3016 Nagle Street, Houston, TX 77004
Currently In Option Period
Purchase Price 106,500
Seller Offering Title Ins, 3% Concessions, and a $1200 Home Warranty for the Homes.
Lot Size 3,500SqFt / Two Small Homes on Property (1st) 672SqFt and (2nd) 768SqFt Both Built in 1932
Local Appraisal District Rates it Land 68K, Improvement 15K, Total Appraisal 83,700 (Ironically Appraised Matches Market Value, I heard it shouldn't) Additionally Both Homes true Description doesn't match the bedroom count inside.
Homes are both currently rented and I will have to replace the tenant in the larger home. They are located in Third Ward and gentrification is heavy along the corners of the area. Loads of Townhomes (Built and Currently being built are located less than 5 minutes away). Additionally Property is 3 blocks away from a newly renovated 30MM+ Park, 1 Block away from a Magnet Middle School, and three blocks away from a soon to come mental health clinic.
The Homes are also located in a low income area, heavy foot traffic, drug use area, and lots of emtpy lots.
Conditions of Homes (Small and Nice 672SqFt) v (Big and Ugly 768SqFt)
Both Homes are in need of a new roof.
Small and Nice looks like I need to replaced the Piers and some of the boards/beams in the Pier and Beam Foundation. Tenants are currently happy and just complain of a plumbing issue that pops up in the summer months with the sinks and tub backs up. Home is currently set up as a large one bedroom, with large living room, open kitchen and decent bathroom.
Big and Ugly has loads of fallen Beams, Rotten Boards, and Piers need to be replaced. The flooring needs to be replaced, so we can go through the floor to access piers and sub-flooring so we won't have to tunnel. The Home has two decent sized bedrooms, a small bathroom and a long narrow kitchen.
If You Are Located in Houston, you are more than welcome to hit me up to visit the property for suggestions, insights and bids.
@Darrion M. Woods congrats on getting the property! How did you come across it? MLS, Wholesaler, Craigslist? I would reach out to Fast Track Remodeling in Houston. I personally have not worked with them as one of the properties I recently made an offer on is outside of there covered area, but they come highly recommended and I will be calling them for sure when the time comes.
Thanks For The Suggestions! I live on MLS!
I called and left a message, thanks again!
Congrats Darrion! I was looking at this property as well, but the rehab scared me off as a first timer. Looks like you know what you’re getting into though. Keep us up to date on this project. I’ve found a similar condition property that you may just convince me to put under contract if yours goes well.
Joseph, It scares the hell out of me too at times. The foundation is the big and ugly house is horrible. I got an estimate from a reputable foundation company they told me 43k to repair the foundations. If I would have have pearls to clutch, I would have broken the string Lol
If you don’t mind my asking, how are you managing the equity and debt for this?
Currently Piecing it together. Purchased conventional 30yr is the plan so far.