Property Overview:
Type: Tenant Occupied Duplex Needing Significant Repairs Plus Additional Lot
Seller Situation: The seller had owned the property for several years and had trouble collecting on time or fair market value payment from the long term occupants. He had not updated nor repaired the property in years and unfortunately did not have the desire nor recourses to respond to each maintenance request, therefore leading the property to severe deferred maintenance. Tired of being a landlord he decided to sell his duplex occupied for cash.
Condition: The home was in poor condition and had years of deferred maintenance repairs that needed to be attended to immediately. Each unit needed new HVAC, electrical and plumbing systems as well as entirely new cosmetic remodels. The large lot in the back needed an overall landscaping job and the pool that was collecting insects needed to be filled in.
Sale Details: Purchased outright for cash with the tenants inside.
How We Helped: The seller, burdened by long-term tenants paying below market rent and frustrated with his landlord responsibilities, reached out to us for a solution. After visiting the property at 4616 Biltmore Ave, Chattanooga, TN, we quickly made a fair cash offer. We closed on the property within 30 days, addressing additional challenges such as an unmaintained lot and a dirty pool that needed to be filled in. We took proactive steps to enhance the property’s value and functionality. We rezoned the additional lot, assigned it a new address, and planned to build a new, affordable home for a family. Meanwhile, we renovated the duplex: the apartment with the current occupant was updated while they continued to live there, ensuring minimal disruption. The vacant unit was fully remodeled and re-rented. Our comprehensive approach included showcasing before-and-after photos and a video walkthrough to illustrate the transformation and improvements made. Through our efforts, we provided a seamless transition for the seller and revitalized the property for future tenants and homeowners.
After Update Photos:
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