Overview

Offered by

Ryan Romo

New Western Acquisitions

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Description

The properties are located in the Dallas/Ft.Worth metro area, with the majority situated in Dallas and Tarrant counties and four located in Denton and Kaufman counties.

The total average unit size of the homes is a spacious 1,199 sq ft, although the leasable sq ft may vary from 400 to 2,800.

60% of the homes are three bedroom floor plans, which are the most desirable floor plan of renters in DFW, while 33% of the homes are two bedroom floor plans, and 9% are four bedrooms. One home is a one bedroom floor plan.

The 77 properties have now increased income potential in 2020 by more than $195,000 over total 2019 collections! The properties have also been excellently managed by the owner with little to no vacancy over 2019 and 2020. Rental demand has been very high and homes are leased almost immediately when available,—with rent increases. A review of monthly revenue for 2019 shows January collections at $56,834 and by December monthly rent collections had risen to $78,986. From January-June 2020, monthly rent has increased by $8,075.

Between 2016 and 2019, the owner infused $950,000 for capital improvements to bring the homes to good rentable condition, through roof replacement/repair, foundation, electrical, plumbing, siding, flooring, appliances, bath and kitchen updates as needed. The homes are consistently 100% leased at good rental rates, however, a new owner may continue to improve the homes and raise rates to market rent through additional interior and exterior updates.

This portfolio of DFW homes has a strong income flow, is well-managed, with historically high occupancy. Revenue has trended dramatically upward the last two years. And with recent 2020 additional home acquisitions, the portfolio is set to have a banner 2020. A new owner can add value through continued rental or retail updates, which in turn adds more to the bottom line.

Highlights

• 77 Residential Properties
• Mid-level single family rental homes in DFW area
• Excellent long-term value-add cash-flow opportunity
• 6 new acquisitions in 2020 for additional income
• 2020 potential revenue increase of $221,189 over2019
• Est. cap rate 7.26%
• Historically high occupancy (Currently 98.7%)
• 91,867 total leasable SF
• Majority of homes are three bedroom floor-plans
• $950,000 in capital improvements since 2016
• UPSIDE: Raise rent to market rates
• UPSIDE: Update 93% of homes for retail value and individual sales

Documents

Location

Gallery