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Updated 6 months ago on . Most recent reply
What do you think of this subject-to deal in Metro Houston?
Subject-to deal:
Cash required: $35k + 295k existing mortgage + 5k in misc = $335k for a 350k 2021 house.
Pros
2021
35k needed
3% int. rate
Good schools
Good location
CONS
$145/m in HOA
Cashflow is tight
Mortgage Info
Last Recording Date 10/6/2021
Loan Type CONVENTIONAL
Original Loan Amount $319,105
Loan Term 361 Months
Est. Interest Rate 2.99 %
Est. Loan Payment $1,341
Est. Loan Balance $295,000
Loan Maturity Date 11/1/2051
Property Specifications:
SFH
Bedrooms 4
Bathrooms 3
Square Feet 2316
Year Built 2021
Garage Size 2
Schools Rating (scale 3-30, 30 is best) 18
Lot size (sq ft) 7,631.0
Purchase price: $330,000
Market Value: $350,000
| Estimated Financial Assumptions | Monthly | Yearly |
| Rent (upper)* | $2,350 | $28,200 |
| Rent (lower)* | $2,250 | $27,000 |
| Property Taxes | $425 | $5,100 |
| Insurance | $200 | $2,400 |
| Repairs | $65 | $780 |
| Property Management Monthly (%) | 0.00% | |
| Property Management Monthly ($) | $75 | $900 |
| Leasing Fee | $95.80 | $1,150 |
| HOA | $146 | $1,752 |
| Vacancy Rate | 4.00% | |
| Total Fixed Expenses | $1,096 | $13,150 |
| Total Expenses (Fixed + Mortgage) | $2,620 | $31,437 |
Most Popular Reply
Get some actual quotes on insurance before building that number into your underwriting. I just spent a few weeks shopping for insurance policies on a Houston metro rental - it's really tough right now.