DUNHILL APARTMENTS 2802 West T C Jester Blvd. Houston, TX ...€¦ · DUNHILL APARTMENTS 2802 West T C Jester Blvd. Houston, TX 77018 Brian Janak, MBA 832-247-6333 [email protected]

DUNHILL APARTMENTS

2802 West T C Jester Blvd.Houston, TX 77018

Brian Janak, MBA

[email protected]

TX License 9000402

❖ 19 Percent Cash on Cash

❖ 9.69 Capitalization Rate, 5.3 Gross Rent Multiplier

❖ Large Units with only 83 Cent NRSF Rents for All Bills Paid

❖ 2.0 Debt Coverage Ratio

❖ New Chiller, Habitability and Certificate of Occupancy

Phone: 832-247-6333 ● Fax: 888-424-2075 ● 17419 Astrachan Rd. ● Richmond, TX 77407 ● www.innerloopwest.com

Property DescriptionDUNHILL APARTMENTS


Brian Janak, MBA832-247-6333

DUNHILL APARTMENTS63 Aparment Homes Central Houston

Dunhill Apartments contains 63 apartment homeunits with good visibility in a growing blue collarsub-market of the Northwest 610 Loop area inHouston, just on the fringe of the Timbergrove-Heights areas.

With large units and close to majorthoroughfares and three major highways, this 63unit property has City of Houston operatingpermits, new chiller, upgraded units and nearly100% occupied each month, with many unitsalready getting the pro-forma rental rates.

Priced at a 9.69 capitalization rate and a low 5.3 gross rent multiplier, the cash-on-cash is 19percent using 5 percent cost of debt.

Please provide bank letter of reference, proof of funds and a bio to the listing broker to beconsidered for a tour.

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Property PhotosDUNHILL APARTMENTS



DUNHILL APARTMENTS2802 West T C Jester Blvd.

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Pro Forma SummaryDUNHILL APARTMENTS



UNIT MIX & MONTHLY SCHEDULED INCOME

Type Units Actual Total Market Total

One Bedroom One Bath 23 $595 $13,685 $625 $14,375

Two Bedroom 1.5 Bath 21 $795 $16,695 $825 $17,325

Two Bedroom Two Bath 19 $795 $15,105 $825 $15,675

TOTALS 63 $45,485 $47,375

ANNUALIZED INCOMEActual Market

Gross Potential Rent $545,820 $568,500

Less: Vacancy ($7,100) ($11,370)

Misc. Income $24,900 $24,900

Effective Gross Income $563,620 $582,030

Less: Expenses ($272,891) ($274,956)

Net Operating Income $290,729 $307,074

Debt Service ($144,942) ($144,942)

Net Cash Flow after Debt Service $145,787 $162,132

Principal Reduction $33,196 $33,196

Total Return $178,982 $195,328

ANNUALIZED EXPENSES

Actual MarketProperty Management Fee $0 $22,740

Building Insurance $30,000 $30,000

Grounds Maintenance $3,600 $3,600

Legal/Permits $8,120 $2,500

Maintenance $0 $35,000

Management Fees $80,200 $0

Repairs $0 $18,900

Taxes - Real Estate $28,755 $40,000

Trash Removal $1,986 $1,986

Utility - Electricity $57,100 $57,100

Utility - Gas $13,600 $13,600

Utility - Water $49,530 $49,530

Total Expenses $272,891 $274,956

Expenses Per RSF $4.80 $4.83

Expenses Per Unit $4,332 $4,364

Seller self manages and performs all R&M in-house.

INVESTMENT SUMMARY

Price: $3,000,000

Year Built: 1960

Units: 63

Price/Unit: $47,619

RSF: 56,900

Price/RSF: $52.72

Lot Size: 80,499 sf

Floors: 2

Cap Rate: 9.69%

Market Cap Rate: 10.24%

GRM: 5.5

Market GRM: 5.28

FINANCING SUMMARY

Loan Amount: $2,250,000

Down Payment: $750,000

Loan Type: Fixed

Interest Rate: 5%

Term: 30 years

Monthly Payment: $12,078

DCR: 2.01

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Unit Mix ReportDUNHILL APARTMENTS



UNIT MIXES

Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly23 One Bedroom One 745 $595 $13,685 $625 $14,37521 Two Bedroom 1.5 950 $795 $16,695 $825 $17,32519 Two Bedroom Two 1065 $795 $15,105 $825 $15,67563 57,320 $45,485 $47,375

UNIT MIX UNIT MIX SQUARE FEET

● One Bedroom One Bath

● Two Bedroom 1.5 Bath

● Two Bedroom Two Bath




UNIT MIX INCOME UNIT MIX MARKET INCOME







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Sales ComparablesDUNHILL APARTMENTS



Subject 1 2 3 4 5

2%

4%

6%

8%

10%

12%

14%

16%

Avg.

