4 Bed 2 Bath 12% COC Bryan/College Station, TX

[Elijah Upchurch]

FIRST POST

1513 W 28th St, Bryan, TX 77803.

The asking price for the property is $156,000, however I’ve been in conversation with the listing agent and so far the seller has spoken of coming down to $147,500.

This property is fully renovated inside and out, and as you'll see I ran the numbers at a 12% COC and that encourages an offer at around $144,000, with a finders fee of $2500.

Description says, "Charming mid century 4 bedroom 2 bath recently renovated home that has new floorings, new energy efficient windows, new roof, hvac system, new granite countertops in the kitchen, bathrooms with newly renovated tub and showers with new shower tiles and with a three way split floor. The house has been too many upgrades to list out. Clean and move in ready. Close to downtown Bryan, shopping, Texas."

I ran the numbers using a small $1,000 renovation budget in case the paint needed to be retouched, and a $1600 per month rent price which in my opinion is about average for the area. I have CMA's for leases of 3 bedrooms at $1400 per month.

I assumed all expenses would be transferred to the tenants, and used an estimate of $1900 annually for property taxes, and $70 per month for insurance.

In this scenario I assumed an LTV of 80% amortized over 30 years.

The property is in a C+/B- area of town but an up and coming one. I have pictures of the current properties on the street that I would be happy to send to you and a quick comparison to the outdated google maps images of the street will show you what I mean.

In my analysis, I accounted for:

5% vacancy (My reasoning is that College towns have plenty of renters)

6% repairs

6% cap-ex

9% management

I've attached screenshots of the report I made through BiggerPockets, as well as screenshots of the property.

The seller is ready to close and would like to close quickly. Let me know if you would like more information! I'd be get you whatever you need!

Thanks,

Elijah Upchurch

email: [email protected]

phone: (817)-933-9352