Example Rental

Great yielding workforce housing

Return to Track Record

3361 Mckenzie St Memphis, Tennessee 38118

  • 3 Beds
  • 1.5 Baths
  • 1,378 Sqft
  • 2.90% 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
($347)
Net Operating Income
$570/mo
Cap Rate
4.53%

Levered Cash Return
Not including any appreciation

Appraised Value
$92,800
Loan (75% LTV)
$69,600
LTC %
46%
Cash In
$81,329
Yield on Cash
4.13%
Net Operating Income
$6,837
Debt Service (P&I)
($4,482)
Cash Flow 2.90%
$2,355
Principal Paydown 1.23%
$1,002
Total Income
$3,357
3361 Mckenzie St
Estimated Value
$92,800
Value Over Cost
$-58,129
Initial Capital Gain
-38.51%

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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.