7.47

Cap Rate

Subject 1 2 3 4 5

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Avg.

6.95

Gross Rent Multiplier

Subject 1 2 3 4 5

$11,000

$22,000

$33,000

$44,000

$55,000

$66,000

$77,000

$88,000

Avg.

$67,369

Price per Unit

Subject 1 2 3 4 5

$15

$30

$45

$60

$75

$90

$105

$120

Avg.

$96.09

Price per Sq. Ft.

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Sales ComparablesDUNHILL APARTMENTS



1 2802 West T C Jester Blvd., Houston, TX 77018 ($3,000,000)

A 2222 White Oak, Houston, TX 77009 ($6,500,000)

B 1600 West TC Jester Blvd., Houston, TX 77008 ($6,325,000)

C 2205 West 11th Street, Houston, TX 77008 ($3,900,000)

D 935 Byrne, Houston, TX 77009 ($2,300,000)

E 2121 Ella Blvd., Houston, TX 77008 ($3,939,000)

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Rent Comparables ChartsDUNHILL APARTMENTS



Subject 1 2 3 4 5 6 7 8 9

10%

20%

30%

40%

50%

60%

70%

80%

90%

100% Avg.

99.111

Occupancy

One Bedroom One Bath Two Bedroom One Bath Three Bedroom Two Bath

$110

$220

$330

$440

$550

$660

$770

$880

$990

$1,100

$702

$894

$1,050

Average Rent per Unit Type

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Rent ComparablesDUNHILL APARTMENTS



S DUNHILL APARTMENTS2802 West T C Jester Blvd.Houston, TX 77018

Avg Rent/rsf $0.80RSF 56,900

Occupancy 100%

Units 63

Year Built 1960

# Units Unit Type Rent

23 One Bedroom One Bath $595

21 Two Bedroom 1.5 Bath $795

19 Two Bedroom Two Bath $795

1 Timbergrove Park2205 West 11th StreetHouston, TX 77008

Avg Rent/rsf $1.05

RSF 48,800

Occupancy 100%

Units 60

Year Built 1958


One Bedroom One Bath $650

Two Bedroom One Bath $800

NOTESILW Sale, will be redeveloped in to Apartments.

2 Oakwood Manor611 W Cavalcade StreetHouston, TX 77009

Avg Rent/rsf $1.13

RSF 63,362

Occupancy 100%

Units 96

Year Built 1972



18 Two Bedroom One Bath $850

NOTESAll Bills Paid100% Occupied

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3 White Oak2222 White OakHouston, TX 77009

Avg Rent/rsf $1.25

RSF 55,940

Occupancy 99%

Units 76

Year Built 1960




3 Three Bedroom Two Bath $1,050

NOTESArtist's rendering of new 8 story 276 unit Elan Heights project Greystar has planned. Lease down occurring, close April 2014.

4 Timbergrove1600 West TC Jester Blvd.Houston, TX 77008

Avg Rent/rsf $1.10

RSF 60,600

Occupancy 99%

Units 96

Year Built 1970




NOTESILW Listing, under contract to rehab operator, 100% Occupied

5 Ella Creek2121 Ella Blvd.Houston, TX 77008

Avg Rent/rsf $1.12

RSF 55,206

Occupancy 96%

Units 90

Year Built 1965




NOTESSold to Apartment developer.

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6 Pointe Plaza2790 West TC Jester Blvd.Houston, TX 77018

Avg Rent/rsf $1.00

RSF 55,912

Occupancy 100%

Units 80

Year Built 1965




NOTESAll Bills Paid100% Full, $199 total move-in special.

7 Colonial900 N. DurhamHouston, TX 77008

Avg Rent/rsf $1.13

RSF 109,200

Occupancy 100%

Units 156

Year Built 1961




NOTESAll Bills Paid100% Full, no specials.

8 Turtle Creek2800 West TC Jester Blvd.Houston, TX 77018

Avg Rent/rsf $0.85

RSF 72,910

Occupancy 98%

Units 93

Year Built 1970





NOTESTenant pays extra for electric & water.Look & Lease $100 off

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9 Texanna Heights835 Heights Blvd.Houston, TX 77008

Avg Rent/rsf $1.15

RSF 37,028

Occupancy 100%

Units 48

Year Built 1970



24 Two Bedroom One Bath $1,000

NOTESAll Bills Paid, will be fully renovated.

