Great Value-Add 6-Unit in a HOT Investor Area-Memphis, TN $84,900

[Dean Harris]

In 38108, 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 $84,900 with an estimated rehab of about $20-30,000 for all 6 units.  The Sellers did most of a rehab but the contractor didn't secure the property and there was some vandalism.  See pics.  This is one to buy for any value-add investor.  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 was replaced less than 10 years ago

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!