Posted Thursday, March 9th, 2023 by UltimateDesign
2579 Richwood St. is a renovation project completed recently in the Bartlett Meadows subdivision in the Raleigh area of Memphis. The community of Raleigh is north of I-40 and adjacent to the western boundary of the city of Bartlett. There is quite a bit of revitalization taking place currently in the Raleigh area. Amazon is building a new 850,000+ sf fulfillment center which will bring an additional 1,000+ jobs to the area. Construction of the new Raleigh Springs Town Center is also underway. When completed, the new 65-acre complex will include a library, a police precinct, an 11-acre lake and walking trail, and a skate park. Both of these new development projects are drawing the interest of other local developers to the area, and I anticipate property values to increase accordingly.
We purchased this 5 bedroom, 3 bath home from the family of the original owners for $85,000 to settle an estate. The home was built in 1972 and had been well maintained by the homeowners, however it needed extensive updating. We painted every surface inside and out, inspected/repaired all major systems, updated all flooring, installed new cabinets and granite counters in the kitchen and all baths, and installed new appliances. The project was completed in under 3 months. Within a week of listing, this home sold to an owner/occupant in a multiple offer situation for $172,600 cash, which represents an approximate 16% ROI.Be Social:
Published in Case Studies.