New Available Property – 3609-3611 Barwood Circle
November 12, 2009
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.
Contact Information
- 901-388-7676
- info@LuckyAProperties.com
Pricing
- Price: $93,000
- Estimated Rent: $1,000
- Annual Taxes: $2,161
- Zillow Estimate: $169,000
- Tax Assessed Value: $119,900
- Rehab Estimate: $0-$5,000
- Estimated ARV: $119,900
Property Location
- 3609-3611 Barwood Cirle
- Memphis, TN 38122
- Map
Links
Features
- Duplex
- Side #1 – Two Bedrooms, One Bathroom
- Side #2 – One Bedroom, One Bathroom
- Year Built: 1945
- Square Footage: 1,511
Attributes
- Hardwood Floors
- Floor Furnace heat
- Window Unit Air Conditioners
- Large Yard
City View Vs. Street View
November 10, 2009
The latest Memphis residential real estate sales report is out with data for the month of October. As you probably already know by now, Congress extended the $8,000 tax credit until April 30. The expanded bill raises income limits and also introduces a $6,500 tax credit for current homeowners who have been in their homes consecutively for five of the previous eight years. This, coupled with encouraging sales numbers for the month have many people feeling more optimistic about the direction of the Memphis real estate market. Though total sales were down slightly from last year, they were up from last month and traditional sales outpaced bank sales by a 2 to 1 ratio. For the full article from the Memphis Daily News, go to: http://www.memphisdailynews.com/editorial/Article.aspx?id=45971
As a real estate investor, we know that articles like this can be decieving. It would be a mistake to assume that just because traditional sales outnumbered bank sales by 2 to 1 for the city, that it applies to the property you are considering investing in. There are still many areas of the city where there are practically no traditional sales. When looking for cash flow properties, you must dig deeper to see what is happening on that street and in that neighborhood. The real estate market is so fragmented and so dependent upon location that you can’t just rely on statistics that cover as wide an area as the city of Memphis. What is happening in Germantown has practically no bearing on whats happening in Frayser.
At Lucky A Properties, we also know it is important to know the general trends for the city, so it is good to see positives signs for home sales. This must continue in order for normalcy to return to the market. Traditional sales need to outnumber banks sales by a wider margin than just 2 to 1. We know this will happen…eventually. Though we don’t have a crystal ball, just based on the number of calls we get each day from people NEEDING to sell a house, more foreclosures are coming. Hopefully though, the pace of foreclosures will slow and everyone wanting to invest in Memphis real estate will snatch up these properties and help the overall market return to health.
New Available Property – 4842 Arsenal Cove
November 8, 2009
We’ve got another fantastic Memphis investment property available in Raleigh. The same caring owner has owned this house since 1983 and it is in pristine condition. This house is move-in ready and needs no rehab unless you want to update a few light light fixtures and the wall paper in the kitchen and hallway. Situated at the end of the cove, the well landscaped property features a large backyard and covered patio with a wonderful outdoor kitchen. The inside features three bedrooms, two bathrooms, living room, den and dining room. The kitchen appliances are included with the house. The separate laundry room includes the washing machine but will need a new dryer. This property is 1,600 square feet with an attached 2 car carport. Other features include a brand new water heater, central heat & air plus a gas wall heater in the den. Only 1.5 miles from Bartlett and close to nearby schools, this home is located in a prime location.
If you are looking to invest in Memphis real estate, this property should rent quickly for $750-$850 per month, providing outstanding positive cash flow and instant equity.
Not a Memphis real estate investor? That’s ok! This home is move-in ready and can be purchased at a significant discount, which will make your monthly payments more affordable.
Click on the Photo Slideshow for many more photos!
Contact Information
- info@LuckyAProperties.com
- 901-388-7676
- www.LuckyAProperties.com
Pricing
- Price: $69,900.00
- Estimated Rent: $750-$850
- Annual Taxes: $2,177
- Zillow: $109,00
- Previous Sale: $60,000 5/13/1983
- Tax Assessed Value: $120,800
- Rehab: $2,000
- Estimated ARV: $85,000-$90,000
Property Location
- 4842 Arsenal Cove
- Memphis, TN 38128
- Map
Links
Features
- Bedrooms: 3
- Bathrooms: 2
- Parking Spaces: 2 Car Carport
- Year Built: 1964
- Square Footage: 1,600
Attributes
Interior Amenities
- Hardwood Floors
- Central Heat & Air
- New Water Heater
- Appliances Included
- Attic
Exterior Amenities
- Outdoor Kitchen w/Covered Patio
- 2 Car Carport
- Two Storage Sheds
- Fenced Yard
- Landscaped Lawn
Get Educated
September 18, 2009
We recently gave a presentation about the Top 10 Questions for New Real Estate Investors. We’ve taken a few snippets and created some short informational videos. Check them all out here: http://www.youtube.com/user/LuckyAProperties#play/uploads
Here is a sample:
Unbelievable Transformation!
August 17, 2009
This Weekend Only!
August 14, 2009
Stop by our booth this weekend at the Southern Home & Garden show at the Agricenter on Germantown Rd. Show hours are 9-6 on Saturday and 11-6 on Sunday. Also, Mark will be speaking about real estate investing on the main stage Sunday from 2:30 to 3:00. Don’t miss it!
Allison Ave. Final Walk-Through
August 12, 2009
Allison Ave. – Before Rehab Pictures
July 21, 2009
Another Update
July 20, 2009
Comin’ Along
July 12, 2009
