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Convenient and desirable locations in Houston – seller greed to below asking price – need quick response [code 16710]

Posted by Kenny Bailey on November 8, 2021
0
Update [Nov. 8 2021]:
  • 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.

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A beautifully updated 4-bedroom, 2-story ready for a quick move-in!
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!
What's next?

Email/text for address, analysis and to get connected to Simply Do It's local team that handles this transaction.

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

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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.

code 16710


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