Convenient and desirable locations in Houston – seller greed to below asking price – need quick response [code 16710]
- Seller had agreed on $268,000
- We have an investor that went under contract but changed his mind (has nothing to do w/ this house)
- We'd like to put another offer in before we send the termination and lose this one.
Every single room has received improvements, even areas you won't see, like the HVAC system that received a tune-up when it was serviced in July of this year!
The current owner has even scheduled a brand new fence to be installed the 25th of this month (weather permitting)!!
You'll absolutely fall in love with the open concept of this home that lends itself to a casual, comfortable life-style.
The back yard is exceptionally large, offering room for fun and frolic with still enough room for a vegetable garden!!
Location makes for a quick commute across town!
| Property Specifications | 1 |
| Bedrooms | 4 |
| Bathrooms | 2.5 |
| Square Feet | 1,895 |
| Year Built | 1979 |
| Garage Size | 2 |
| Purchase Assumptions | My Offer |
| Asking | $274,500 |
| Suggested offer (low) | $260,000 |
| Suggested offer (high) | $267,500 |
| Suggested offer (options) | $267,500 |
| Market Value (after improvements) | $280,000 |
| Improvements (lower) | $2,500 |
| Improvements (upper) | $5,500 |
| Closing Costs | $3,000 |
| Mortgage Costs | $3,000 |
| Total Cost | $277,500 |
| Financing Assumptions | |||
| Down Payment (%) | 25% | ||
| Down Payment Amount | $66,875 | ||
| Financed Amount | $200,625 | ||
| Interest Rate | 3.40% | ||
| Mortgage Term (Years) | 30 | ||
| Monthly Mortgage Payment | $890 | ||
| Cash Outlay (Total Out of Pocket) | $76,875 | ||
| Financial Assumptions | Monthly | Yearly | ||
| Rent (upper) | $1,825 | $1,900 | $22,800 | |
| Rent (lower) | $1,750 | $21,000 | ||
| Property Tax Rate (Approx.) | 2.30% | $4,480 | ||
| Property Taxes | $300 | $3,600 | ||
| Insurance | $95 | $1,140 | ||
| Repairs | $75 | $900 | ||
| Variable-Cost PM | 0.0% | |||
| Property Management Fee | $100 | $1,200 | ||
| Leasing Fee | 80% | $40.6 | $487 | |
| HOA | $42 | $500 | ||
| Vacancy Rate | 4.0% | |||
| Total Fixed Expenses | $722 | $8,659 | ||
| Total Expenses (Fixed + Mortgage) | $1,611 | $19,335 | ||
| Financial Analysis / Deal Attractiveness | ||
| Years: | 5 | 10 |
| Cap Rate | 4.0% | 5.0% |
| Net Cash Flow | $15,524 | $38,221 |
| Equity Increase | $81,644 | $180,313 |
| Total Gain | $97,169 | $218,534 |
| Average Cash Flow/Year | $3,105 | $3,822 |
| Average Cash Flow/Month | $259 | $319 |
| Average Gain/Year | $19,434 | $21,853 |
| Average ROI | 126.4% | 284.3% |
| Annual ROI | 25.3% | 28.4% |
| Projected Property Value | $340,663 | $414,468 |
Disclaimer
Information contained herein was obtained from sources deemed reliable, however, Simply Do It and/or the owner(s) of the property make no guarantees, warranties or representation as to the completeness or accuracy thereof. The presentation of the property is offered subject to errors, omissions, changes in price and/or terms, prior sale or lease or removal from the market for any reason without notice.
The analysis is provided “As Is”. All the information is believed to be accurate (except for the small effects of some simplifying assumptions), but is not guaranteed, and depends on the values entered for the property. This analysis is intended for the purpose of illustrative projections. The information provided is not intended to replace or substitute for any legal, accounting, investment, real estate, tax, or other professional advice, consultation, or service. Simply Do It and/or the owner(s) are not responsible nor liable for any damages arising from the use of the analysis info.