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$640,000 / 8br - 9100ft2 - Passive Turnkey Rental Investment - 24 W Colorado Ave (Memphis, TN)
24 W Colorado Ave, Memphis, TN, TN 38106
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Recently renovated 16-unit complex, each featuring 1 bedroom and 1 bathroom. Prime location within walking distance to vibrant downtown Memphis, TN.
Current Average Rent: $500/month with $250 deposit
Tenants pay their own utilities; trash pickup included through city services
Owner pays water (avg. $185/month)
Insurance: $5,031/year | Taxes: $2,977/year
Upside Potential: With updates (last renovation in 2024), rents can be increased to $600/unit → $9,600/month potential gross income