Buy & Hold in New Braunfels, 78130 Sold

  • $185000
  • N/A sqft

This package deal includes two lots for a total of 1.1acres.  Currently, it is divided into 5 plots/dwelling:

Plot 1 – Manufactured Duplex (Split 1/1, 3/2) (dwelling included)
Plot 2 – Mobile home (dwelling included)
Plot 3 – Mobile home (dwelling included)
Plot 4 – Manufactured Single Family (3/1) (dwelling included)
Plot 5 – Mobile home owned by tenant

We feel the structures are not worth renovating. Let them stand and the tenants keep maintaining.  Eventually, the mobile homes will need to be traded out, but this property is a cash flowing with a 17% cap rate and is elf-managed.  The current owners haven’t been out in years.  All plots rented month-to-month to long-term tenants.  While rents are 30% below market, the tenants ask for nothing and pay on time.  Consistently grossing $36,000/yr with tenants taking care of the property.

Other considerations:

  • Annual Taxes = $2822
  • Est. Monthly NOI = $2650
  • Est. Cap rate 17% based on current under-market rents
  • Possible exits – increase rents, add additional units or potential redevelop the entire site

Please let us know if you or someone you know might be interested.  Call Market360 Realty at 512-640-0443 now for more information. Click here to see more.

Terms:

  • $3,490 Non-Refundable Deposit & signed agreement to secure contract
  • Properties are sold on a ‘first come, first serve’ basis
  • Buyer pays standard closing costs incl. title and a new survey, if required

 

Price:
$185000
Address:
204 Enchantment Lane
New Braunfels, Texas 78130
Square Feet:
N/A
Lot Size:
1.1 acres
Terms:
For Sale
Property Type:
Home
Const. Type:
Multiple

Call 512-535-5554 for more details

Property Location