Help With Memphis Property

[Gary Freidman]

As a new investor I am hoping someone could help me in looking at two properties in Memphis.

Property 1:

6740 State Line Rd

Memphis, TN 38141

2 floor, 3 bedroom, 2 .5 bath with a 2 car garage selling at $99,000. Just renovated with most things being new. 1,775 sq feet on a 10,000 square foot lot. Built in 1996. Last sold in 2012 for $55K.

Price: $95,000

Mortgage Amount: $79,200 (20% down)

Closing Costs: $4,950

Cash Invested: $24,750

Rent: $1,095 a month and $12,483 annual (8% vacancy)

Property Tax: $1,086

Insurance: $900

Interest: $3,643.2

Property Management $1,051.2

Repairs and capital expenses: 9% of rent ($1,087.99)

NOI: $4,320

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Property 2:

4350 Egyptian Cv,

Memphis, TN 38128

1 story 3 bedroom, 2 bath with a garage selling at $64,500. Just renovated with most things being new. 1,105 sq feet on a 8,310 square foot lot. 5 total rooms with a fireplace. Built in 1993. Last sold in 2008 for $51K.

Price: $64,500

Mortgage Amount: $51,600 (20% down)

Closing Costs: $5,500

Cash Invested: $18,400

Rent: $850 a month and $9,384 annual (8% vacancy)

Property Tax: $700

Insurance: $900

Interest: $2,373

Property Management $918

Repairs and capital expenses: 10% of rent ($938.40)

NOI: $3,554

[Curt Davis]

@Gary Freidman

Those two homes you are asking about happen to be owned by yours truly!!!  Curious as to where you found them for sale at?