RENOVATED TO LIKE NEW CONDITIONS COMING SOON!
Investment Opportunity: Fully Renovated 3-Bedroom Home in Memphis, TN
Address: 3154 University St, Memphis, TN 38127
Price: $145,000
Monthly Rent: $1,400
cash on cash return 17,07%
Property Overview:
Seize this exceptional investment opportunity with a fully renovated 3-bedroom, 2-bathroom home located in a desirable Memphis neighborhood. This property offers a blend of modern updates and classic charm, making it a prime candidate for both long-term rental income and future appreciation.
Key Features:
- Fully Renovated: This property has been meticulously updated, featuring new flooring, fresh paint, modern fixtures, and an upgraded kitchen with stainless steel appliances.
- Spacious Layout: The home boasts a generous floor plan with ample living space, including a large living room, dining area, and well-appointed bedrooms.
- Turnkey Investment: Currently rented at $1,450 per month, this property generates a steady income stream from day one.
- Low Operating Costs: With annual property taxes of $899 and insurance at $950, along with an 8% property management fee, the operational expenses are manageable and predictable.
Financial Highlights:
- Purchase Price: $145,000
- Down Payment (20%): $29,000
- Loan Amount: $116,000 at 7% interest
- Monthly Mortgage Payment: $772.17
- Annual Gross Rent Income: $17,400
- Net Operating Income (NOI): $14,159
- Annual Cash Flow: $4,892.96
- Cash on Cash Return: 15.34%
- Appreciation Potential: With an estimated annual appreciation rate of 3%, the property is expected to appreciate by $4,350 annually.
- Tax Benefits: Enjoy an annual depreciation deduction of $4,218.18, resulting in tax savings of approximately $1,012.36 per year.
Investment Summary:
This property presents a robust investment with a cash on cash return of 15.34% and a total ROI of 32.14% when factoring in appreciation and depreciation. Its turnkey status, combined with a strong rental market in Memphis, ensures consistent rental income and potential for capital appreciation. Ideal for investors seeking a reliable, income-producing asset in a thriving market.
Check out the investment analysis here.
https://docs.google.com/spreadsheets/d/1GbtxQXQdNC7KjV5UoDPnT2ovuYgILG-xeWVnvZd7MOU/edit?usp=sharing
Professional Photos coming.
Location Highlights:
- Proximity to Amenities: Conveniently located near schools, shopping centers, and public transportation.
- Growth Area: Memphis is experiencing steady economic growth, with increasing demand for rental properties.
Don’t miss out on this lucrative investment opportunity. Contact us today to schedule a viewing or for more information.