Historic District 1914 Property

[Mumtaz Tejani]

DEAL: Galveston TX | Silk Stocking Historic District | 4BR Former B&B | $699K AS-IS | $400K Equity Spread | OBBB + Historic Tax Credits

Sharing a live deal for anyone running numbers on Texas coastal STR or fix-and-flip.

Numbers:

— Purchase: $699,000 AS-IS

— Renovation: ~$100,000

— Full flip value: $1,200,000

— Equity spread: $400,000+

— County assessed value: $961,620 (listed $262K below)

Tax play:

— Cost seg deduction ~$201K under One Big Beautiful Bill 100% bonus depreciation

— Year 1 tax savings: $64K–$74K at 37% bracket

— 20% Federal Historic Tax Credit on renovation = $20K back

— 10-year City of Galveston property tax freeze on substantial rehab

— STR material participation loophole — offsets W-2, no REPS needed

— STR gross income: $49K–$83K/year (AirDNA data)

Property:

4BR/5BA | 3,348 sq ft | Built 1914 | Corner lot

Silk Stocking National Historic District — National Register of Historic Places

New roof March 2025 | PEX plumbing to street 2023 | Updated electrical

5 renovated baths + kitchen | Refinished hardwoods

Former operating B&B — proven STR demand

Catwalk-connected apartment = second income stream

Mardi Gras parade route frontage | 8-min walk to Pleasure Pier

No HOA | 1031 welcome | 21-day close

Virtual walkthrough available. 

Happy to walk through numbers on a call.

Mumtaz Tejani | JPAR Real Estate