Turnkey Quads
1301 Evergreen Street, Amarillo, TX
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12.10% return
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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 statusActive
  • Property typeMulti Family
  • Total units8
  • Total bedrooms16
  • Total bathrooms8
  • Building size5394 sq. ft.
  • Lot size0.6 acres
  • Year built1959
  • CountyPotter County
  • Subdivision
  • ConstructionBrick
  • RoofShingle
  • Water sourceCity
  • Water disposalSewer
  • HeatingCentral Heat
  • CoolingWindow A/C

Property Financial Summary

  • Asking price $290,000
  • Estimated rehab 1 $0
  • Total investment $290,000
  • Type Proforma
  • Gross income (annually) $48,000
  • Operating expenses (annually) $12,906
  • Net income (annually) $35,094
  • Gross return 16.55%
  • Gross income (monthly) $4,000
  • Operating expenses (monthly) $1,075
  • Net income (monthly) $2,925
  • Net return 12.10%

Property Income & Expenses

  • 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.

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