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3509 Point Pleasant Ave
3509 Point Pleasant Ave

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3509 Point Pleasant Ave
3509 Point Pleasant Ave

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3409 Point Pleasant Ave, Memphis, TN 38118

$84,000

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PROPERTY INFORMATION

Type

     Single Family House

Floor Area 

     1,175 sq ft.

Lot Area

     5,967 sq ft

Bedrooms

     2

Bathrooms

     1

Garage

     N/A

Year Built

     1972

Neighborhood

    Parkway Village-Oakhaven

 

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CASH REQUIRED

Down payment (20% of Purchase Price)

     $16,800

Closing Cost (3%)

     $2,520

Cash Needed

      $19,320

Optional

     $500 fee for 50 years roof warranty 

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SAMPLE AMORTIZATION COMPUTATION

Purchase Price: $84,000

Down Payment: $16,800

Loan Amount: $67,200

Amortization Period: 30 Years

Loan Interest Rate: 5%

Monthly Mortgage: $360.74

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PROPERTY HIGHLIGHTS

  • Fully Renovated House

  • Buy with only 20% down payment

  • 19% First Year Projected Cash on Cash Return

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ESTIMATED PROJECTED CORE FINANCIALS

(Year 1)

Monthly Rent: $875

Gross Annual Income: $10,500

Annual Property Tax: $715

Annual Insurance: $540

Vacancy (4.17%): $438

Annual Management: 840

Monthly Mortgage: $361

 

Cap Rate: 9.50%

Cash on Cash Return: 18.80% 

NOI: $3,635

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