About

<b>Columbia Lakes  </b>is currently a full service resort, conference center and country club located in West Columbia, Texas. Nestled within 2,000 wooded acres in the heart of south Texas, Columbia Lakes Resort and Conference Center is a year-round destination located less than one hour from Houston.  The resort can accommodate small corporate meetings to Texas-size weddings, retreats and seminars, training and team-building. The property boasts a championship-caliber golf course, fitness center, swimming pool, and a 13,000 square foot meeting/banquet space nestled around lakes, lagoons and glorious trees laced with Spanish moss.  The cottages below are currently operated as a hotel.  The plan is to convert this to single family rentals.

The asset being offered consists of 38 cottages that could easily be converted into single family residences. There are 14 4 bedroom units and 24 2 bedroom units.  Ideal for an SFR play.  The owner is sub metering each unit for electricity and to bill for water (each unit has its own water meter).  Estimated landscaping expense is $3300/mo., Electric is $7000/mo., and water is paid by the residents.

With interest rates rising, the typical home buyer will be priced out of the market.   Seller will finance with 20% down, 6 months no interest or payments, then 3% for 6 months, yr 2 at a rate of 4%, and yr 3 at 5%, the a balloon! Owner estimates $900,000 rehab to replace roofs, update kitchens, and general maintenance.