3 Beds 2 Baths in Columbia, TN

Discover a prime investment opportunity with this creatively financed Subto property located at Columbia, TN. This spacious home features 3 bedrooms and 2 bathrooms across 1,684 square feet, offering ample living space for families or renters. Priced attractively with a Subto mortgage balance of $383,026.78, which will decrease once arrears are paid, this property comes with a favorable interest rate of 4.625% and a PITI of $2,332.68.

The entry fee is set at $34,500, covering arrears and the assignment fee, with a $5,000 earnest money deposit to secure the deal. The loan matures on September 1, 2052, providing long-term stability. Closing is scheduled for May 31, 2024, allowing for a seamless transaction.

Strategically located, the property is 45 minutes from Nashville Airport and only 12 minutes from a nearby hospital, ensuring convenient access to essential services. The existing garage, equipped with electricity, can be converted into a Detached Accessory Dwelling Unit (DADU), significantly boosting rental income potential by an additional $500-$700 per month.

Multiple exit strategies make this an attractive investment:

Long-Term Rental (LTR) generating $2,200/month
Wrap-around mortgage (WRAP) at $2,400/month with a 10% down payment
Lease-option for $2,640/month
Medium-Term Rental (MTR) or DADU conversion for increased cash flow
This property offers versatile income opportunities and the potential for significant returns in a growing market.

Details

Property ID
SPSP-18102

Bedrooms
3

Bathrooms
2

Property Size
1684

Entry Cost ($)
34550

APR (%)
4.625

PITI ($)
2333

Balance ($)
383026