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Sold about 5 years ago

$72,500

2 bd 1 ba 3600 sqft

1178 N Evergreen St Memphis, TN 38108, Memphis, TN 38108

Residential SFR

Current Rent **

$575

Projected Rent **

N/A

Estimated Cap Rate *

Pro Only

Estimated Cash on Cash ROI *

Pro Only

Estimated Rent †

Pro Only

Estimated Rent Confidence ‡

Very High

6-UNIT APT COMPLEX BACK ON THE MARKET

1178 N Evergreen St. Memphis, TN 38108

INCREDIBLE VALUE-ADD 6-Plex! MAKE US AN OFFER! This is listed, not a wholesale, but wholesale pricing!

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 $72,500 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 is only about 3 years old!

-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!

Location:

1178 N Evergreen St Memphis, TN 38108, Memphis, TN 38108

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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.

** Current rent and projected rent are provided by the lister.

† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.

‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.