Overview

Description

Courtyard is a 32 unit complex consisting of one, two, and three bedroom units with an average size of 798sf/unit. The classic units average rent is $416. Current owner has invested approximately $43,000 renovating the exterior, laundry room, and three of the interior units. The average rent on the updated units is $850, making the average rent premium $434!!! There is plenty of upside in continuing the value add plan the current owner has put in place.

Twin Oaks is a nice 6 unit complex in a residential neighborhood. It has two 2 Bedroom / 2 Bath units and four 3 Bedroom / 2 Bath units. The average unit size is 1,247 sf so they're very spacious units. Each unit has washer/dryer connections, covered parking and community amenities include greenspace and a dogpark. Current owner has invested approximately $25,000 in exterior renovations and remodeling 2 of the units. The actual rent premiums between the classic units and the renovated units average $353!!!


Vernon TX is about 50 miles northwest of Wichita Falls, TX. It's centrally located within 200 miles of DFW, Oklahoma City, and Amarillo. Population is close to 10,000 in the city. Major employers in the area include: Tyson Foods, Wal Mart, Wilbarger General Hospital, Vernon College, and North Texas State Hospital. Courtyard is located to the north of College Drive right between Vernon College and North Texas State Hospital, two of the areas top employers. Median household income in the 1 mile radius is $44,992 which is more than enough to support the renovated rents being achieved at the property. Twin Oaks is about 1/2 mile south of Vernon High school in a residential neighborhood.  Median household income in the 1 mile radius is $60,332 which is more than enough to support the renovated rents being achieved at the property.


Courtyards:
Great location in between two top employers
Rent premium on 1 BR unit is $475
Rent premium on 2 BR unit is $425
Rent premium on 3 BR unit is $400

Twin Oaks:
Rent premium on upgraded 2 BR is $310
Rent premium on upgraded 3 BR is $375
6 plex with large floorplans, washer/dryer connections, and covered parking

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