6th & 7th REI(2 STRs in Texas)

Investment Info:

Buying two STRs. One offer accepted on Thursday, other this morning in Texas. First property is in Marfa, Texas, it'll need some updating. Other is in South Padre, Island. Will need some work which owner will do, so pending that it'll close. Both I believe I can rent as a LTR, if necessary, so I decided to go aggressively. I was against this ratio of STRs to LTR in my portfolio so soon, but I didn't expect both offers to be accepted. I find both of good value.

6th House(Marfa STR)
List Price: $1,105,000
Purchase Price: $1,053,000
Financing: Cash
Value Add:  $70,000 high end furniture + new appliances(fridge & laundry machines) + landscaping
6 bedroom, 5.5 bathroom, 3700 sq ft house

I believe this will be a premiere property in the STR market. That's the goal, hoping to make it work. This offer was accepted yesterday, there was an inspection down by a previous buyer that couldn't get finance to close at the end of Dec '22. Nothing looked off, the small things that needed to be fixed the owner already fixed. Two hvacs are both from 2019, roof was updated in 2020. Already a STR registration on this property, too, but was vacant upon selling. Will have wife pick the furniture and set it up.

7th House(South Padre, Island)
List Price: $975,000
Purchase Price: $945,000
Financing: Cash
Value Add: $50,000 high end furniture + landscaping
4 bedroom, 4 bathroom , 3,500 sq ft house

Two blocks from the ocean. Flood insurance is a killer, the property's living room furniture will convey as well as an agreed upgrade in kitchen appliances(fridge, stove, dishwasher, oven), and repaint the entire interior in agreeable gray . Hvac, roof, water heater all updated between 2016-2018. Former owner will fix little physical issues in backyard pool. If that all comes per agreement, I'll take ownership of the house. I hope to re-do the front and backyard landscaping wise and upgrade all the furniture upstairs. Will have wife decide upon all that.