7 Rented Townhomes – 45 Mins North to Dallas. 2013 Built

$ 300,000 Asking
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Overview

  • Updated On:
  • February 2, 2022
  • 3 Bedrooms
  • 2.5 Bathrooms
  • 1,475.00 ft2
  • Year Built: 2013

MUST-READ

  1. Great location with a high demand for rentals, and good schools
  2. The suggested Simply Do It (SDI) offer/prices are based on group purchases and multiple offers submitted to the same seller – GROUP POWER.
    1. Suggested offer Prices HAVE NOT been negotiated yet – prices are not confirmed
  3. Priority will be given to investor-buyers that are able to buy multiple duplexes. 
    1. One buyer can buy all 7, or 7 buyers can each buy one and anything in between
  4. The asking price is between $265,108 – $336,871 – our goal is to offer $260,000 – $295,000 as a group of buyers
  5. Area is super competitive and challenging to buy properties
  6. Townhomes are good sized ones for rentals: $1,474 – $1,873
  7. Good rental area
  8. 7 units have long term renter in them

 

Benefits

  • Strong local area in a very resilient metro (DFW)
  • Rented-occupied – collect rent from day one
  • Some upside rent potential – rents are ~$100-$150 below market rent
  • 2013 built – newer properties

 

Rents

  • Current rents are  $1,550 – $1,775
  • Market rents are estimated at $1,850 – $2,300

 

Next Steps

  1. Let SDI know which unit/s you are interested in
  2. Let us know if your offer is cash or financing, and your down payment
  3. Priority is given to SDI active investors
  4. Non-active investors would need to sign the SDI fee schedule and release – can be sent upon request
  5. Full address/location will be provided to active investors upon request
  6. Questions should be posted in the comments section below

 

Site Visits

Agent and property management plan to visit the site after we have accepted offers.

 

 

Properties Info

  • 7 towhnhomes – rented/occupied
  • All five are 3 beds, 2.5 baths & two are 4 bedrooms 2.5 baths
  • Originally 2013
  • Parking: 2 covered spaces 
Townhome # Beds Baths Sq Ft Actual Rent Asking/Sq Ft SDI Offer Tax yr 2020
401* 3 2.5      1,475 1775 $265,288 $255,000 4500
405 3 2.5      1,475 1745 $265,288 $255,000 4300
409 3 2.5      1,475 1550 $265,288 $255,000 4300
413 4 2.5      1,873 1650 $336,871 $310,000 5300
417 4 2.5      1,873 1700 $336,871 $310,000 5300
421 3 2.5      1,475 1600 $265,288 $255,000 4300
425* 3 2.5      1,474 1550 $265,108 $255,000 4500

* end unit

 

Rent

Townhome Current Lease Term Actual Rent AR*/Sq. Ft Market Rent / Sq. Ft
401* (reserved Ch. Ba.) 3/14/2019 6/30/2022 $1,775 1.20 1,859
405 (reserved Ch. Ba.) 8/4/2019 7/31/2021** $1,745 1.18 1,859
409 6/1/2021 5/31/2022 $1,550 1.05 1,859
413 2/1/2019 4/30/2021** $1,650 0.88 2,360
417 2/3/2020 4/30/2022 $1,700 0.91 2,360
421 2/22/2021 4/30/2022 $1,600 1.08 1,859
425* 6/19/2020 7/31/2022 $1,550 1.05 1,857

* end unit

** waiting on clarification

 

 

Rent COMPs

Image below is for a 3 beds, 2.5 bath, 1475 Sq Ft

Analysis

Analysis assumptions are:

  • 25% down-payment
  • Market value rent (not current rents)

 

