About

12318 & 12320 Ormandy Duplex is a one building, two unit, two story, brick and Hardie Plank duplex community located in SW Houston, Texas. The asset was constructed in 1979. Per owner, the tenants pay their own electric, water/sewer, and gas and the landlord pays $1,100 annually per building as an HOA expense. The HOA maintains the streets, grass, sidewalks etc. The president of the HOA owns more than 50% of the buildings and appears to manage them very well. The Owner pays for each duplex $1,100 per year in HOA dues.

The property is located near the corner of Fondren and South Main(Hwy 90) and offers residents patios/balconies, covered parking, upgraded kitchens and bathrooms and tile flooring.  These units maintain high occupancy and hardly ever sell, per the Owner.

The Owner reports that he typically leases to families on Section 8 Vouchers and for the past 18 years, he has had very low turnover.  He recently added extensive blown in foam insulation in the units at 12318 and 12320.  This building faces the west so the extra insulation should help the tenants have lower bills.  Owner has recently replaced one roof.   Owner states new windows will be installed soon.

This is an ideal asset for the smaller investor.   IMPORTANT:   HUD just approved the 2024 rental rate at  $1,700/mo, so this is the new market rent for each unit!

Ideal for the new FNMA 5% down owner occupany financing for at least one of the duplexes! 

Motivated Seller is offering seller financing with $100K down; 6-7% with 5 year balloon