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1 2802 West T C Jester Blvd. Houston, TX 77018

A 2205 West 11th Street Houston, TX 77008

B 611 W Cavalcade Street Houston, TX 77009

C 2222 White Oak Houston, TX 77009

D 1600 West TC Jester Blvd. Houston, TX 77008

E 2121 Ella Blvd. Houston, TX 77008

F 2790 West TC Jester Blvd. Houston, TX 77018

G 900 N. Durham Houston, TX 77008

H 2800 West TC Jester Blvd. Houston, TX 77018

I 835 Heights Blvd. Houston, TX 77008

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Rentroll & FinancialsDUNHILL APARTMENTS2802 West T C Jester Blvd.Houston, TX 77018

Rent Roll AnalysisProperties: 2802 W TC Jester

Results As of 10/31/2013

Customer Unit Unit Type RentVacancy

LossMisc

ChargesTotal

Charges BalanceSecurityDeposit

Move-inDate Lease End

Last RentIncrease

IncreaseAmount

2802 W TC JesterArvizo, Raymond Apt. 1 595.00 0.00 0.00 595.00 -595.00 300.00 8/14/2013 595.009/1/20121B/1BHolman, Lache Apt. 2 795.00 0.00 0.00 795.00 0.00 300.00 12/7/2012 12/31/2013 795.009/1/20122B/1BKelly, Jennifer Apt. 3 795.00 0.00 0.00 795.00 0.00 300.00 7/24/2013 795.009/1/20122B/1BJohnson, Gregory Apt. 4 795.00 0.00 0.00 795.00 0.00 300.00 10/1/2012 11/30/2014 795.009/1/20122B/1BRamos, Rebecca Apt. 5 795.00 0.00 0.00 795.00 -60.00 200.00 8/11/2012 7/31/2013 795.009/1/20122B/1BMiller, Marlo Apt. 6 795.00 0.00 0.00 795.00 0.00 300.00 6/14/2013 795.009/1/20122B/1BOrdonez, Manuel Apt. 7 795.00 0.00 0.00 795.00 0.00 200.00 5/15/2012 5/31/2013 795.009/1/20122B/1BEllison, Krista Apt. 8 795.00 0.00 0.00 795.00 0.00 300.00 4/1/2012 10/31/2014 795.009/1/20122B/1BAlfaro, Veronica Cabrera Apt. 9 825.00 0.00 0.00 825.00 0.00 300.00 10/1/2013 30.0010/1/20132B/1BAvaloa, Juan Apt. 10 795.00 0.00 0.00 795.00 0.00 0.00 4/1/2010 3/31/2012 795.009/1/20122B/1BMedina, Abaid Apt. 11 577.50 0.00 0.00 577.50 -7.00 300.00 10/5/2013 10/31/2013 -217.5010/1/20132B/1BCouarrubias, Joshua Apt. 12 595.00 0.00 0.00 595.00 -5.00 300.00 11/1/2012 11/30/2013 595.009/1/20121B/1BPerales, Lena Apt. 13 795.00 0.00 0.00 795.00 0.00 300.00 8/19/2013 795.009/1/20122B/2BHolman, Douglas Apt. 14 795.00 0.00 0.00 795.00 -825.00 350.00 5/10/2012 4/30/2013 795.009/1/20123B/1BTaylor, Gillian Apt. 15 825.00 0.00 0.00 825.00 0.00 300.00 10/2/2013 30.0010/1/20132B/2BElvir, Elizabeth Apt. 16 825.00 0.00 0.00 825.00 0.00 300.00 9/6/2013 825.009/1/20132B/2BKiegley, James Michael Apt. 17 795.00 0.00 0.00 795.00 0.00 300.00 6/27/2013 795.009/1/20122B/2BBrim, Raymond Apt. 18 795.00 0.00 0.00 795.00 -795.00 100.00 3/3/2011 8/31/2011 795.009/1/20122B/2BCastaneda, Manuel Apt. 19 795.00 0.00 0.00 795.00 0.00 200.00 4/16/2012 9/30/2012 795.009/1/20122B/2Bmoreno, Normai Apt. 20 795.00 0.00 0.00 795.00 0.00 300.00 2/7/2013 795.009/1/20122B/2BOlvera, Daniel Apt. 21 795.00 0.00 0.00 795.00 -10.00 300.00 8/9/2013 795.009/1/20122B/2BOregon, Mabel Apt. 22 795.00 0.00 0.00 795.00 -1.00 300.00 12/1/2012 5/31/2014 795.009/1/20122B/2BDeleon, Crystal Apt. 23 795.00 0.00 0.00 795.00 0.00 300.00 9/1/2013 795.009/1/20122B/2BRamirez, Joseph Apt. 24 795.00 0.00 0.00 795.00 -5.00 300.00 4/29/2013 795.009/1/20122B/2BJohnson, Krystal Gayle Apt. 25 795.00 0.00 0.00 795.00 -11.00 300.00 10/25/2013 795.009/1/20122B/2BSmith, Kahna Joy Apt. 26 795.00 0.00 0.00 795.00 0.00 300.00 2/5/2013 795.009/1/20122B/2BO'Shea, James Apt. 27 795.00 0.00 0.00 795.00 0.00 300.00 5/24/2013 5/31/2013 795.009/1/20122B/2BBarajas, Yvonne Apt. 28 795.00 0.00 0.00 795.00 0.00 300.00 1/4/2013 12/31/2013 795.009/1/20122B/1BVess, James Apt. 29 795.00 0.00 0.00 795.00 0.00 0.00 9/30/2010 10/31/2011 795.009/1/20122B/1BMcKinney, Mary Ann Apt. 30 825.00 0.00 0.00 825.00 0.00 300.00 9/16/2013 30.009/1/20132B/1BMartinez, Shanane Apt. 31 795.00 0.00 0.00 795.00 0.00 300.00 8/25/2013 795.009/1/20122B/1BMedellin, Josie Apt. 32 795.00 0.00 0.00 795.00 0.00 300.00 9/1/2013 795.009/1/20122B/1BCruz, Jessica Lorene Apt. 33 795.00 0.00 0.00 795.00 -12.00 300.00 11/16/2012 11/30/2013 795.009/1/20122B/1BBoehler, Kimberly Apt. 34 795.00 0.00 0.00 795.00 0.00 300.00 9/29/2012 10/31/2013 795.009/1/20122B/1BScheppke, Marti Apt. 35 795.00 0.00 0.00 795.00 0.00 300.00 9/8/2012 9/30/2013 795.009/1/20122B/1BRodriguez, Rocio Apt. 36 795.00 0.00 0.00 795.00 1,190.00 300.00 2/14/2013 795.009/1/20122B/1BGuitierrez, Ferenc Apt. 37 795.00 0.00 0.00 795.00 0.00 0.00 9/1/2012 1/31/2012 795.009/1/20122B/1B

