RENTS ARE GOIN UP, UP, UP, SO WE HAVE INCREASED PRICE TO REFLECT THE NEW RENTS. ONE OF THE TWO PARTNERS IS WILLING TO SELL THEIR HALF OF THE PROPERTY FOR $550,000; THE 12% CAP RATE IS BASED ON FULL SALE AT $1,400,000 SALES PRICE UPDATED & 100% OCCUPIED, WITH A WAITING LIST. THIS PROPERTY IS A MONEY MAKER FOR ANY INVESTOR. LOCATED IN THE SHADE OF CLUTE PARK & ACROSS THE STREET FROM CLUTE'S NEW RECREATION CENTER, THIS PROPERTY IS JUST WHAT TENANTS ARE LOOKING FOR. IT HAS A WAITING LIST.PROPERTY FEATURES (4)2 BDRM 1 BTH,(16)3 BDRM 1.5 BTH UNITS- ALL WITH CH/A & INSIDE WASHER AND DRYER HOOK UPS! RECENT ROOFS (WINDSTORM CERTIFIED)16UNITS COMPLETELY REMODELED THIS PAST YEAR W/NEW KITCHEN CABINETS,COUNTERTOPS,FLOORING,CARPET,NEW BATHROOMS & FRESH PAINT.RENTS HAVE BEEN BROUGHT UP BUT STILL HAVE A LOT OF ROOM TO RISE. CURRENT INCOME IS OVER $16,850 A MONTH AND GOING UP. PROPERTY IS PERFECT FOR INCOMING PLANT WORKERS AS IT IS ONLY BLOCKS TO WORK & ONLY A BLOCK FROM SHOOLS/SHOPPING FOR FAMILY 20 INDIVIDUAL TAX LOTS THAT CAN BE SPLIT OUT LATER AND SOLD AS INDIVIDUAL TOWN HOMES IF DESIRED No Broker fees, FOR SALE BY OWNER DONT SEND LOI OR ASK TO RESALE THIS GO LOOK THEN CALL. THANKS Monthly Rents $16,850.00 Annual Rents $202,200.00 Annual Management Fee $20,220.00 Insurance Texas Windstorm $4,040.00 Insurance fire and Liability $4,000.00 Taxes $15,000.00 Net Income $162,940.00 Sales Price $1,400,000.00 Cap Rate 0.12 CURRENT RENT ROLLS: BELOW Unit # Rent Amount as of 8/1/2014 1 $750.00 2 $900.00 3 $900.00 4 $750.00 5 $850.00 6 $850.00 7 $750.00 8 $900.00 9 $750.00 10 $750.00 11 $800.00 12 $1,100.00 13 $750.00 14 $900.00 15 $800.00 16 $850.00 17 $900.00 18 $1,100.00 19 $750.00 20 $750.00 Total Monthly Rents $16,850.00 BY END OF YEAR ALL 3 BEDROOMS WILL BE $1,100 AND 2 BEDROOMS WILL BE $900 http://www.loopnet.com/xNet/MainSite/Listing/Profile/Profile.aspx?LID=18570520&SRID=4515011461&StepID=101
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