515 N6th:3000sq ft duplex was originally a triplex. 4 Bed 1 Bath upstairs, 2 Bed 1 Bath downstairs, 4 car detached garage. All new plumbing,electrical, central heat and air conditionin, aluminum windows, hardwood floors, trim, new tile and cabinets in kitchen and bath, tankless water heater, new appliances, new light fixtures and ceiling fans, washer and dryer connections
524 Spruce: 5000 sq ft historical building 8 bed 3 bath known as The Cervini House
Electrical upgrade, new-plumbing, contractor finished two baths, 2nd floor kitchen area. Historical building can be used for halfway house, homeless veterans, traveling nurses, group home.
The bedrooms are 14x14 and can fit multiply beds for halfway house or group home. There is a program called HUD VASH where the Veterans Administration has partnered up with housing and urban developent to give homeless veterans priority to get vouchers for housing. There are non profit agencies like Veterans Matter, Honorbound, US Vets, Salvation Army, Fast Texas Resources center, who will pay the security deposit and up to 6 months rent for Veterans.
Another option The Texas Department of Criminal Justice will pay $800 per person per month for halfway house.
Gross monthly income $11000
20% vacancy rate $2200
Property Management $1100
Property Taxes &323
Utilities /Garbage $444
NOI/ Month $4706
Cap rate 21.7
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