About

<b>The </b><b>Ormandy Street </b><b>Duplexes </b>is a four building, eight unit, two story, brick and Hardie Plank duplex community located in SW Houston, Texas. The assets were constructed in 1979. Per owner, the tenants pay their own electric, water/sewer, and gas and the landlord pays $900 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. Currently there is only one vacant unit out of the 8 which are offered, which reportedly needs rehab costing an estimated $16,000.. The Owner pays for each duplex $900 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.  And the Owner will replace one roof before closing as well as pay for the rehab to the vacant unit!
<h3>This is an ideal asset for the smaller investor.   IMPORTANT:   HUD just approved the vacant unit to rent at $1,538/mo, so this is the new market rent for each unit!   The last unit is leased for a move-in in September, 2023!  Will increase the NOI by about $18,000 per year.</h3>