Memphis, TN 38106 – Memphis Marvel: Renovate, Rent, and Reap the Rewards!

Description

HOW CAN YOU PROFIT ON THIS DEAL?
Welcome to an investor’s dream in the heart of Memphis, TN! This single-family home, offering 3 bedrooms and 1 bath with potential for conversion to a 4-bedroom layout, presents an excellent opportunity for those seeking to enter the real estate market. Currently tenant-occupied, generating $700 per month but with a some TLC rent can go up to $1.2k per month!, this property will be delivered vacant at closing, providing flexibility for your plans.

At 1,117 square feet, this residence sits on a 3,484-square-foot lot, offering both indoor and outdoor potential. While the HVAC system is a sturdy 9 years old, there are opportunities for cosmetic enhancements. Consider putting your touch on the bathroom, kitchen, walls, and ceilings to transform this property into a lucrative investment.

Strategically located in Memphis, an area known for its diverse community and cultural richness, this property is not only a sound investment but also a chance to contribute to the local real estate landscape. Don’t miss your chance to turn this property into a gem in the Memphis market!🚀🔧🏠”

PROPERTY SPECS
🏠Single Family Home🏠
3 Bed / 1 Bath
Can be converted back to 4 bed
1,117 SF living area
3,484 SF of lot
Tenant Occupied – vacant at closing
Tenant paying $700/mo
Needs Roof to be redone
Needs flooring to be redone
HVAC – 9 years old
Cosmetic Rehab Needed:
Bathroom
Kitchen
Walls
Painting
Ceiling

Comps within a Half Mile sold in the last 6 Months:

1534 Marjorie St; 3 bed / 1 bath; 1,021 SF; $118.5k Sold 05/23/23 – $116/SF
1654 Ely St; 3 bed / 1 bath; 850 SF; $95k Sold 11/09/23 – $112/SF
Rental Comps within a Half Mile:

$1,195/mo; 1654 Ely St; 3 bed / 1 bath; 850 SF