10.57% Cap Rate, Duplex in Houston - Airline Drive area
10.57% Cap Rate at $234,900 list price! $24,828/yr NOI. $2,325/mo rental income, 2 new 12 month leases.
One set of meters for property - tenants sign up for and pay all utilities themselves, figure out between themselves how to share the costs. They pay rent via Zelle. Tenants are responsible for lawn maintenance (please see uploaded leases).
Landlord covers property tax ($3,072/yr, 2.0477% rate) and maintenance.
Main house (unit # A) is 3 bedrooms, 1 bath - new shower, commode (2022), washer, dryer and fridge. Studio (unit # B) is 1 bedroom, 1 bath - new kitchen, tub/shower combo, commode, window AC unit (all in 2021), fridge. New roof, sliding glass door, Breaker Panel, 220V lines to Stove, Dryer (11/10/2021), attic insulation - certificate (11/11/2021), water heater (2/28/2022). Appliances included with sale.
Seller has *no* pressure to sell! ie, please don't submit low ball offers. Sorry, cannot assume the bank loan. Seller *may* be willing to provide owner financing, with a large down payment, under onerous terms.
Do NOT walk on to property - you will be cited for Trespassing! Do NOT disturb tenants. Showings after executed contract, option fee and EM clear the bank. Please provide POF, signed SD, LBP Addendum, TREC 1-4 contract.
Both leases, P&L, survey, IABS, etc. are all the MLS, link below.