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Brick Duplex Near University of Memphis with Garage!!! Almost 3200 Square Feet!

Property Offered at: -

, ,

900 -902 Brower  Street Memphis, Tennessee 38111

Purchase Price: $88,500
Property Status: Needs Repairs (Estimated 8k)

TAX APPRAISAL: $126,600

Closing Costs: $1k (estimated)

Total Monthly Debt Service (Assumes Cash Purchase)

Rent Range:

Apartment # 1:- 2 Bedrooms 1 Bath: $595

Apartment # 2: – 4 Bedrooms 2 Bath: $650
Total Current Income $1245/month.

City/County Taxes*: $305 (based on 2009 values)
Insurance: $60
Less Management (9%): $117
Positive Monthly Cash Flow: $763/month

Plus instant equity!

This property qualifies for Robert Feol’s Short Term Retirement Program – a simple, non qualifying permanent lending program where you bring 30% – 50% of the purchase price as a down payment, and we will finance the rest over a 5 year period.  All Short Term Retirement loans feature a fixed rate and full amortization, meaning after 5 years you own your investment home free and clear, without any lien on it.

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

This property is a multi – unit, converted single family home that is tax assessed at $126,600.  There are two(2) income producing units total.  ALL UNITS HAVE SEPARATE UTILITY METERS.  There is also a paved driveway and parking for both units.
Less than a mile from the University of Memphis, this property offers secure and clean, comfortable housing which addresses a real housing constriction for University of Memphis students. 

Investor Fundamentals:

*Property taxes are based on $126,600 assessed value, which can be contested to increase cash flow.  Square footage is based on Shelby County Tax Assessor’s information.

This Property Last Sold in 2005 for 123k(last NORMAL sale)

Rents are VERY CONSERVATIVELY ESTIMATED.

Property Details:

Sq/Ft Total

Bathrooms

Full / Half

Bedrooms

Garage Spaces

Finacial Details:

Property Status