Triplex - monthly income $1400 This property consists of a 1,000 SF house (2 bed/1 bath) on 1 acre. The house was built in 1920 and refurbished around 1985 and is in remarkably good condition for its age, with nice wood floors, good (pier & beam) foundation and roof, good siding and no apparent wood rot or termites. The house is currently rented for $550.- a month. There is also a trailer on the property that is divided into two apartments, each renting for $450 a month. Both apartments are have tenants at present. The rent on the house is fairly low and could possibly be more. The other good things about this property that are likely to increase its value: 1. The property is currently on a well but will be put onto city water this year. This is totally free of charge to the owners. The whole thing is paid for by Exxon-Mobil as a result of an old dispute over the water quality in the wells. Needless to say, this will increase the value of the property immediately. 2. The property will be close to the new Grand Parkway (Highway 90) that will improve access to and from Tomball. Because of its location the property is likely to be a very good prospect for commercial use in a few years. 3. The house and trailer are right at the front of the property. There is ample room for several more trailers if you wanted to start a little trailer park. With the city water all it would need is additional septic tanks. The only draw-back: I have found it impossible to find comps for this property so conventional financing may be hard to get. I am looking for a cash deal, can close quickly and am a little bit flexible on the price. Neighborhood Description This is a rural property but very close to the amenities of the city of Tomball and only 5 minutes from Highway 249.
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