I just missed making an offer on this 1200 sq. ft. traditional house located in a working middle class area of Memphis called Berclair. This area is full of hard working people with a mix of owners and renters. This neighborhood has been a solid income producing neighborhood for many years and has held its value well. This house has CHA, 3 bedrooms, 1 and half bath, concrete driveway and a porch off the side. The large backyard is great for kids and dogs. Location on a cove is also a plus. The seller states that the interior was recently painted and it has new carpet. The asking price was $75,000 and it has a contract on it after only 33 days on the market. This would be a great little rental property. I would expect it to produce about $200/month income in this market. It is possible that it may even produce more. If the buyer got the house for $65,000 which is not unreasonable, the note would be about $575 PITI and a fair rent would be $775/ month. This is still a great market to find deals. You just have to be quick to find them.
