Multifamily UH/TSU Numbers

[Uche O.]

I would love to get some opinions about a property I have under contract. The property address is 2701 Isabella St. and has two duplexes on one lot.

https://www.redfin.com/TX/Hous...

It seems the agent listed the property according to only the square footage of the front building. However, HCAD lists the total square footage as 3,762 (2,178 sq/ft for the front and 1,584 sq/ft for the back) and lists the full square footage as "living area".

If I take all of the multifamily properties sold on that block within the last year, select only the renovated properties, then average them after dropping the highest and lowest - I get about $180/sq/ft. That would put the property at around $680k ARV.

Also, I'm thinking that the property would be able to get ~$1350 for rent if fixed up and renovated. The property is in pretty rough shape and would need lots of repair so before going down that path I want to see if my numbers check out.

Any thoughts?