$340,000
Purchase Price (As-Is)
$3,510/mo
Potential Monthly Rent
Strongest Cash Flow Opportunity in the Analysis
At ~12.4% gross cap rate, 301 Estelle delivers materially better returns than any property on the original 15-listing search. While it's a triplex (not a fourplex), the economics are compelling:
$42,120
Gross Annual Rent
$1,170/unit
Avg Rent per Unit
Deal Structure
- Listed at: $365,000 — HAR Listing (3D tour available)
- Owner will sell at: $340,000 as-is
- Discount from list: $25,000 (6.8% off)
- Status: Seller wants quick close — selling as-is
- Source: Evan Compean (The Compean Group)
- Condition: Good condition, rentable as-is
Unit-by-Unit Breakdown
| Unit |
Rent |
Status |
| Rear Unit 1 | $830/mo | Occupied — wants to stay |
| Rear Unit 2 | $880/mo | Occupied — wants to stay |
| Front Unit | $1,700–$1,800+ | Vacant since March (was $1,660) |
| Total Potential | ~$3,510/mo | Front unit at market rate |
Investment Analysis
| Metric |
Value |
| Purchase Price | $340,000 |
| Monthly Gross Rent (potential) | $3,510 |
| Annual Gross Rent | $42,120 |
| Gross Cap Rate | 12.4% |
| Gross Rent Multiplier (GRM) | 8.1x |
| Cost per Door | $113,333 |
| Average Rent per Unit | $1,170/mo |
vs. Original Search Properties
| Property |
Price |
Units |
Gross Cap |
Cost/Door |
| 301 Estelle |
$340K |
3 |
12.4% |
$113K |
| 607 W Pierce (#2) |
$780K |
4 |
~8.0% |
$195K |
| 324 W Alabama (#6) |
$850K |
4 |
~7.0% |
$212K |
| 4501 Newberry (#3) |
$800K |
4 |
TBD |
$200K |
Considerations
Due Diligence Needed: This is an "as-is" off-market deal. Key items to verify before proceeding:
- Water lines: Older water lines — may need replacement. Budget for plumbing assessment.
- Roof: 15 years old — approaching end of useful life. Factor in replacement cost (~$8K–$15K).
- Windows/siding: Original — functional but cosmetic upgrade opportunity.
- Electrical: Newer panels — positive sign, less immediate concern.
- Front unit vacancy: Vacant since March. Was $1,660, market supports $1,700–$1,800+. Fill quickly to maximize returns.
- Triplex vs. fourplex: Not a 4-unit property. May affect financing options (residential vs. commercial).
- Property taxes & insurance: Not yet provided — affects net cap rate.
Latest Update (Apr 1, 2026)
Evan Compean confirms: Seller asking $340K as-is, wants quick close. Seller meeting rear tenants to extend past May, then plans to lease front unit. Expense report for 301 Estelle attached to email thread.
Data Still Needed
- Expense report review (attached in email — needs processing)
- Current lease agreements for rear units (both want to stay)
- Annual property tax amount
- Insurance estimate
- Year built
- Total square footage / unit sizes
- BAC / commission structure
- Plumbing assessment (older water lines)
- Roof replacement estimate (15 years old)