Property Offered at: -

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593 Western Memphis, Tennessee 38122

Purchase Price: $42,900
Property Status: Rented

TAX APPRAISAL: $59,500

Closing Costs: $1k (estimated)

Total Monthly Debt Service (Assumes Cash Purchase)

Rent Range: $550(currently rented until September,)  Actual Market rent is $675 – $750.

City/County Taxes: $90 (based on 2010 values)
Insurance: $40
Less Management (9%): $49.50
Positive Monthly Cash Flow: $370.50/month!!!

Does NOT Account For:

Maintenance (10%): $55.00
Vacancy(10%): $55.00

Total Net Positive Less Vacancy and Maintenance: $260.50/month

Plus instant equity!

A great opportunity to purchase an already cash-flowing property in the Berclair area of Memphis.

Currently rented for $550 per month on a two year lease term ending in September 2011.  This is ready to add to your portfolio.  This is a part of older Summer Avenue, the south side of Summer which is a very desirable neighborhood close to retail centers, shopping, the new Lowe’s Store, etc.

True value in this is letting the tenant pay rent until September when their lease expires then renting it as a 3 bedroom home in the high $600 to low $700 range.

You can also purchase using private hard money and refinance as well, minimizing your cash out of pocket.

Financing (short and long term), property management, insurance, home inspectors, and contractors are available upon request.

Investor Fundamentals:

Property taxes are based on $59,500 assessed value, which can be contested to increase cash flow.  Square footage is based on Shelby County Tax Assessor’s information.

We recommend contesting the assessment value to halve your annual tax payments.

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