Superb Investment option in The Woodlands
[3rd April 2008 - THIS DEAL IS GONE, SOLD A FEW DAYS AGO - LANCE]
A really nice property is available in a nice area in The Woodlands. It’s a corporate sale and they’ve just had a big price reduction yesterday. It’s been on the market for quite a while but with the new price it’s now in play for an investor.
The rentals support an offer a little below what they’re asking but I think it’s very do-able with a bit of negotiation. This property is priced above $150k & below $200k. At the target price it will cash-flow (just over $1000 in yr 1) at comp rentals from year 1. I have a detailed analysis if you’re interested in this property that shows cash-on-cash return, cap rate & IRR and numerous other ratios. So, email or call if you want a copy of that.
The analysis assumes the following:
- 10% down, 30 year note, 7% rate
- 8% vacancy rate
- Annual home warranty cost
- Annual home insurance
- Annual HOA fees
- Property Tax
After year 1, equity build-up, cash-flow and value keep adding to your total equity.
The property does need some new carpet and a paint job. This is partly why it’s been sitting on the market. [Update - 25March 2008 - I showed the property to a few investors over the last week, they've painted the whole house inside & out and also put new carpets in! So, it's "move-in" ready now.]
The home is in a cul-de-sac, in a very nice area of The Woodlands and close to two very good schools, a public swimming pool and neighborhood shopping center.
Call Lance @ 832-483 8655 if you’re interested.
