Charming, recently renovated 3-bedroom, 2-bath home in Oakland, TN with a large bonus room
Available for Rent or Lease Purchase (rent-to-own)
This charming Oakland home is on a hill with a beautiful fenced in backyard with a patio for entertaining family and friends! It has 3 large bedrooms (master is down), 2 1/2 baths, a formal dining room, living room with a fireplace and a large eat-in kitchen overlooking the hearth (family) room. The home has been freshly painted and has all new flooring downstairs. It also has a large 2-car garage with enough room for a work area in it. The renovations are complete and this home is available now for rent or for lease purchase.
The discounted rent on this home is $1,495/month (when paid in advance by the 25th) and the fully-refundable security deposit is $2,000. Most pets are allowed with an extra refundable pet deposit of $300 per pet and a monthly pet fee of $25 per pet. Some breeds of dogs are not allowed.
For information about our minimum selection criteria, please visit our selection criteria page. The minimum take-home monthly income required for consideration for this property is $5,000.
Note that our leases end in the April-July timeframe and are approximately two years long. Also, approved applicants will be required to have renters insurance as a condition of the lease. You are welcome to use the appliances currently in the home at no extra charge, but they are not part of the lease
Lease Purchase Terms
If you’d rather accumulate equity while you rent and lock the purchase price now, you can lease this home while you work on obtaining conventional financing. The terms are: $7,500 up-front which is fully applied towards the purchase price and $1,595/month with $200 of every on-time payment applied towards the purchase when you buy the home.
The purchase price of the home is $229,900 and it’s fixed for the duration of the lease agreement. The agreement is approximately 18 months, ending in the Spring of 2020. This should give you enough time to work on obtaining a mortgage. We can put you in touch with lenders who can advise you during this process. If you need an extension beyond the initial term, this is possible provided that you comply with the terms of the agreement. However, please note that the purchase price may have to be adjusted to reflect market conditions and the monthly rent credit is not given after the initial term.
If you have questions about the lease purchase option, please email LP110@RentAMemphisHome.com with your questions, your phone number, and several good times for us to call you back.
If you would like to set up a time to see the interior of the home, please click on the button below to schedule a showing: