4228 Sullivan Gardens Dr, Kingsport, TN 37660

Add To Your Rental Portfolio or FLIP FOR MAX PROFIT!

ASKING PRICE: $108,000 OBO

*NR-EMD: $2,500

**Cash Or Hard Money To Close!!!**

*EXIT STRATEGIES:

1. Survey and separate into three separate parcels: Vacant lot for new build, SFR for flip and the duplex to maximize property value.
2. Fix and Flip: 70% rule, achievable!
3. Fix and Rent, Rehab and hold units for long-term wealth!

SFR Details

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The house is a 2 BR / 1 BA, 1,200 sq ft, and currently rents for $695 per month. The house has a heat pump, its own septic system, and a basement which has 2 sump pumps to remove water seepage during a big rain. It is separately metered from the duplex for water and power. The roof is fairly new and was installed in July 2015. The current tenant is being evicted and expected to be vacated by July 1. 

• The house is in a combined lot with a duplex at the rear. 
• Great area of Kingsport
• Large lot - almost 1 full acre
• Under market rent
• Tenants pay all utilities
• New Roof (2015)
• House will be vacant this 1st of July
• Separately metered

SFR Utilities

• Water and electric meters separate from the Duplex. (Tenant pays utilities)
• Has its own Septic separate from the Duplex
• Public water

SFR Current Income

• House unit rent is $695

Duplex Details

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Half of the duplex is a 1 BR / 1 BA that rents for $395 per month and has a long term tenant. The unit has baseboard heat and window units for air conditioning. The duplex is on its own septic system. Only one meter services the duplex for water and electrical utilities currently (tenant pay's utilities). The other half of the duplex is currently non-occupied and it will need power and water metered. The roof is fairly new and was installed in July 2015. 

• The Duplex is in a combined lot with a single-family house at the front. 
• Great area of Kingsport
• Large lot - almost 1 full acre
• Duplex has extra unit that needs rehabbed
• Under market rent
• Tenant pays utilities
• New Roof 2015

Duplex Utilities

• Only one water and electrical meter service the duplex currently (tenant pays utilities)
• Has its own septic separate from SFR.
• Public water

Duplex Current Income

• Duplex Unit 1 rent is $395
• Duplex Unit 2 rent is TBD (Vacant)

Total Expenses For Both Buildings

• Ins - $85 (estimated) / Mo
• Taxes - $50 / Mo (Only county tax applied)
• Utilities - $16 / mo (for the street light, see Disclosures)
• Lawn - $0 (Tenant-maintained)

**DIsclosure**

• All structures are currently on 1 parcel ID, 3 units total. 1 SFR and 1 duplex. Has a very large vacant section of the lot where cars are currently stored.
• Owner has two (2) power meters for the street light and storage building in the rear of the property in his name that he pays for.
• Seller to remove abandoned cars from front area of lot/parcel 48 hours prior to closing.
• Seller is not responsible for the removal of personal items, materials etc from the 2 storage buildings and vacant unit.
• Walk-through: Must be scheduled, tenant-occupied.

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COMPS

• (SFR) 3712 Sullivan Gardens Dr, 3/1 | Under Contract, 04/15/2023
• (SFR) 4228 Maplewood St, 2/1 | Sold Price: $176,000, 12/21/2022 | PPSqft: $183.72
• (SFR) 113 Rock Springs Dr, 2/1 | Sold Price: $135,400, 07/09/2021 | PPSqft: $160.05
• (SFR) 4221 Sullivan Gardens Dr, 3/1 | Sold Price: $165,000, 06/23/2022 | PPSqft: $148.92
• (SFR) 4205 Sullivan Gardens Dr, 3/1 | Sold Price: $155,000, 04/14/2022 | PPSqft: $143.52
• (MFR) 228 Moreland Dr, 3/2 | Sold Price: $115,500, 04/09/2021 | PPU: $57,750
• (MFR) 4176/4176a Ridge Rd, 6/3 | Sold Price: $279,000. 07/30/2021 | PPU: $139,500
• (Duplex) 321 Carver St #323, 2/2 | Sold Price: $164,900. 08/10/2022 | PPU: $82,450

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📞 (423) 374-3691