Wholesale Property

Baytown, Tx

Bedrooms: 2, Bathrooms: 1.0, Sqft: 542, Lot Size: 5000, Year Built: 1932
Brought to you by:
SquaredFoot, LLC
832 209-7611
deals@squaredfoot.llc
Reikitcompanyprofile

Notes

This small bungalow and garage apartment will make an ideal 2-unit rental in an established working-class neighborhood. Both units currently have tenants. Seller asks that the buyer gives them 2 months notice.
Img 0621

Deal Summary

Initial Investment

Purchase Price
$85,000
Purchase Costs
$1,864
Rehab Costs
$27,800
Rehab Contingency (5%)
$1,390
Construction Holding Costs
$608
Total Project Costs
$116,663
Financing
($86,864)
Cash out of Pocket
$29,799

Property Value

After Repair Value (ARV)
$145,000
Annual Appreciation Rate
3.00%
Value at Project End
$145,000

Project Timing

Construction Time
3.0 Months
Rental During Rehab?
No
Income Starts in Month
4
Total Project Length
1 Years

Financial KPIs

Cash Flow (Year 1)
$700
Cash-On-Cash Return (Year 1)
2.35%
Internal Rate of Return (Project)
25.64%

Monthly Cash Flow (Starting Month 4)

Income

Gross Scheduled Rents
$1,600
Scheduled Other Income
$0
Vacancy Loss
($32)
Effective Monthly Income
$1,568

Expenses

Property Taxes
($149)
Property Management
($78)
Utilities
($0)
CapEx
Using starting monthly
($31)
Total Expenses
($259)

Cash Flow

Effective Monthly Income
$1,568
Expenses
($259)
Loan Payment
Does not include origination
($0)
Monthly Cash Flow
$1,309

Annual Performance

Project Year1
Gross Income 
Scheduled Gross Rents$1,600
Scheduled Other Income$0
Total Sch. Gross Income$1,600
Vacancy Loss($32)
Effective Gross Income$1,568
Operating Expenses 
Property Taxes($598)
Property Management($78)
Utilities & Expenses($160)
Total OpEx($836)
Net Operating Income$732
Capital Expenditures 
Replacements ($31)
Net Income After Expenses$700
Financing 
Principal$0
Interest + Fees$0
Total Payment$0
Performance 
Cash Flow $700
Property Value $145,000
Cap Rate 0.48%
Gross Rent Multiplier (GRM) 90.63
Operating Expense Ratio (OER) 53.34%
Outstanding Loans $0
Equity $145,000
Rolling Income After Expenses $700
Rolling Loan Interest & Fees $0
Acquisition & Disposition ($86,864)
Profit From Sale
Includes sale profit and rolling income
$58,836

Comps

AddressDistBedsBathsSqftSold ($)$/sqftSale date
Baytown, TX0.27 miles21.0843$116,334$1382020-03-20
Baytown, Tx0.3 miles21.01320$136,853$1042020-02-26
Baytown, Tx0.21 miles21.01292$123,963$962019-07-22
Average:$125,717$113 

CMA Detail

BasicsSubjectComparable Comparable Comparable
Img 0621Isrx2ymh8osjmf1000000000StreetviewStreetview
AddressBaytown, TxBaytown, TXBaytown, TxBaytown, Tx
Sold Date2020-02-192020-03-202020-02-262019-07-22
Sold $$65,000$116,334$136,853$123,963
Sqft5428431,3201,292
$/sqft$120$138$104$96
Features
Feature Values
UnitsUnitsAdjustmentUnitsAdjustmentUnitsAdjustment
Bedrooms
$02.002.00$02.00$02.00$0
Bathrooms
$01.001.00$01.00$01.00$0
Garage spaces
$02.002.00$00.00$01.00$0
Carport spaces
$01.000.00$00.00$00.00$0
Lot size sqft
$05,000.006,098.00$05,600.00$06,900.00$0
Basement sqft
$00.000.00$00.00$00.00$0
Has pool
$00.000.00$00.00$00.00$0
Has view
$00.000.00$00.00$00.00$0
Adjustment Subtotals$0$0$0
Adjusted $/sqft$232$138$104$96
Adjusted ARV $$125,717$116,334$136,853$123,963
NotesNOTICE: MLS does not factor in Garage Apartment. Seller is purchasing home from individual. Remember to factor garage apartment in your analysis. Will make great rental income! Property has a Home and Garage Apartment. Both need few repairs and cosmetic touch-ups.NO GARAGE APARTMENTNO GARAGE APARTMENTNO GARAGE APARTMENT