INCREDIBLE Value-Add 6-Unit in Memphis, TN - 1178 N Evergreen
1178 N Evergreen St. Memphis, TN 38108
INCREDIBLE VALUE-ADD 6-Plex!
We have a 6-Unit that is just waiting for a buyer to pick up and complete rehab! Once rehabbed, the rent in that area is looking to be $495-$550 for the new units! This is NOT an assignment/wholesale deal! Start your 2019 off with some explosive growth in your Memphis portfolio!
List price right now is $84,900 with an estimated rehab of about $20-30,000 TOTAL for all 6 units. Buy now and sell as a turn-key MF or buy-and-hold in a ZIP code that's getting more and more popular with investors!
At an average rent of $525/unit, we get $37,800 gross annual rent x .65 for expenses (on the high side, to be safe) and that's $24,570 net! At an all-in cost of $129,900, that's a conservative CAP of 18.92%!
Some features:
-Fenced and iron gated area
-Top and bottom units with stair access on both sides
-Located central to major roadways
-Roof was replaced less than 10 years ago
-No HVAC maintenance as units require window units or other options OR you can add as a new project down the road
Taxes CHEAP at $2,356!