Property Need: Property under $250K, south between Buda and San Marcos, minimal maintenance, cash flow above $150 per month, and greater than 15% return.
Subject Property: 2-Story home in Kyle, great access to I-35, 3 bedrooms, 2.5 bathrooms, bonus room upstairs, and 2,379 SqFt.
- List Price: $210,000
- Lease: $1,750 per month
- Appreciation: 4%
- Taxes: $5,282
- HOA: $15 per month
- Down Payment: 20%
- 5 Year Hold
- Cost of Sale: 6%
- Total Cash Contributions by Investor: $43,837
We found this home in a Coming Soon status and got our investor clients in right away. We ended up winning the contract in a multiple offer situation. The home was completely renovated to include all new laminate flooring, new roof, new appliances, and updated master shower. The bonus room upstairs was situated in such a way that its conversion to a fourth bedroom would only cost around $1,000. The purchase price was $213,000 and we negotiated $1,000 in closing costs to be paid by the sellers. This home is very durable and most of the major systems are new. Maintenance into the future will be very minimal.
The home was available for lease within three days of closing. In those 3 short days, the bonus space was converted into a fourth bedroom and professional photos were taken to ready the lease for listing on the market. This quick turnaround will set the investor up to receive lease income on the property prior to making his first mortgage payment.
The investor’s projected return is greater than 19% with more than $250 per month in cash flow.
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