Mr. Home Sold of Fort Bend
Jaymes McKenzie
713-396-5184713-396-5184

Home for Sale in The Grove Subdivision Richmond TX 77406 – Fort Bend Property Spotlight

Ft Bend County Home for Sale Spotlight: 

Every week a home will be analyzed and featured on this column in the Fort Bend County area. It will be strongly priced based on comparable data of the neighborhood and be an excellent deal overall.

 

spotlight-home-fbcRealty

This is an investment property built in 1982. By investment property, I mean it is a cash only sale which needs to close quickly, needs repairs, and may be resold for a profit or rented for cash flow. 

This is a handyman special, foreclosure property located in The Grove Section 3 in Richmond TX 77406 (between Mason and Harlem RD off Hwy 90 A – near Pecan Grove). This home is in rehab condition (although the pictures might not tell the full story of the house). The home’s specs are: 3 Beds / 2.5 Baths /  Plus a Den, Game Room, and formal dining  for a total space of 2446 sqft and an unlisted lot size. The home is listed at an investor’s price of $93,000; which equals $38 per sqft.

Fro resale (flipping) the comparable sales in the neighborhood are between $55 – 60 per sqft. If you factor a rehab of $20,000 – 25,000 (my best estimate from the pictures), this means the price of $38 per square foot or $93,000 plus $25,000 (worst case) equals $118,000 invested. The estimated sale price for a flip based on the comps is about $144,000. This means after holding, closing, and marketing costs, about $11,000 – $15,000, a profit of about $15,000 (on the low end). For a rental style investor looking to cash flow this property has potential as well; which could be fixed and leased in under 2 months. Rental comps show under 30 days to find a renter and for this size property over $1500 a month in rent could be expected. Considering rental repairs are usually less than flip repairs an estimated investment of $112,000 should be expected. For a cash deal, the break-even should be about 6 – 7 years and then an annual profit of $12,000 ($18,000 minus taxes and minor repairs) could be expected. This home is definitely not for the typical buyer but for investors the numbers are there.

For pictures, listing info, etc. visit: http://bit.ly/11ZZrt3

For details, comp data, or to draft an offer give me a shout.

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Thanks for reading.. feel free to post or email any questions, arguments, or requests for more information on a specific topic or point.

 

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Thanks & Keep Winning at Real Estate :)

Jaymes McKenzie
Realtor at Keller Williams SW Houston
Sugar Land, TX
FortBendCountyRealty.com
jaymes@fbcrealty.com 

 

Notices and Disclosures:

Broker and its affiliates are real estate service entities. Any estimates of repairs, holding costs, sellers net profit, roi, etc. are for the convenience of real estate investors. Real estate investors are encouraged to verify all estimated numbers independently. For legal matters, lease to own options, tax advice, estate and business planning, and other matter beyond the scope of normal real estate transactions, please contact an attorney, cpa, appraiser, or certified financial adviser. Broker and its affiliates assume no liability either expressed or implied for the accuracy of any price opinions or estimates given.

 

The weekly home spotlight is based on market data of the posting date and thus is subject to change; prices, home values, available homes for sale, pending offers, and other factors which may change are determined on the seller and the market, and are deemed reliable but not guaranteed.

 

Posted on June 5, 2013 at 4:04 pm by Jaymes McKenzie

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