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Occupied 4-Plex Near Ft. Worth – 3 4-Plexes Available

$ 350,000
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210
Rented

Property Description

IMPORTANT

  • While all units are rented, the avg. rent is $750/mo. which generates a low cashflow for the 4-plex. 
  • Market rent is $1000-1150 which can boost the cashflow by 3 to 4 times more! A great upside.
  • Start getting rent from day 1!

 

General

  • The seller has 3 fully rented 4-plexes to sell.
  • Asking is $400,000 per each 4-plex.
  • Seller is willing to sell for each 4-plex for $350,000 if we buy all three.
  • Fully occupied 4-plex in a great neighborhood steps away from the library and park.
  • All units rented.
  • Units A and D are one-story while B and C are 2 stories.
  • The units are 2 bedrooms, 1 bath.
  • Roof is 2 years old and total exterior has been painted as of May 2020.
  • 15 minutes from downtown Fort Worth.
  • Water on average per a 4-plex is $190/mo (avg. of $47.5/unit).
  • Insurance is $1600 for each 4-plex.

Rent and Unit Info

Building Unit Current rent Market rent Lease Total sq. ft Bedrooms Bathrooms
#10 A 725 1100 M2M 795 2 1
B 750 1100 expires 02/2021 988 2 1
C 750 1100 M2M 988 2 1
D 750 1100 M2M 795 2 1
TOTAL 2975 4400 3566 8 4
Status TAKEN (Y. V.)
Building Unit Rent Market rent Lease Total sq. ft Bedrooms Bathrooms
#11 A 725 1100 M2M 795 2 1
B 750 1100 expires 06/2021 988 2 1
C 725 1100 M2M 988 2 1
D 750 1100 expires 04/2021 795 2 1
TOTAL 2950 4400 3566 8 4
Status TAKEN (R. H.)
Building Unit Rent Market rent Lease Total sq. ft Bedrooms Bathrooms
#12 A 750 1100 expires 06/2021 795 2 1
B 725 1100 M2M 988 2 1
C 750 1100 expires 2/2021 988 2 1
D 725 1100 M2M 795 2 1
TOTAL 2950 4400 3566 8 4
Status TAKEN (M. S.)

* M2M = month to month lease

Analysis with Current Rents

Analysis with Updated Market Rents

From the seller:

Q: What major issues we should know of (foundation, roof, etc.)?
A: Roof is a few years old. Foundation is in great shape.  Repainted the outside in May 2020.

Q: Do you have more photos?
A: Not at this time.

Q: Any chance you have a recent inspection report?
A: I do not. I purchased the properties in 2005.

Q: Do you have/know a list of repairs needed?
A: None at this time. Any repairs are fixed as soon as I can get my handyman out.

Q: Are you looking for someone to buy all 4-plexes?
A: WORKING ASSUMPTION IS THAT 3 BUYERS EACH WILL BUY 1 BUILDING. BUT IF one buyer wants all 3 or to take 2 buildings we won’t say no.

Q: Do the units require any renovation to increase the rent? Otherwise, why is the rent low now and how can it be increased?
A: We don’t have 100% knowledge and visibility to why the rent is low. The owner did not want to deal with is. Seller says all units are ok and that he fixed everything when it got broken. Because the units are occupied we don’t have visibility to the int. yet.

Q: How confident are you in the new rents? ~50% higher seems like a big difference.
A: We checked comps and my working assumptions are less than what comps are.

Q: Are the leases that need to be honored at the current low rent? How long?
A: Check online. (http://reistart.com/AwClT) Most leases are month-to-month. Some are longer-term. I’m waiting to hear from the PM about the rent increase on existing tenants, if there are any limitations.

Q: You mentioned water bill. Does the owner pay it?
A: Right now yes. ~$50/unit/month.

Q: Does each unit have its own air conditioner?
A: I don’t know yet, will need to check.

State/county:
Zip: 76060
Country: United States
Open in Google maps
Property ID: 23005
Price: $ 350,000
Property size: 3 566 ft2
Bedrooms: 8
Bathrooms: 4
Year Built: 1985
Rent (mo): 3000
ROI (ann): 19
Cashflow (mo): 5500
Property Taxes (mo): 5500
Insurance (mo): 135
Repairs (mo): 200
Management Fee (mo): 300
Leasing Fee (ann): 1500
HOA (mo): 190
Vacancy Rate (ann): 4.5
walkscore6 / Car-Dependent more details here

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2 thoughts on “Occupied 4-Plex Near Ft. Worth – 3 4-Plexes Available

  • Mor
    on July 30, 2020

    Hey Dani,

    Not sure I follow – are you looking for someone to buy all fourplexes?
    If buying one works, I have a couple of questions:
    Do the un

  • its require any renovation to increase the rent? Otherwise, why is the rent low now and how can it be increased?
    How confident are you in the new rents? ~50% higher seems like a big difference.
    Are the leases that need to be honored at the current low rent? How long?
    You mentioned water bill – does the owner pay it?
    Does each unit has its own air conditioner?
    Can you send me the actual spreadsheet and the property address?
  • Thanks,
    Motti

  • support@simplydoit.net
    on July 30, 2020

    Not sure I follow – are you looking for someone to buy all fourplexes? WORKING ASSUMOTIOPN IS THAT 3 BUYERS EACH WILL BUY 1 BUILDING. BUT IF one buyer wants all 3 or to take 2 buildings we won’t say no. If buying one work, I have a couple of questions: Do the units require any renovation to increase the rent? Otherwise, why is the rent low now and how can it be increased? I don’t have 100% knowledge and visibility as to why the rent is low. my guess, the owner did not want to deal with is. Seller says all units are ok and that he fixed everything when it got broken. Because the units are occupied we don’t have visibility to the int. yet.  How confident are you in the new rents? ~50% higher seems like a big difference.  We checked comps (attached) and my working assumptions are less than what comps are. Are the leases that need to be honored at the current low rent? How long? check online (http://reistart.com/AwClT) most leases are month to month some are long term. I’m waiting to hear from the PM about the rent increase on existing tenants – if there are any limitations.   You mentioned water bill – does the owner pay it? Right now yes. ~$50/unit/month  Does each unit has its own air conditioner? I don’t know yet. Will need to check

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