Is the reason no one is interested in this rental because of price or area? I mean, I'm just curious. It's got to be the area cause the numbers I run look pretty good. But then again, I've driven for dollars in the neighborhood and I personally would live there. Is the schools crappy? I don't know. I mean, I'm not stupid. I used to be a Realtor so I know how to run numbers and look at areas but I just don't get this one. Hell, If I had the cash, I'd do the deal. But that's why I'm wholesaling--to build that cash reserve up.
Anyway....I'm asking $23K. Even would finance $12k down and 15k in 18 months. Rent is at $550 per month from a long term tenant. It should be $600-$650. Even as much as half of the total gross yearly rent for all expenses still gives you a 14.34% cap which is excellent. I don't understand.
Anyone care to help me see the light? :) Thanks in advance.
What is the address?
@Laurie Johnson 3613 Barron Avenue, Memphis, TN 38111
The schools are ok. The high school, in fact, is among the best in the country. The elementary and middle schools are OK.
That quality of the high school, though, is due to the school's competitive optional (magnet) program, and not the zoning. http://scstransquery.scsk12.org/eduweb/webquery/We...
Crime is a bit dense in that particular area: https://drive.google.com/file/d/0B5pr1-PA8FmiZEc2c...
It's a scrappy neighborhood, but not bad by any means.
@Aaron Fowles Thanks. And 2 bedroom doesn't help matters either. I appreciate it.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!