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CASH FLOW and Instant Equity with this Nice Duplex in the Beautiful High Point Terrace Area for only

$93,000

    We’ve got another fantastic Memphis investment property available in the High Point Terrace area.  The same caring owner has owned this duplex since 1960’s and both sides are currently rented.  3611 is two bedrooms, one bathroom and is rented at $425 per month until March, 2010.  3609 is one bedroom, one bathroom and is rented at $325 per month.  The lease is month to month.  These rental amounts are well below market rates and the property should support rental income of $1,000 per month.

This house is in good condition and is move-in ready.  The property has been well maintained over the years but could be updated if desired.  The huge lot is .33 acres making it one of the larger lots in the area.  This property is 1,511 square feet and each side of the duplex has its own driveway.  Other features include hardwood floors, furnace heat and window unit air conditioning. 

The location of the property is fantastic.  Near the corner of Barwood and Highland, you will see the Chickasaw Country Club and Crichton College and you are only minutes away from the University of Memphis.  Plus the property is in the Grahamwood school district.    

The recent county-wide property reappraisal valued the property at $190,000 for tax purposes but a successful appeal lowered the tax assessed value to $119,900.  The appeal was successful in part because an independent appraisal was done on 7/29/09 by Terry Brigham, SRA & Co.  Appraiser Brigham established the value of $119,900 using the Sales Comparison approach.  We will provide a copy of the appraisal report upon request.

If you are looking to invest in Memphis real estate, you have the opportunity to purchase a duplex needing little to no rehab in one of the best neighborhoods in the entire city for only $93,000.  That’s nearly $27,000 of instant equity.  Raise the rents and the property will provide outstanding positive cash flow.

Not a Memphis real estate investor?  That’s ok!  This home is move-in ready and can be purchased at a significant discount.  Rent out the other side and the tenant will be covering most of your mortgage.

Pricing:

Price: $93,000.00

Estimated Rent: $1,000

Annual Taxes: $2,161

Zillow: $169,000

Tax Assessed Value: $119,900

Rehab: $0 - $5,000

Estimated ARV: $119,900

Property Location:

3609-3611 Barwood Circle

Memphis, TN 38122

Map

Links:

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Features:

Duplex

Side #1 - Bedrooms: 2  Bathrooms: 1

Side #2 - Bedrooms: 1  Bathrooms: 1

Separate Driveways

Year Built: 1945

Square Footage: 1,511

Attributes:

Hardwood Floors

Floor Furnace

Window Unit Air Conditioners

Large Yard