201 Shelbyville Mills Rd Shelbyville, TN 37160
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About this home
Endless Potential in Shelbyville – Bring Your Vision! Calling all investors, handymen, or someone who's looking to renovate an amazing old home!! Being sold as is!! Welcome to 201 Shelbyville Mills Rd a rare property full of opportunity for both investors and future homeowners. Built in 1915, sitting on a desirable lot in a prime Shelbyville location, this spacious property offers the perfect foundation for a complete renovation to make your vision come to life. The main home does need updates and some repairs— including a new roof, and cosmetic improvements — but with the right vision, it can be transformed into something truly special still has original hardwood floors that would look amazing refinished. Adding to its value, the property also includes a second smaller house 1bd,1bth, kitchen and living room, opening the door to rental income, guest accommodations, in law suite or extra storage. Two car detached garage. Whether you’re an investor looking for your next profitable project or a buyer eager to create a customized dream home, this property provides space, flexibility, and outstanding potential. Main home with 2711 generous square footage. Guest house approximately 1000sf. Second small house on-site — perfect for rental, in-laws, or guests Detached garage with additional storage or workshop possibilities Desirable lot with room to create outdoor living spaces sits on approximately 2 acres in city limits. Excellent Shelbyville location approximately a mile from the square. Close to shopping and restaurants. 30 minutes to Murfreesboro. Ideal project for investors, flippers, or vision-driven buyers Homes in this area continue to grow in value, making this a smart opportunity to build equity and unlock long-term returns. Offered at $300,000 — priced for possibility, vision, and future value.
Source: REALTRACS #3046329
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FAQs
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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