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$199,900

For Sale - Active
515 S 2nd St, Richmond, TX 77469
3 Beds
0 Baths
1,725 Square Feet
0.00 Acres Lot
Built in 1943
For Sale - Active
Units n/a
Checked: 11 hours ago
Updated: Jul 09, 2025 at 03:28AM

Investment Summary


Monthly Cash Flow
$196
Cap Rate
6.9%
Cash-on-Cash Return
5.1%
Debt Coverage Ratio
1.21
Internal Rate of Return (5 years)
9.0%

Property Description


0.00 Acres Lot
Built in 1943
For Sale - Active
Units n/a

PRICE SLASHED!!!!! OWN A PIECE OF RICHMOND HISTORY! Home was added on to over the years and belonged to current owner's great-grandmother. Seller has lived in house for eight years but a recent inspection report has noted need for much work. Is being sold "as-is" as it would be a total remodel and seller will make no repairs. Leaving refrigerator, washer, dryer. Located one block from proposed Richmond Starbucks.

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Location


Property Details


Parking

  • Description: DetachedCarport
  • Details: Detached
  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 0.0

Interior Features

  • # of Rooms: 6
  • # of Stories: 1
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Wood
  • Roof Type: Gable
  • Roof Material: Composition

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 7395000730056901
  • Lot Size: 0 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Traditional
  • Year Built: 1943

Tax Information

  • Annual Tax: $2,854

Utilities

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

Location

  • County: Fort Bend

Listing Details


Listed by:
Jennifer Hartmann
Hartmann Properties
(713) 829-0568

Source:
Houston Association of REALTORS
MLS#: 18947532
Houston Association of REALTORS

Investment Summary


Monthly Cash Flow
$196
Cap Rate
6.9%
Cash-on-Cash Return
5.1%
Debt Coverage Ratio
1.21
Internal Rate of Return (5 years)
9.0%

Purchase Details

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Purchase price:
$199,900
Amount financed:
-$159,920
Down payment:
$39,980
Closing costs:
$5,997
Rehab costs:
$0
Initial cash invested:
$45,977
Square feet:
1,725
Cost per square foot:
$116
Monthly rent per square foot:
$1.16

Financing Details

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Loan amount:
$159,920
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$946
Property tax:
$238
Insurance:
$140
Private mortgage insurance (PMI):
$0
Monthly payment:
$1,324

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,000 $24,000
Vacancy loss: (6%)
6% -$120 -$1,440
Operating income:
$1,880 $22,560

Operating Expenses


% Rent Monthly Yearly
Property taxes: (12%)
12%-$238-$2,854
Insurance: (7%)
7%-$140-$1,680
Property management: (8%)
8%-$160-$1,920
Repairs & maintenance: (5%)
5%-$100-$1,200
Capital expenditures: (5%)
5%-$100-$1,200
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (37%)
37%-$738-$8,854

Cash Flow


Monthly Yearly
Net operating income:
$1,142 $13,704
Mortgage payments:
-$946 -$11,352
Cash flow:
$196 $2,352