First single-family rental property
Property: 2018 build 4 BR - 2 bath - 1300 sq ft - 4000 sq ft lot.
Location: Houston, Texas. South of the 610 loop.
Listing status: 36 days on market, marked down from 179k to 175k last week.
CMA: Best match was an identical build that is 4 houses down but it was constructed in 2020. Sold for 160k Dec 2022.
Rental comps: $1450
PITI estimate: -$1275.50 - 20% down 8.125 interest 2.125 points.
Estimated repair cost: -$4750
Pros: New build. New construction (see video 1) in the immediate area. Not in a flood zone.
Cons: 52 active rentals in the zip code (estimated 28,000 people). 32 rentals are at least 3 bedroom 2 bath. Odd layout- Small driveway, backyard is hard to access, washer/dryer hookups in corner of kitchen, some sort of PVC pipe sticking out of the ground near entrance.
What are your thoughts on this property?
What are you plans for this property?