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$200,000

For Sale - Active
3506 Cove View Blvd Apt 1009, Galveston, TX 77554
1 Bed
0 Baths
732 Square Feet
0.00 Acres Lot
Built in 1983
For Sale - Active
Units n/a
Checked: 8 hours ago
Updated: May 09, 2025 at 09:16PM

Investment Summary


Monthly Cash Flow
-$710
Cap Rate
1.4%
Cash-on-Cash Return
-18.5%
Debt Coverage Ratio
0.25
Internal Rate of Return (5 years)
-13.9%

Property Description


0.00 Acres Lot
Built in 1983
For Sale - Active
Units n/a

Stunning 1 bedroom condo featuring a walk-in closet, upstairs laundry, and attached 2 Car Garage. Recently updated kitchen and fresh paint. Ideal for personal use or as an Airbnb opportunity. Most furnishings and extra stock included. Schedule a showing today and let's negotiate!

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Location


Property Details


Parking

  • Description: AdditionalParking, Attached, Garage, GarageDoorOpener
  • Details: Off Street, Unassigned, Additional Parking, Attached
  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 1

Bathroom Information

  • # of Baths (Full): 1
  • # of Baths (Total): 0.0

Interior Features

  • # of Rooms: 1
  • # of Stories: 1
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Siding (Alum/Vinyl)
  • Foundation: Slab
  • Roof Material: Composition

HOA

  • Has HOA: Yes
  • HOA Fee: $446/monthly

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: 557700001009000
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Style: Split Level
  • Year Built: 1983

Tax Information

  • Annual Tax: $3,407

Utilities

  • Water & Sewer: Public
  • Heating: Electric, Central
  • Cooling: Ceiling Fan(s), Central Air

Location

  • County: Galveston

Listing Details


Listed by:
Susan Jesser
NB Elite Realty
(713) 724-4503

Source:
Houston Association of REALTORS
MLS#: 36612516
Houston Association of REALTORS

Investment Summary


Monthly Cash Flow
-$710
Cap Rate
1.4%
Cash-on-Cash Return
-18.5%
Debt Coverage Ratio
0.25
Internal Rate of Return (5 years)
-13.9%

Purchase Details

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Purchase price:
$200,000
Amount financed:
-$160,000
Down payment:
$40,000
Closing costs:
$6,000
Rehab costs:
$0
Initial cash invested:
$46,000
Square feet:
732
Cost per square foot:
$273
Monthly rent per square foot:
$1.91

Financing Details

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Loan amount:
$160,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$946
Property tax:
$284
Insurance:
$98
Private mortgage insurance (PMI):
$0
Monthly payment:
$1,328

Operating Income

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% Rent Monthly Yearly
Gross rent:
$1,400 $16,800
Vacancy loss: (6%)
6% -$84 -$1,008
Operating income:
$1,316 $15,792

Operating Expenses


% Rent Monthly Yearly
Property taxes: (20%)
20%-$284-$3,407
Insurance: (7%)
7%-$98-$1,176
Property management: (8%)
8%-$112-$1,344
Repairs & maintenance: (5%)
5%-$70-$840
Capital expenditures: (5%)
5%-$70-$840
HOA fees: (32%)
32%-$446-$5,352
Total operating expenses: (77%)
77%-$1,080-$12,959

Cash Flow


Monthly Yearly
Net operating income:
$236 $2,832
Mortgage payments:
-$946 -$11,352
Cash flow:
$710 $8,520