Property Address: 2625 Hwy 67 West, Mountain City, TN 37683
Sales Price: $210,000.00
This is a good package of properties located in Johnson County near Mountain City, TN. It is situated on about (3 ½) acres of land on a hill that is mostly cleared with some woods offering the compound some privacy. This package of properties offers four rental units and two garages/barns. One is a two bay garage with an extra storage area and the other is a three bay garage with an extra storage area. There is plenty of land to build additional structures.
There is one separate rental unit known as “The Cabin” and a large house that is divided into three more rental units on this property.
1-“The Cabin” rental unit offers 3 bedrooms and 1 bath. It has electric heat, city water and a septic tank for sewer.
2-The #1 Unit is downstairs in the front of the large house. It offers 2 bedrooms and 1 bath. It has electric heat, city water and a septic tank for sewer.
3-The # 2 Unit is downstairs in the back of the large house. It offers 2 bedrooms and 1 bath. It has electric heat, city water and a septic tank for sewer.
4-The # 3 Unit is the upstairs of the large house. It offers 2 bedrooms and 1 bath. It has electric heat, city water and a septic tank for sewer.
For Home Buyers
This is a good property in a private setting near all services needed without city taxes. You can live in one unit and rent the remaining three units to make money to cover your mortgage payment, taxes and insurance. At a purchase price of $210,000.00 and based on a 30 year five percent mortgage, with a 20% down payment of $42,000.00, the amount being financed will be $168,000.00. This means your monthly mortgage payment can be about $910.00 and with taxes and insurance your total monthly payment should be about $1300.00. If you are living in one of the larger units and renting the other three units, you can receive about $1,650.00 monthly rent which will pay for the entire package of properties with a large monthly surplus of about $350.00. This is a great situation since you can live rent free and still have a surplus monthly.
For Real Estate Investors
This is a good income producing property with a solid rental history. Based on the current rental revenue and the sales price of $210,000.00, there can be a 12.8% annual gross return on this investment property.