All Forum Posts by: Stephen Salerno

It was not my intent to mislead. I clearly said you  need to add sqft and proposed 500 sqft. 

I dont know what contractors you are using that quoting  you $150/sqft to do an addition. I am waiting on a quote from a GC to do the job and Align foundation the condition of the foundation for addition.  I do work with some investor friendly Gc's and foundations companies. They maybe cheaper than who you are currently using. 

I would be happy to meet with share some of my experiences do these type of projects. 

I am sorry for the confusion Hattie.  it is currently a 2/1 1230 sqft. Adding the 500 sqft addition for the master suite will put you at a 3/2 with 1730+/-. This one i am seeing the best use by ripping the roof off and adding upwards. It comes down to exactly what you want to do with the addition. With houses selling with $240+ per square foot and building cost for additions between $80-$100 it makes sense to add on. 

From my experience, the historical districts are mostly concerned with the road facing exterior.  The idea is the keep the area looking the same way. Obliviously, they do not like distressed properties and are willing to work with investors. It is just an extra hoop to jump through.   Below is a link to this particular historical district if you want more information.

http://www.juniusheights.org/  

ARV - $142,000 SQFT 1695

Price - $99,000                 Bedroom 3

Repairs - $13,000            Bathroom 2 

Pros

Potential Investor Concerns

Comps Breakdown:

Rehab Breakdown: Foundation bids in packet. Awaiting GC Bid Raul from M&R Construction has been to the property.

Pictures:

https://www.dropbox.com/sh/b49kz1gf5f4i252/AACw_MPyIECV33IuLneGzvV5a?dl=0

Stephen Salerno
Licensed Real Estate Agent #624451
NetWorth Realty of Dallas/Fort Worth# 587060

5057 Keller Springs Rd Suite 300
Addison , TX 75001
(214) 373-9000 Office
(214) 793-1246 Direct
(214) 373-0900 Fax

ARV – 11.39% CAP

Price – $100,000

Repairs - $90,000

Great Cash Flow 11.39 CAP!!!!

$25,000 per door!

A Brand new Buc-ee’s is about to open 7 minutes away. Lots of new employment opportunities

 The Texas State Demographer's office says that Kaufman County will be one of the fastest growing Texas counties:

Kaufman County; 2010 population - 103,350; 2050 population - 438,487; Change - 335,137; Percent change - 324.30%   

Potential Investor Concerns

Needs a good amount of work

In Terrell

Don’t like cash cow properties in an area of Kaufman County that is rapidly growing.

Comps Breakdown:

113 Walnut St- 1/1 unit. Rented for 650/month 6/1/2015. I went back three years. This the only 1/1 comp I could find. It is similar SQFT to the subject units. With these properties being freshly rehabbed I see no reason this property could not obtain this amount of rent per month. 

Pictures and Video 

https://www.dropbox.com/sh/kohpjb230qh2mef/AADKVTb...

Call Stephen Salerno 214 793 124 for more information. 

The current rent is 1600/month total. They are month to month so they will be on their way out to allow you to fix the property and get more in rent. 

The water is not individually metered but gas and water are metered per unit. After repairs they would be tenant paid expect for the water. 

I sent you an email with more details. 

The Bishop Arts is a sub-market of Dallas, Texas that is currently experiencing lots of growth. The proximity to downtown Dallas and growth of the Bishop Arts Cultural area makes this property very desirable. Besides capturing cash flow, this property is currently zoned "Planned Development," this will allow for more options to exit the property down the line. 

Value: 8.16% CAP

Investor's Cost: $270k

Rehab Estimate: $90k

Estimated Gross Yearly Income: $39,672

Heated Square Footage: 2,688 square feet

2 Beds 1 Bath: 1 unit

1 Bed 1 Bath: 3 units

Bedrooms: 5

Bathrooms: 4

Construction: wood/siding

This is an amazing opportunity to purchase an 8% CAP in the heart of Bishop Arts. The plan is to fix and hold this 4-plex for the long term. This property is zoned as planned development which allows you many different exit strategies. There are two units on the first floor (both 1 bed 1 bath units) and two units on the second floor (1 bed 1 bath and 2 bed 1 bath). All units are occupied with month to month tenants. As soon as the property is sold, we will give the tenants a 30 day notice to vacate (unless you would like to keep the month to month tenants).

For more Information and showings contact Stephen Salerno 214-793-1246

--My Business runs on referrals. Keep them coming. Thank you!--

Stephen Salerno
Licensed Real Estate Agent #624451
NetWorth Realty of Dallas/Fort Worth# 587060

5057 Keller Springs Rd Suite 300
Addison , TX 75001
(214) 373-9000 Office
(214) 793-1246 Direct
(214) 373-0900 Fax
[email protected]