πŸ’² Big Value-Add in East Houston (77028) - 3 Duplexes (6 units total)πŸ’²

Harris County, Houston, TX, 77028
Sold
Listed at: January 26th, 2023
Price
$410,000
ARV
$445,000
Gross Margin
$35,000
Sq. Footage
1080
Type
Multifamily
Parking
Driveway
Year build
1950
Lot size
22013.00 sqft
Bedrooms
12
Bathrooms
6
Half Bathrooms
0
Summary

⚑️8030, 8034 & 8038 Record St Houston, TX 77028⚑️

Each Duplex

βœ”οΈ4bd / 2bath (2b / 1bath per door)

βœ”οΈ1080 sqft

βœ”οΈTotal lot size: 22,013

between the 3 unit lots


Important Note: Properteis are protected by a county records memorandum filing


Value add opportunity in East Houston. The asset is 3 duplexes side-by-side (6 total doors). Five of the six units are currently leased at $600 per month (month-to-month). The seller is aware and confirms the expectation that all units will be delivered vacant at close of escrow. Some units are more updated than others but all will require some renovations. We anticipate the following renovations: cosmetic, foundation (not confirmed), HVAC, and concrete driveways. Currently, there are new builds around these blocks with more being developed.


Each Duplex

Year: 1950

Estimated Rehab: $120K ($20K per door)

Market Rent: $1,000 - $1,100

Pro Forma:

Current Pro Forma:

Annualized NOI: $17,200.08

Cap Rate: 3.87%

Stabilized Pro Forma ($1,000 Market Rent):

Annualized NOI: $44,043.00

Cap Rate: 9.90%

Stabilized Pro Forma ($1,100 Market Rent):

Annualized NOI: $49,443.00

Cap Rate: 11.11%

Section 8 can pay up to $1,408 per door but Houston Housing will take market rent into consideration with a 20% increased buffer.

Payment Standards by Zip Code 2022-2023

Payment Standards 2022 - 2023


PHOTO AND VIDEO LINK


ASKING PRICE: $410,000 OR THE BEST OFFER

πŸ“ž GIVE US A CALL OR SHOOT A TEXT MESSAGE at (716) 300-6845, FOR MORE INFO ON THIS KILLER DEAL!πŸ˜‰ Email address: sales@rbcashdeals.com✍️


SERIOUS BUYERS ONLY PLEASE. Property must be purchased with cash, hard or private money, or a line of credit and able to close within (10) days or less. $5,000 Non-Refundable EMD is due within 48 hrs. of acceptance. Property being sold β€œas is”, any and all inspections and certifications, including Certificate of Occupancy will be Buyer’s responsibility.

NOTE: YOU ARE STRICTLY PROHIBITED FROM CONTACTING ANY SELLER OR OTHERWISE USING ANY INFORMATION PROVIDED TO YOU UNLESS YOU HAVE THE EXPRESS WRITTEN CONSENT OF RBCO GROUP LLC. Any property information received by you is proprietary information belonging to RBCO Group LLC and its affiliates. All Properties are currently under Contract with RBCO GROUP LLC. Any transaction consummated by you will be pursuant to an assignment of RBCO GROUP LLC's Contract. Any unauthorized contact will be considered INTENTIONAL INTERFERENCE with a contract and may result in legal action being taken against you. Buyers are asked to perform their due diligence.
Potential and/or interested buyers are not allowed to be on the premises of the property without consent. ALL WALKTHROUGHS WILL BE BY APPOINTMENT ONLY!

Want to see the property? Contact (716)300-6845 Now!

DISCLAIMER: This is an Assignment Deal. Our company and the seller have signed a legally binding Purchase and Sale Agreement with a memorandum, giving our company exclusive rights to purchase the property. Our company does not represent the owner. We are not brokers and do not represent ourselves as such. DO NOT CONTACT THE OWNER/SELLER without our explicit consent.


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

Carlos Torres

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