Single family residence for sale on 2135m2 4 rooms in The Colony Texas

Saturday, 09 January, 2016  23:42
THE COLONY, Texas

Description

Single family residence for sale on 2135m2 4 rooms in The Colony Texas - Cash Flowing Rental Property - The Colony, TX - If you're looking to add CASH FLOWING rental properties to your portfolio with as little money as possible, then this is the home for you. This 4 bed, 2 bath home located in The Colony, TX is ready for you to profit! Comparables with a 2-car garage and 2135 sq ft of generous space are selling for as much as $220k - Purchase this property for only $12k down! Built in 1982, there have been several updates throughout the years.

This is a tenant occupied home with a tenant who is not only a handy-man, but loves and takes care of the home/neighborhood - There is no need to incur holding costs while searching for a new tenant. This family is even willing to let you make cosmetic repairs while they live in the property. With updates and improved quality of living, tenant is open for increased rent price.

Contract Subject to Existing Mortgage - PITI $974/mo, $12k down - VA Loan in place (no seasoning requirments for refi). Rents are going as high as $1595 in the neighborhood.

*BUYER pays all closing costs* *TENANT OCCUPIED, DO NOT DISTURB*

Comps

Address Bd/Ba/SqFt Year Sold Date Sold Price Garage Pool
5176 N Colony Blvd 4/3/1881 1978 8/24/2015 189,000 Yes No
5136 Sherman Dr 4/2/1946 1978 8/5/2015 185,000 Yes No
5120 Sherman Dr 3/2/1881 1978 3/2/2015 195,000 Yes No
5124 Pruitt Dr 3/2/1946 1978 11/30/2015 199,900 Yes No
5101 Ragan Dr 4/2/2135 1978 1/22/2015 199,000 Yes No
6805 Ragan Dr 4/2/2174 1978 11/2/2015 220,000 Yes No
SUBJECT PROPERTY 4/2/2135 1978
198,000 Yes No
AFTER REPAIR VALUE: $198,000

Rehab Summary

Rent Repairs - $15-20k

Backyard Fence (50 ft)
Exterminator Spray
New or Repair Dishwasher
A/C Duct Issue - Air leaking from unit/duct
New shower in Master Bath
Foundation ($4.8k estimate from local company)
Cosmetic from foundation shifting (cracks, fireplace brick)
Gutter Repair
Front door mechanism
Flip Repairs - $50-$55k total

Rent Repairs, plus:
Flooring
Update Kitchen/Bathrooms
Interior Paint
Update interior doors
Investment Analysis

INVESTMENT ANALYSIS
Purchase Price $130,000.00
Closing Costs $1,500.00
Rehab (Flip) $53,000.00
Rehab (Rent) $15,000.00
TOTAL PROJECT COSTS
Projected ARV $199,000.00
PITI $974.00
Current Monthly Rent $1,100.00
Potential Future Rent (after repairs) $1,300.00
Potential Future CF $326.00
Debt Coverate Ratio Yr1 1.28

Rooms: 4
Bathroom: 2.0
Floor Area: 2135 m2

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