Sales Price: $359,900
Bungalow, See Remarks Stories: 2
- Year Built: 1939
- City Tax: $383
- County Tax: $424
- Lot Size: 0.34 acre(s)
- Total Area: 2,778 ft²
- Heating: Central
- Cooling: Central Air
- Water / Sewage: Public
- Topography: Rolling Slope
This turn-key multifamily property features two beautifully renovated spaces, offering a fantastic investment opportunity in a desirable location. The main home, a 1939 bungalow, boasts timeless appeal with modern touches. Enjoy open-concept living with a brick fireplace, new flooring, and a stunning kitchen with stainless-steel appliances and butcher block countertops. Three bedrooms, including a primary suite with en suite bath, offer comfortable living. Two covered porches provide breathtaking city views.The guest house, situated behind the main home, is a spacious retreat with a large garage, full kitchen, and two bedrooms. Additional features include:Renovated full bathNew appliances and fixtures throughoutNew carpet in bedroomsSpacious living roomRecent updates include a new roof, HVAC, and electrical system, minimizing future maintenance for the new owner.Financial Highlights:Annual Revenue: $32,400 ($1,500 x 12 for the front unit + $1,200 x 12 for the rear unit)Monthly Revenue: $2,700Expenses:Insurance: $600 annuallyTaxes: $700 annuallyMaintenance: $1,620 (5% of annual revenue)Total: $2,920 annuallyAssumptions:5% vacancy rate factored into revenue calculationsTenants cover utilities (electric, water, and trash)Cap Rate: 7%, indicating a desirable return for the areaValuation: Based on the 7% cap rate, the property is valued at approximately $400,000Located just minutes from downtown Bristol, with easy access to King University, the Paramount Center for the Arts, and Steele Creek Park. Both units are on one-year leases, providing a stable income stream for the new owner.
Lot Dimensions: 100 X 150
Utilities Expenses: $
Community: Sullivan County, , Subdivision, Zoned RESIDENTIAL
Schools: Fairmount Elementary, Vance Middle, Tennessee High
Interior Features:
Other Rooms: Laundry, Primary Bedroom, Primary Bathroom Flooring: Carpet, Luxury Vinyl Basement & Foundation: ConcreteOther Features: Built-in Features, Restored, Remodeled
Exterior Features:
Porch, Patio, Decking Detail: Rear Porch, Front Porch Roof: Shingle Exterior Finish: Block, Vinyl Siding, Masonite