Stabilized-and-improving 12-unit apartment building in Memphis (38114). Ownership just poured $130,000+ in capital improvements into the asset — a light-lift, cash-flowing play with instant built-in equity and rent upside, not a heavy value-add project.
THE NUMBERS
Price: $635,000
Current appraisal: $850,000 — you're buying $215K under as-is appraised value
Stabilized value: ~$1M+ once the remaining units are updated (per ownership)
12 units · 10 occupied · units 8 & 11 rent-ready, being marketed at $850/mo
Current gross rents ~$6,800/mo → proforma ~$8,800/mo (~$105K/yr)
~$130K in recent renovations already completed
PROPERTY
12 units · ~9,104 sqft · built 1966 · two-story garden-style
On-site parking · fenced rear yard · clean path to title, fast close
THE PLAY Buy at $635K — $215K below the current $850K appraisal — into a building that appraises north of $1M fully stabilized. In-place cash flow with a clear path to ~$8,800/mo: bring units 8 & 11 online and mark the rest to market as leases turn. Heavy capex is already done. Full make-ready report, rent roll, leases, photos and video in the deal room.
Sold AS-IS. Cash or hard money / DSCR. Proof of funds required. Serious multifamily buyers only.
Mike — Roque Investor Club 914-415-6166
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ARV $1,000,000
From the listing
The seller picked no comps. Investimate’s own value for this home is $400,000.
