Turnkey Quads

1301 Evergreen Street, Amarillo, TX

12.10% return

SP: $290,000

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Property Description

Great investment opportunity. Two quads on half an acre in a well populated area of Texas. Tons of industry in town. Property is fully occupied and is rented way below market value. Potential to increase rents to $500-525. Solid brick construction. Roofs replaced in 2010. Tenant pay electric and gas. City water and sewer. Professional property management is available.

Property Information

Listing statusSold
Property typeMulti Family
Total units8
Total bedrooms16
Total bathrooms8
Building size(unknown)
Lot size0.6 acres
Year built1959

CountyPotter County
Subdivision
ConstructionBrick
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingCentral Heat
CoolingWindow A/C

Property Financial Summary

Sale price$290,000
Estimated rehab¹$0
Total investment$290,000

TypeProforma

Gross income (annually)$48,000
Operating expenses (annually)$12,906
Net income (annually)$35,094
Gross return16.55%

Gross income (monthly)$4,000
Operating expenses (monthly)$1,075
Net income (monthly)$2,925
Net return12.10%

Property Income & ExpensesMonthlyAnnual

Income

Quadplex #1
Unit 1: 2 bed / 1 bath$500/month$6,000/year
Unit 2: 2 bed / 1 bath$500/month$6,000/year
Unit 3: 2 bed / 1 bath$500/month$6,000/year
Unit 4: 2 bed / 1 bath$500/month$6,000/year
Quadplex #2
Unit 1: 2 bed / 1 bath$500/month$6,000/year
Unit 2: 2 bed / 1 bath$500/month$6,000/year
Unit 3: 2 bed / 1 bath$500/month$6,000/year
Unit 4: 2 bed / 1 bath$500/month$6,000/year
Total$4,000/month$48,000/year

Expenses

Property Taxes$275/month$3,306/year
Insurance$167/month$2,000/year
Water and Sewer$300/month$3,600/year
Maintenance reserve$333/month$4,000/year
Total$1,075/month$12,906/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.