Example Rental

Great yielding workforce housing

Return to Track Record

3361 Mckenzie St Memphis, Tennessee 38118

  • 3 Beds
  • 2.0 Baths
  • 1,378 Sqft
  • 0.42% Cash on Cash

Cost & Income

Purchase Price
$125,603
Renovation Costs
$21,826
Development Fee
$3,500
Total Basis
$150,929
Purchase Date
06/24/22
Date Rented -1329 days
Gross Rent
$995/mo
Vacancy (5.00%)
($4)
Property Mgmt (7.50%)
($75)
Other Expenses
($390)
Net Operating Income
$526/mo
Cap Rate
4.18%

Levered Cash Return
Not including any appreciation

Appraised Value
$125,692
Loan (75% LTV)
$94,269
LTC %
62%
Cash In
$56,660
Yield on Cash
2.82%
Net Operating Income
$6,311
Debt Service (P&I)
($6,071)
Cash Flow 0.42%
$240
Principal Paydown 2.40%
$1,357
Total Income
$1,597
3361 Mckenzie St
Estimated Value
$125,692
Value Over Cost
$-25,237
Initial Capital Gain
-16.72%

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Description

This is a nice little 1950s vintage house that we purchased at the foreclosure auction. After a modern renovation with granite counters, new bathroom tile, and a roof change, we rented for $995 per month, about $100 per month higher than unrenovated homes in the neighborhood.