About

The Audrey Lane Townhomes is located in the Cloverleaf neighborhood in Houston, Texas in the I-10 East
sub-market. The property consists of 2 total buildings and consists of 24,624 square feet of net rentable
area and is located within a townhome development with a total of 21 units. The property’s 19 units have
historically operated as an income producing multi-family property. The newly renovated units features a
modern, sleek design with updated amenities such as stainless steel appliances, an in-unit washer and
dryer, and a private garage.

The current owner purchased the property in 2024, replaced the roofs and exterior, and has renovated the
interior of each unit as they became vacant (14 completed). As of the appraisal date, two of the vacant units
were almost completed and move-in ready and three of the units were under renovation. According to the
owner, approximately $35,000 in construction costs remain until all the units are move-in ready. When
taking the remaining construction cost and adding a 25% entrepreneurial profit the remaining cost to
complete is $43,750 – rounded to $50,000

Cloverleaf sits just 13 miles east of Houston and is home to a classic suburban layout and family-friendly
amenities. The neighborhood and its neat grid are framed by Sam Houston Tollway to the east and
Interstate 10 to the south, making it a top spot for the commuting crowd. Families love the area for its
highly rated schools and well-maintained parks. Most of the area’s shops and restaurants can be found
along the highway or Uvalde Road, and there are plenty of grocers on Freeport Street. Students will love
Cloverleaf due to its proximity to San Jacinto College North Campus and affordable apartment rentals.
Downtown Houston is just a 20-minute drive away thanks to all the nearby thoroughfares.
There isn’t an official HOA board in place, but there are 2 other units in the complex owed by different
individuals. The common expenses such as trash, water, gas, and landscaping are essentially shared with
this other 2 owners. The new owner bills each of them $175 a month to cover their portions of the
expenses.