees branches in back yard, power wash outside of property, repair a few holes in drywall, secure a few vent covers, clean carpet, replace some blinds, interior wood trim repair, change locks)
-ARV $67,000
-Cash asking price $38,000
-ROI 23.4%
-Clink link to view detailed pictures
https://www.youtube.com/watch?v=xevVEXT9eNc&t=4s
-Comps
-3213 Forest Brook Dr. $78,000 (sale pending)
-3220 Ashwood $65,000 (sale pending)
-3402 Barbwood Dr $65,000 (sale pending)
-3446 Barbwood Dr $65,000 (sale pending)
*Based off $38K purchase price
| Income | Monthly | Annual |
| Gross Rent | 1250 | 15000 |
| Vacancy Losses (7%) | 87.5 | 1050 |
| Operating Income | 1162.5 | 13950 |
| Expenses | Monthly | Annual |
| Property Taxes | 110 | 1325 |
| Insurance | 125 | 1500 |
| Management Fees (10%) | 125 | 1500 |
| Association Fees | 0 | 0 |
| Maintenance (5%) | 62.5 | 750 |
| Other | 0 | 0 |
| Operating Expenses | 423 | 5075 |
| Net Performance | Monthly | Annual |
| Net Operating Income | 740 | 8875 |
| Mortgage Payments | 0 | 0 |
| Cash Flow | 740 | 8875 |
| ROI | 23.4% | |
| Cap Rate | 23.4% |
*Disclaimer and Terms*
This property is a off market wholesale deal that can be bought with cash only. I have the property under contract to purchase for cash and selling my position as the current buyer via a assignment agreement.