Property Specifications
 Bedrooms 4
 Bathrooms 3
 Square Feet 1873
 Year Built 2013
 Garage Size 2
 Schools Rating (on scale of A-F) B
Purchase Assumptions
Offer used for analysis $310,000
Suggested offer (low) $300,000
Suggested offer (high) $310,000
Asking $336,000
Market Value (after improvements) $330,000
Improvements (lower) $3,500
Improvements (upper) $6,500
Closing Costs $3,100
Mortgage Costs $3,100
Other Fees At Closing $0
Total Cost $321,200
Financing Assumptions
 Down Payment (%) 25%
 Down Payment Amount $77,500
 Financed Amount $232,500
 Interest Rate 3.50%
 Mortgage Term (Years) 30
 Monthly Mortgage Payment $1,044
 Cash Outlay (Total Out of Pocket) $88,700
Financial Assumptions Monthly Yearly
Rent (upper) $2,300 $27,600
Rent (lower) $2,100 $25,200
 Property Tax Rate (Approx.) 2.2%
 Property Taxes $416.67 $5,000
 Insurance $115 $1,380
 Repairs $65 $780
Variable-Cost PM Flat Fee
Property Management Fee $100 $1,200
 Leasing Fee $73.3 $880
 HOA $17 $204
 Vacancy Rate 4.0%
 Total Fixed Expenses $871 $10,452
 Total Expenses (Fixed + Mortgage) $1,915 $22,980
Financial Analysis / Deal Attractiveness
Years: 5 10 15 20
 Net Cash Flow $20,352 $49,343 $87,870 $136,928
 Equity Increase $95,450 $210,963 $350,770 $519,992
 Total Gain $115,802 $260,306 $438,640 $656,919
 Average Cash Flow/Year $4,070 $4,934 $5,858 $6,846
 Average Cash Flow/Month $339 $411 $488 $571
 Average Gain/Year $23,160 $26,031 $29,243 $32,846
 Average ROI 130.6% 293.5% 494.5% 740.6%
 Annual ROI 26.1% 29.3% 33.0% 37.0%
 Projected Property Value $401,495 $488,481 $594,311 $723,071
Property Ratings Suggestions
 Item  Suggested Criteria (Min.) This Property FAVORABLE /
INSUFFICIENT
 Schools B B FAVORABLE
 Square Feet 1000 1873 FAVORABLE
 Bedrooms 3 4 FAVORABLE
 Bathrooms 2 3 FAVORABLE
 Year Built 1970 2013 FAVORABLE
 Rent/Price (%) 0.70% 0.74% FAVORABLE
 Average Cash Flow (at year 5) $125 $339 FAVORABLE
 Average ROI (at year 5) 15% 26.1% FAVORABLE

 

FAQ

  • Has lease/rent validation been performed by Simply Do It or its local agent?
    • Not yet. But more lease research will be done after we have contracts.
  • Any Sec. 8 or similar type of tenants?
    •  We don’t know yet – lease research will be done after we have contracts.
  • Can I buy with a mortgage?
    • Yes, and we have preferred lenders for you to use if you wish
  • Do you know the condition of each unit internally?
    • Not yet
  • Do you have a local property manager we can use?
    • Yes, we sure do
  • Can I buy cash?
    • Yes, of course
  • Can I buy more than 1 duplex?
    • Yes

 

Population/Area Growth

According to U.S. Census Bureau 2012 population estimates, the City of has a population of 121,123 and has experienced a 6.8 percent increase in growth from 2010 to 2012.

In 2011, the city was ranked 7th among the fastest-growing cities, with populations of 100,000 or greater.

The City experienced an increase in growth from 2000 to 2010 at a rate of 40.8% compared with county and state rates of 53.0% and 20.6%, respectively.

City was ranked in the top twenty-five of the fastest-growing cities in the nation, with a population over 100,000, in 2009 and 2008.

 

Area Characteristics

The City currently encompasses a landmass of 94.9 square miles and is situated north of the DFW metroplex where Interstate 35 E and 35W intersect.

According to U.S. Census Bureau in 2010 and City square mile figures, the City has a population of 113,383 with a population density of 1,194.8 persons per square mile.

 

Regional Access

Located 45 minutes northwest of Dallas at the convergence of I-35E and I-35W, this is the place where your business will benefit from access to DFW International Airport, local Airport , DART, I-35, US Hwy 380, skilled labor, workforce training resources, and a population of over six million people in the rapidly growing DFW Metro Area. The Dallas- Fort Worth economy is strong. The metro area’s unemployment rate has consistently remained well-below national norms over the past two decades while adding more than 800,000 jobs.

 

 

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.

Address: E 2nd
State/County:
Zip: 76010
Country: United States
Open In Google Maps
Property Id : 41406
Price: $ 300,000 Asking
Property Size: 1,475.00 ft2
Bedrooms: 3
Bathrooms: 2.5
Year Built: 2013
Insurance (mo): 115
Repairs (mo): 65
Management Fee (mo): 100
HOA (mo): 17
Vacancy Rate (ann): 4
walkscore4 / Car-Dependent more details here

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