1622 Read Ave

Description

Located in Chattanooga's Southside Historic District, Read Ave is in the highly sought after Fort Negley subdivision. This area has seen some of the highest appreciation in Chattanooga most likely due to its proximity to Main Street and everything downtown Chattanooga has to offer. The 1 bed / 1 bath unit in the back has been completely updated and is leased out at $1,500 per month for one year. An investor will immediately start producing income while they work on the front unit. The 2 stories in the front need a complete overhaul leaving you with multiple options to either have 2 units; one 2 bed/2 bath and one 1 bed/1 bath, or keep it as one unit with potentially 3 beds. A common area could be created upon entrance into the home with the other 3 rooms being rented by the room with a long-term lease. The vacant lot next door, possibly one of the last available in the area, is currently for sale at $350k, and 1615 Read Ave a few houses down sold for over $1 million last year! Rental comps for 1, 2, and 3 bedrooms should be reviewed by prospective buyers to help make the decision for the layout that generates the most income. Agent is owner. Contact Broker Bay for showings. Do not disturb tenant at rear of home where deck is located. Rear apartment will be shown once property is under contract.