I have a purchase opportunity for over 30 multi family rental units in Houston that are fully remodeled as of this year and is a turn key property. The current NOI is 220,000 per year with a purchase price of 2.1 million. This equates to a capitalization rate of 10.47%. I am seeking funding for a 20% down payment and approximately $50,000 in closing costs for a total of $470,000. The remaining purchase amount will be made with an 80% DSCR loan at market rates from 6% to 6.5% from a local lender in Houston. I believe that the current market value of this property is at an 8% capitalization rate or a value of $2,625,000. This allows many exit strategies including refinancing to cash out your initial funding.
I currently own a 14 unit building in Port Arthur, TX and have been in multi family investing for 20 years. I have approximately $400,000 in equity in that investment.
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