NORTHSIDE DEAL / HIGH RETURN FLIP or INSTANT CASHFLOW

Bexar County, San Antonio, TX, 78201
Sold
Listed at: September 16th, 2024
Price
$135,000
ARV
$295,000
Gross Margin
$160,000
Sq. Footage
1098
Type
Single-Family
Parking
Driveway
Year build
1925
Lot size
0.14 acres
Bedrooms
3
Bathrooms
2
Half Bathrooms
0
Summary

Fix & Flip OR Cashflowing Duplex

Both sides currently occupuied on month to month leases

 

Description:

This property is currently outfitted as a cash flowing duplex with a NEW roof, plumbing, and breaker boxes for electrical!  Converting this property back to a single family home looks like a faster and more profitable strategy.  The property only has 1 meter (outfitted for 2, but only 1 active meter).  The neighborhood this deal resides in has many similar SFH builds that serve as great comps.  Simply combine these two units and recognize a HUGE spread for profit from a flip standpoint!

This property consists of a 1/1 and a 2/1, BOTH units currently generating good rental rates of $770/month and $900/month (beats the %1 rule!). This property provides very SIMPLE layouts with long term month-to-month tenants.

Whether a buy and hold, flip, or mix of the two, this multifamily property has tons of potential to be a great investment!

 

Numbers:

Fix & Flip:

Price: $135K

Rehab: $70K

ARV: $295K

 

Rental:

Price: $135K

AS-IS CURRENT RENT: $1,670/MONTH TOTAL

 

Comps:

Sold Comps (Fix&Flip):

609 W Hollywood - 3/2, 1205 Sqft, sold for $315K (8/02/2024)

930 W Elsmere Pl - 3/2, 1310 Sqft, sold for $312K (07/01/2024).  Lived in rehab, not fresh.

912 Fulton Ave - 3/2, 1263 Sqft, sold for $293K (08/23/2024).  Lots of original parts of the home kept, not a full rehab. 

 

Rental Comps:

803 W Rosewood Ave #1 - 1/1, 550 sqft rented for $825 per month (5/8/24)

703 W Summit Ave #2 - 1/1, 520 sqft rented for $750 per month (6/3/24)

905 W Lynwood Ave #4 - 1/1, 476 sqft rented for $695 per month (1/7/24)

 

Duplex Comps:

915 Fulton Ave - 1,340 sqft duplex with a 1/1 and 2/2, both units vacant. This was a renovated property that spent 109  DOM. Sold for $285K after closing costs. (10/12/23)

1112 W Elsmere Pl - 1,108 sqft duplex with a 1/1 on both sides. Both units occupied bringing in $2,100 each per month.This property was renovated and spent 135 DOM (Was overpriced, then sold in less than 2 months after price changed). Sold for $275K after closing costs. (5/22/24)

1127 W Gramercy Pl - 1,032 sqft, 2/1 single family home. This property was renovated and spent 105 DOM. If the subject property was converted to single family home it would be over 100 sqft bigger and have a full extra bathroom. Sold for $261K after closing costs. (1/12/24)

 

 

Street View
Location
current deal
comparables
#2
available
$123k
sold
$99k
Bedrooms
Bathrooms
Sq. footage
Deals nearby
Available
Sold
Contact

Logan Boyer

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Disposition manager