701 & 711 Kilpatrick Row Bridgeport, AL 35740

Two Off Market Home Investor Package

Asking Price: $120,000 for Both Properties

Seller to pay up to $5,000 in Buyers closing cost

CASH Buyer EMD $500 - Proof of Funds required

As-Is condition - no repairs to be made by Seller

Jackson County

Rent: Cash Flow

Combined properties = 5 units

Unit 1 = $500 currently rented (Section 8 renter)

Unit 2 = $300 currently rented month to month ($100 per month discount for yard work being done by tenants boyfriend for both units)

Unit 3 = $400 currently empty - needs renovation

Unit 4 = $600 currently empty - needs total renovation

Unit 5 = $600 currently rented on month 2 month

Total monthly rents gross = $800 currently / $1,400 immediate potential - after renovations $2,400 - $2,500.

These beautiful homes have historical value. They were built in Bridgeport AL which is a port city along the the Tennessee River and was founded during the Civil War by the Union Army. There were 8 homes built in a row all similar in architecture on what was Hudson Ave and later renamed Kilpatrick Row. Only six or the homes remain. One was lost to decay and the other to fire. They are within the Chattanooga metro area, only thirty minutes from downtown. I have lived in this area most of my life. The real estate market has been very hot for the past 25 years. I feel fortunate to find these homes and impressed that the recent tax assessment make them a good investment. The current owner in 82 years young, currently lives on the same street and is ready to pass them on to a new owner who will appreciate them for their unique value. She obtained 701 in an estate sale in 2010 and 711 out of foreclosure in 2013. They have always been rentals due to their original design. A Google Data Center under construction in this town makes the rent and growth potential an extra value.

701 Kilpatrick Row, Bridgeport, AL 35740

4 bedrooms 2 baths 3,826 SqFt Lot 0.26 acres Built 1892

Style Victorian - Triplex

Built as a Duplex - renovated into a triplex in early 1960’s

Total square feet 3,826 (Side-A 1,913 SqFt / Side-B 956 SqFt upstairs & 956 SqFt downstairs)

4 bedrooms 2 baths (2 bd/2ba left side + 1 bd/1ba downstairs - mirrored upstairs)

Condition: Side A-left Renovated - Currently rented $500 per month section 8

Side B-right Downstairs rented at $300 month 2 month - Upstairs Needs Repairs

Heating/Cooling - all units use window inset dual heat and air conditioners

ARV $150,000

2018 Tax Assessed Value $195,434

Estimated repair cost $20,000 (If property was returned to duplex - less repair)

Repairs: Upstairs apartment only = Total Kitchen replacement + appliances, update of bathroom fixtures. New flooring, fixtures and paint.

Expenses: Taxes $532 yearly Insurance $500 yearly

Victorian beauty in the rough located in historical area and close to Tennessee River. Currently producing rental income or could be converted back to single family. Owner recently replaced roof, added lighting/ceiling fans, new tile in kitchen and bath. Lots of room with interesting and appealing room designs and high ceilings. If you are handy and good with a paint brush this could be your dream home or rental investment!

Majestic Victorian duplex looking for a new owner to bring back that hidden historical beauty. Has original woodwork, with high ceilings and large windows. Has three apartments, one is being rented. Fireplaces may not work. This unique property is a work in progress. The third upstairs apt needs work. Both downstairs apt have been rented. Within walking distance from Downtown Bridgeport, located in a historical area, not far from the Tennessee River. A must see to appreciate.

711 Kilpatrick Row Bridgeport, AL 35740

6 beds 4 baths 3,904 SqFt Lot 0.25 acres Built 1888

Style Victorian - Duplex

- mirrored sides

Total square ft 3,940 (1,952 each side)

6 bedrooms 4 baths (3 bd/2ba each side)

Condition: Side A-left needs total renovation / Side B Recently rented for $600 per month on month 2 month basis. Front porch also need repair.

Heating/Cooling - Both units use window inset heat/air conditioners

Note: Power on side that needs repairs is currently off.

ARV $175,000

2018 Tax Assessed Value $251,346

Estimated repair cost $50,000

Repairs: Unit 1-left side needs floor and ceiling replacement, complete kitchen with appliances, bathroom fixture updates, flooring refinished, fixtures and paint

Unit 2-right side has been renovated needs appliances and light cosmetic finishes

Expenses: Taxes $437 yearly Insurance $500 yearly

Gas Heat

Fireplace

This victorian charmer with high ceilings, beautiful moldings and hardwood floors has been partially remodeled. Set up as a duplex with a living room, dining room, kitchen, 3 BR, 2 baths each. Right unit is nearly complete. New cabinets, paint, bath & light fixtures, but the left has a way to go! Could be converted back to a single family home. Owner recently replaced roof.

Comps

Comp #1 902 County Rd 194 Bryant, AL 35958 SOLD $235,000 8/21/19 6 bd/ 5.5 ba 3,870 sq ft Built 1887 (5 miles from subject across TN River)

Comp #2 618 Laurel Ave South Pittsburg, TN 37380 SOLD $210,000 7/23/19 5 bd/ 3 ba 3,666 sq ft Built 1900 (5.7 miles from subject)

Comp #3 211 Magnolia Ave South Pittsburg, TN 37380 SOLD $185,000 11/13/18 5 bd/ 3ba 2,508 sq ft Built 1876 (6.4 miles from subject)

Comp #4 219 Locust Ave South Pittsburgh, TN 37380 SOLD $ 155,00 8/14/19 3bd / 2 ba 1727 sq ft Built 1900

Note: These comps are similar to property in date built and square footage. There are No Multi-Unit comps in the area.

Comp #5 219 545 County Rd 94 Bridgeport, AL 35740 SOLD $140,000 8/23/19 3bd/ 2 ba 1727 sq ft Built 1995 (1.8 miles from subject)

Comp #6 310 Pine Ave South Pittsburg, TN 37380 SOLD $219,900 5/23/19 3 ba/ 3 ba 2,124 sq ft Built 2003 (6.5 miles from subject)

Comp #7 103 Phillips Dr Bridgeport, AL 35740 SOLD $210,000 8/22/19 3 bd/ 2 ba 2,393 sq ft Built 2004 (2.8 miles from subject)

Comp #8 724 Dr Lee Ave Bridgeport, AL 37540 SOLD $100,000 10/10/19 2 bd/ 1 ba 1,456 sq ft Built 1930 (.5 mile from subject )

Comp #9 475 County Rd Bridgeport, AL 35740 SOLD $170,000 5/30/19 3 bd/1.5 ba 2,193 sq ft Built 1999 (1 mile from subject)

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