3BR Home in Houston , TX

About This Property

Off market creative finance deal in Houston 77018 (Independence Heights). Turnkey 2018 townhome, move in ready, 3 bed / 2.5 bath, 1,701 sqft, attached 2 car garage, gated community. Sits on the METRO Red Line for a straight ride to the Texas Medical Center, Downtown, and UH Downtown, with HCC Northline minutes away. TERMS Price $450,000 down payment Contact for details Take over the existing 246,019.62 loan at 4% fixed, about 1,990/mo Seller carries 44,000 at 5% interest only, about 183/mo, first payment deferred 90 days, 5 year HOA 183/mo All in about 2,357/mo after the deferment, about 2,174/mo during the first 90 days Buyer covers closing. Seller is motivated and can close fast. Exact loan maturity and payoff come straight from the seller's mortgage statement, available on request. THE PLAY Long term rental comps run about 2,300/mo. Furnished mid term for Med Center travel nurses and medical staff runs about 3,000 to 3,800/mo, and that use is HOA compliant with the 30 day minimum lease. SOBER LIVING, THE REAL UPSIDE There is room to add bedrooms and convert to 6 to 8 rooms. The recorded CC&Rs restrict ordinary room by room co-living, but recovery housing is a different animal. People in recovery are a protected class under the Fair Housing Act and the ADA, and since the 1988 FHA amendments courts have repeatedly treated chartered sober living homes like Oxford House as single family residences and required associations and cities to make reasonable accommodation instead of banning them. The same rule that blocks a PadSplit style rental does not simply block a recovery residence. The money on that play: a chartered Oxford House group at the standard 150/week expense share runs roughly 3,000 to 3,200/mo at 6 residents and about 4,200/mo at 8, against a 2,357 carry. Master leasing to a licensed sober living operator has run about 3,800/mo. Add roughly 540/mo in principal paydown on the 4% note on top. This is a well travelled path and the law is on its side, but every association is its own fact pattern. Have your fair housing counsel confirm the accommodation route here before you underwrite on it. Turnkey 2018 build, nothing to fix. All figures are estimates. Verify everything with your title company and attorney.

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