5550 Lacey Cv, Memphis, TN

Available Long-Term for Rent or Rent to Own

This newly renovated 3-bedroom, 2-bath home with a double garage is located off of New Brownsville Rd, in a quiet cove, close to Methodist North Hospital and shopping areas.

The 1400+ sq ft home has a beautiful new kitchen with a large eat-in area that opens into
the family room. This home has a split floor plan with the master at one end of the house and the other 2 bedrooms on the other side of the living area.

The following items are brand new or less than a year old:
– Roof
– Kitchen cabinets
– Laminate flooring
– Carpet
– Paint

The kitchen comes with a dishwasher and stove. You are welcome to use them at no extra charge, but we do not warrant them.

The master bedroom has a large master bath with double vanities and a large walk-in closet.

This home has central heat and air.

The backyard, with a patio and deck, is fenced for privacy and is a great place to entertain family and friends. There is also a shed that can be used for storage or a workshop.

The schools for this home are Dexter Elementary and Middle Schools and Bolton High School. Please double check with Shelby County Schools for the upcoming school year.

This home is available for Rent or Rent-to-Own.

Under the Rent-to-Own agreement, you rent the property for a period of time while you work on getting your credit and finances in order to qualify for a mortgage. During the term of the agreement, you accumulate rent credits which, along with your initial option payment, are applied towards the purchase price and down payment when you are ready to complete the purchase.

Rent to own plan:

Move-in amount: $5,000 (includes first month’s rent and $4,000 option payment that applies towards your purchase price and down payment when you are approved for financing.)
Monthly rent: $1,000 ($100 of each on-time payment is credited towards the purchase price)
Term: 24 months with one 12-month extension
Purchase Price: $119,900 fixed for the first 24 months
Maintenance: As part of the lease-purchase agreement, you would be responsible for house maintenance and repairs. We are glad to assist with contractor referrals.
Most pets are allowed with an additional option payment of $400 per pet. This amount also applies towards the purchase price. Some breeds of dogs are not allowed.

Traditional rental plan:

If you are interested in a straight rental agreement (no option to purchase), the discounted monthly rent amount is $950.00 and the fully-refundable security deposit is $1,200.00. The Lease duration is approximately 24 months.
Most pets are allowed with an extra refundable pet deposit of $200 per pet and a monthly pet fee of $20 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 $3,000.

Note that all our leases end in the April-July timeframe and are at least one year long. For this property, the initial lease will run through April-July of 2020. Also, approved applicants will be required to have renters insurance as a condition of the lease.
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:

Schedule a Showing Online

If you have questions, please fill out the form below (preferred). You may also call us at (901) 273-0334 Ext 6.

We look forward to hearing from you!

Property Details

Discounted Rent: 950
Address: 5550 Lacey Cv
City: Memphis
State: TN
ZIP: 38135
Property Status: Rented
Deposit: $4,000 (option) or $1,300
Square Feet: 1,447
Bedrooms: 3
Bathrooms: 2
Parking: 2-car garage
Section 8: No

Property Map