SFH Investment in 38133 of Memphis, TN 8-11% ROI (B Class)

[Jonathan McGee]

Contract -

Don't miss out on this EXCELLENT investment opportunity in a B class neighborhood of Memphis!

This is a nicely kept property in the popular Bartlett area, located in a great investment neighborhood. It is a 3/2 1232 sq ft. brick veneer home built in 1991. The estimated market value is about $130,000 with an estimated rental rate of $1000/mo-$1050/mo.

Currently occupied on a 1 year lease at $900/mo. 30 day notice to vacate can be sent to tenant at Buyer's request.
At the current rent rate, this would yield an 8% cap rate. Increase the rent to the estimated market rate to $1050/mo and yield a 10.5% cap after management, taxes and insurance fees!
Features a recent roof replacement, newer HVAC and water heater, privacy fence, fireplace and vaulted ceilings. This could also be a great retail flip opportunity! Home is in great condition, but with a few turnkey upgrades, you could retail at the estimated value of $130,000! Great candidate for BRRRR investors! Cash out refinance up to $104,000!
Currently priced for assignment at $96,000. Must be closed within 10 days from contract. Cash or HML only with $1000 earnest held at escrow.
Recent Comps:
7026 Reese Lake Cv. Memphis, TN 38133 - Sold $127,750 on 1/29/18 - 0.2mi

2647 Van Der Veer Dr. Memphis, TN 38133 - Sold $125,000 on 4/19/18 - 0.1mi

7003 Tagen Ct. Memphis, TN 38133 - Sold $119,000 on 6/4/18 - 0.1mi

2547 Reese Lake Cir. Memphis, TN 38133 - Sold $120,000 on 5/15/18 - 0.3mi

See additional photos here: https://drive.google.com/open?id=1mc6nfPh8M5I_IRlxnXfbSDp-s1WqMNyU

Contact Jonathan at [email protected] or to 901-290-7827 for more information!