303 Little Creek Rd • Pleasant Shade, TN
Deal Analysis
(Sat on this one through the holidays and snow storm in January – currently being renovated)
Purchase Price: $210,000 (obtained a loan of $168,000 toward purchase, but not rehab initially)
Rehab Cost: $95,000
ClosingAnd Holding Costs: $170,000
ARV: $375,000
Projected ROI: $56,150 / 36.46%
Existing Property Details
Year Built: 1940
Total Sq Ft: 1492
Bed/Bath: 2/2
Lot Size: 5.01 acres
Existing Property Highlights
Cute Farm House a few miles off the main highway from Carthage to Pleasant Shade. Surrounded by stunning peaks and valleys along with Black Angus Farm Country. Existing detached 2-car garage and several storage buildings. Large, flat lot giving numerous options for future owner. Newer HVAC unit for main floor and newer split unit upstairs.
Area Highlights
Pleasant Shade is located close to the center of Tennessee. Has great wineries, outdoor activities and is a kid-friendly community. Cordell Hull Lake and the Cumberland River are just a few minutes away, offering great kayak-friendly waterways, hiking, amazing fishing spots and perfect places for recreational boating.
Renovation Details
Though no change to the initial footprint or layout, we plan to update most everything else including windows, fixtures, flooring, appliances, paint, etc. Plans include converting one of the storage sheds to an outdoor bar/lounge area with some additional patio plans with rear concrete slab. Some exterior siding will be replaced with a repaint of the entire house along with a new roof/decking.
Private Money Lending Opportunity
Capital needed: $170,000 (This will cover the spread between the existing loan and all other costs to complete the project)
Time Frame: Contract will be for 12 months or whenever the home sells and closes (whichever happens first)
Projection: 5 months
Security: You will be placed in 2nd position on Title to this property as a lienholder which will be recorded with the county. You will also be in a standard TN promissory note with Brian Benton as guarantor.
Interest Rate: To be double digits and will be monthly via auto draft
Min. Required: You may enter into this deal with a minimum of $100,000
This opportunity is for me!
Use this form to contact the Benton Group or call us at 629.203.3335
