Overview
- Updated On:
- July 19, 2022
- 3 Bedrooms
- 2.5 Bathrooms
- 1,475.00 ft2
- Year Built: 2013
MUST-READ
- Great location with a high demand for rentals, and good schools
- The suggested Simply Do It (SDI) offer/prices are based on group purchases and multiple offers submitted to the same seller – GROUP POWER.
- Suggested offer Prices HAVE NOT been negotiated yet – prices are not confirmed
- Priority will be given to investor-buyers that are able to buy multiple duplexes.
- One buyer can buy all 7, or 7 buyers can each buy one and anything in between
- The asking price is between $265,108 – $336,871 – our goal is to offer $260,000 – $295,000 as a group of buyers
- Area is super competitive and challenging to buy properties
- Townhomes are good sized ones for rentals: $1,474 – $1,873
- Good rental area
- 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
- Let SDI know which unit/s you are interested in
- Let us know if your offer is cash or financing, and your down payment
- Priority is given to SDI active investors
- Non-active investors would need to sign the SDI fee schedule and release – can be sent upon request
- Full address/location will be provided to active investors upon request
- 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.
