Property Description:

Property reduced $30K and an additional $6,500 (total of $21,500) at the time of
closing.

Interested in $200k+ in equity and almost a $2k a month net cash flow? How about a perfect BRRRR deal to get all of your money back out of the deal? This is the deal for you!

900 & 902 Scurry St, Big Spring, TX 79720
8 total units
4 plex and 2 duplexes all right next to one another.


Purchase price:
$595,000

Cash/Private or Hard Money
NO OWNER FINANCING


Currently, 3 of the 8 units are occupied.  Four tenants have left in the last week.      


*Built-in 1999

*8,000 sq ft

*.47 of an acre

*Each unit has a covered parking spot

This amazing deal is three multi-family buildings (two duplexes and a fourplex) a total of 8 units.  

Each unit is 3 beds/ 1 bath with washer/dryer hookups. 


Tenants pay all utilities.  Separate meters for electricity and water.  


The property is in good condition. All vacant units have new paint and carpet/flooring.

Repairs are estimated at $85K. A concession of $21,500 will come back to the buyer at the time of closing.

Professional inspection and termite inspection just completed.  We will share these reports with serious buyers.

The property needs some HVAC work, a couple of water heaters, and cosmetic repairs like paint, vanity, etc.  Roofs, electrical, and plumbing are all in good condition.



Great BRRRR deal.  You should be able to pull out most, if not all, of your money (including repairs and down payment) and still cash flow a net of $1,800+ per month!


The property has been mismanaged over the last 24 months due to the passing of the husband.  The seller has owned the property since 2008.  Their wife has tried to keep it running but does not have the experience to keep up with management. 


No real financials are available for the last 2 years. 

 
Big Spring Texas has a population of over 25,000 people. 

It is 40 miles from Midland, 100 miles to Abilene and 100 miles to Lubbock. 




Plenty of demand for affordable housing in the area.


Pro-forma Rents/Expenses:

Rents – $9,600 mo $115,200/yr

Minus Vacancy (10%) $11,520

Gross Rents: $103,680



Expenses:


Taxes/Insurance $840/mo $10,080

Repairs $3,200

Maintenance $3,000

Management $8,294

Replacement/Reserves $5,184

Total Expenses: $29,758

Pro-forma NOI $73,922

Pro-forma Cap rate 10.4% (including upfront repairs)


ARV (based on 7.5%-8% cap rate) $924,025 - $985,626


LINK FOR PICTURES

drive.google.com/ drive/folders/ 1VHd0PYPwvPI2SeecKe23ke1vyaY6m JVs?usp=sharing