September 11th, 2006
Angleridge Rd, Dallas TX
5 br / 4 ba / 0 car; 2,874 sf, 7,210 sf lot, built 1964
1st: 194,600 @ 14% = 2,270/mo, hard money loan
Recorded May 5, 2006 with a baloon due on June 1st, 2007
Taxes and Insurance: Insurance has been pre-paid for one year till May 2007. Taxes are paid separately at aprox $7,030 per year based on 2005 rates. That equals $585 per month. I received a tax credit for the buyer’s portion at purchase. That means the entire year-to-date taxes will be owed at re-sale. If it closes October 1st taxes due $5858.
Value: 250-310k. I have a before repair appraisal for 310K but it seems a bit high. Hard money lender’s more conservative appraisal came in at 275K. I don’t have a copy though. Hard money loan of 70% LTV is based on lender’s lower appraisal. Zillow comps at 250K.
Square Footage: There is also an issue with square footage. Some sources have it at about 2200 (before garage conversion). Most sources, including public records list it at 2,724sqft. The appraiser measured it at 2,874. Please do your own due diligence.
I put in about $30,000 into an extensive remodel. New front and back landscaping. Custom painted limestone up front. Inside custom multitone paint. New kitchen with granite counters, custom cabinets and stainless appliances. New fixtures and ceiling fans throughout. New laminate flooring in some rooms. Dual pane windows. Two-inch faux wood blinds. Custom window draperies. Fixed all major problems found on initial inspection report. Property also features a stone wood-burning fireplace, hardwood floors in kitchen / dining area and circular driveway.
It’s really a nice property but prior stigma, garage conversion, street noise, and small kitchen makes it longer to sell. Good area, good schools, steady market. Public records show smaller square footage.
The garage conversion was done by the previous owner. The quality appears very sound. It has separate entrance, laminate flooring, its own bathroom with a shower and is connected to the house central heat and AC. You can rent this out as a studio, in laws quarters, game room, teenager hide-out, whatever.
Currently vacant. Ask me for lock-box code.
Sep 29, 2006: I have an offer on the table via a direct buyer (not via MLS) and we’re negotiating. I am accepting backup offers… anyone??