Leased and Fully-Rehabbed Turnkey Property in Dallas/Fort Worth Area ($139,900)
This property in Hurst, Texas (in the Dallas/Fort Worth area) is ready for a busy investor looking for a solid investment. Investors do not have to deal with any of the following:
-Rehabbing: This property is fully rehabbed (details of the rehab are provided below)
-Creating a Rent-Ready Package: This property includes all appliances for the tenant.
-Financing: We have vetted lenders and will put you in contact with a reputable lender
-Property Management: We have a reputable property manager (OneProp) working on finding a tenant
-Leasing: Our property manager has several strong tenants interested in renting the property so that we can have a tenant in place for you once the rehab is complete
-Utilities: Tenant pays all utilities.
The rehab will be completed by 5/21/2014, and a tenant will move in immediately afterwards.
Property Details
Address: 524 Hurstview Drive, Hurst, TX 76053 (https://www.google.com/maps/place/524+Hurstview+Dr/@32.817411,-97.176411,17z/data=!4m2!3m1!1s0x864e7ed27d215693:0xec40dc31a408759a)
Post-Rehab Bedrooms: 3
Post-Rehab Bath: 2
Post-Rehab Garage: 2
Post-Rehab Square Feet: 1626
Sales Price: $139,900
Value of Comparable Properties:
1)$132,500 (http://www.zillow.com/homedetails/509-Patricia-Rd-Hurst-TX-76053/29134408_zpid/)
2)$132,000 (http://www.zillow.com/homedetails/773-Briarwood-Ln-Hurst-TX-76053/28920836_zpid/
3)$158,500 (http://www.zillow.com/homedetails/516-Hurstview-Dr-Hurst-TX-76053/29010743_zpid/ (property is right next door)
The Numbers
Monthly Revenue
Estimated Rent: $1,300
Monthly Expenses
Taxes: $210.77
Insurance: $81.66
Property Management Fee: $117
Homeowners’ Association Fee: $0
Maintenance: $20
Vacancy Allowance (Estimated at 5%): $65
Debt Service (Assuming 80% Loan-to-Value ($111,920) and 4.75% Interest Rate): $583.83
Cash Flow
Monthly Cash Flow: $221.74
Cash on Cash Returns (Assuming 20% Downpayment ($27,980))
9.51%
First-Year Return on Investment (Appreciation Assumed at 3% Annually)
24.51%
The purchase of this property also will provide you with two additional sources of returns:
1)Depreciation Deductions: Single-family homes may be depreciated over 27.5 years
2)Principal Reduction: Your tenant will be paying down the principal of your loan each month
The Rehab
Updated Kitchen
Updated Master and Secondary Bathrooms
Updated Floors Throughout
Fresh Paint
Complete Landscaping
Please e-mail me at jpytcher@gmail.com or call me at 817-637-7001 for more information.
Thanks!
Joseph Pytcher
