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Incredible Turnkey Triplex in The University of Memphis Area Across From Golf Course!!! Includes 3 Month Rental Guarantee and Home Warranty!

Property Offered at: -

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524 South Greer Street Memphis, Tennessee 38111

Purchase Price: $114,900
Property Status: Includes Repairs (included in purchase price)

TAX APPRAISAL: $132,500

Closing Costs: $1k (estimated)

Total Monthly Debt Service (Assumes Cash Purchase)

Rent Range:

Main Apartment: $625 – RENTED

Side Apartment: $550 Renter PENDING
Guest House: $550 – RENTED

City/County Taxes: $199.25 (based on 2009 values)
Insurance: $60
Less Management (8%): $147.20
Positive Monthly Cash Flow: $1433.55/month

Does NOT Account For:

Maintenance (10%): $184.00
Vacancy(10%): $184.00

Total Net Positive Less Vacancy and Maintenance: $1065.55/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 with a detached guest house.  There are three(3) income producing units total.  ALL UNITS HAVE SEPARATE UTILITY METERS.  There is also a paved driveway and parking for 2 of the 3 units.   The guest house has parking on the side of the home.
Less than a mile from the University of Memphis, this property offers secure and clean, comfortable housing(facing the golf course) which addresses a real housing constriction for University of Memphis students.  With limited housing within walking distance of the university, these 3 units provide not only a close neighborhood to live in for students, but also offer rents that are in a very affordable price range virtually guaranteeing long term rentability and full occupancy.

Rent is guaranteed at full occupancy for 3 months at $1700/month.  Property sale includes a home warranty.

Please note – the most recent normal sale of this property was for $165,000 in 2007.

Investor Fundamentals:

Property taxes are based on $132,500 assessed value, which can be contested to increase cash flow.  Square footage is based on Shelby County Tax Assessor’s information.

This home can ALSO be  converted to a single family residence and sold for retail.  There is a home for sale 2 doors from this property which is currently LISTED FOR $134,900.

THIS HOME WAS RECENTLY(4 weeks ago) APPRAISED BY AN INDEPENDENT BANK AS BEING WORTH 160k.

Property Details:

Sq/Ft Total

Bathrooms

Full / Half

Bedrooms

Garage Spaces

Finacial Details:

Property Status