49 Unit Rental Portfolio near Killeen TX with EQUITY
Located throughout Gatesville in Central Texas, the portfolio belongs to the Killen-Temple-Fort Hood MSA, also known as the Centroplex. With a cost of living that is 20% lower than the national average along with a cost of housing 43% lower than the national average, Gatesville is the best option for residents seeking affordable living in the Killen-Temple-Fort Hood MSA. On average, residents who rent houses in Gatesville pay $722, a value that is 17% lower than the average amount renters pay in Texas. Additionally, the number of rental households is 11% higher than the state average. The average home in Gatesville costs $85,100, a value that is 67% higher than the portfolio but still 35% lower than the average cost in Texas. However with an average year-over-year appreciation rate of 9.05% the average home value is expected to rise.
This diverse portfolio represents a strong mix consisting of 49 total properties. It features 35 Single Family Rental homes, 3 Full Duplexes and 1 Eight Unit Apartment with an average size of 905 square feet. 20 of the 35 Single Family homes are currently vacant and under renovation that will allow a new owner to lease up to current market rents and improve operations thru hands on property management.
A list price of $2,459,375 for the entire portfolio or $50,191 per unit/home, provides investors an opportunity to purchase a high yield, value-add SFR portfolio at $55.49 per SF which is below replacement cost and approximately 67% below retail values. With the low cost of living, the growing economic performance of the Killen-Temple-Fort Hood metro area, and the investor's ability to increase rents makes this a scalable, affordable and diversified addition to any residential rental portfolio.
•Stabilized Gross Yield of 17.44%
•Average Year-Over-Year Appreciation Rate of 9.05%
•Opportunity to Own 3.15% Of The Total Rental Housing Stock in the Submarket
•Opportunity to Purchase a Diversified Value-Add SFR Portfolio with Instant Equity
•Cost of Living is 20% Below National Average with Rents 17% Below Texas Average
•Opportunity to Increase Rents From $0.76/SF To Market Averages of $0.82/SF or $52/Home
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