Rent Roll Analysis 12/31/13 1:08pm Page 1 of rentmanager.com - property management systems rev.34752

Customer Unit Unit Type RentVacancy

LossMisc

ChargesTotal

Charges BalanceSecurityDeposit

Move-inDate Lease End

Last RentIncrease

IncreaseAmount

Welch, Robert Apt. 38 795.00 0.00 0.00 795.00 0.00 300.00 6/24/2013 795.009/1/20122B/1BDela Garza, Juan Apt. 39 795.00 0.00 0.00 795.00 0.00 300.00 1/4/2013 12/31/2013 795.009/1/20122B/1BTrujillo, Marc Apt. 40 795.00 0.00 0.00 795.00 0.00 300.00 3/1/2013 795.009/1/20122B/1BFernandez, Suazo Apt. 41 795.00 0.00 0.00 795.00 -10.00 300.00 9/1/2013 795.009/1/20122B/1BLyons, Stewarts Apt. 42 795.00 0.00 0.00 795.00 0.00 300.00 3/1/2013 795.009/1/20122B/1BJune, Don Christopher Apt. 43 595.00 0.00 0.00 595.00 0.00 300.00 1/1/2013 12/31/2013 595.009/1/20121B/1BFitzpatrick, Elizabeth Apt. 44 625.00 0.00 0.00 625.00 0.00 300.00 9/11/2013 9/30/2013 30.009/1/20131B/1BMendoza, Julia Apt. 45 595.00 0.00 0.00 595.00 -30.00 100.00 9/1/2011 2/28/2013 595.009/1/20121B/1BGarza, Alicia Apt. 46 625.00 0.00 0.00 625.00 -625.00 300.00 9/21/2013 30.009/1/20131B/1BSanchez, Marco Apt. 47 595.00 0.00 0.00 595.00 -595.00 300.00 7/16/2013 595.009/1/20121B/1BBrown, Darivs D.A. Apt. 48 595.00 0.00 0.00 595.00 0.00 300.00 1/14/2013 595.009/1/20121B/1BLopez, Daniel Apt. 49 595.00 0.00 0.00 595.00 0.00 300.00 8/16/2013 595.009/1/20121B/1BSmith, Thomas Apt. 50 595.00 0.00 0.00 595.00 0.00 300.00 12/3/2012 12/30/2013 595.009/1/20121B/1BDix, Sara Ellen Apt. 51 595.00 0.00 0.00 595.00 0.00 300.00 1/25/2013 12/31/20131B/1BUehlinger, Denise Schall Apt. 52 595.00 0.00 0.00 595.00 0.00 300.00 6/7/2013 595.009/1/20121B/1BAtkinson, Kevin Apt. 53 595.00 0.00 0.00 595.00 0.00 0.00 7/18/2012 6/30/2013 595.009/1/20121B/1BPrado, Miguel Apt. 54 595.00 0.00 0.00 595.00 -3.00 300.00 10/12/2012 10/31/20131B/1BCaballero, Javier Apt. 55 595.00 0.00 0.00 595.00 0.00 0.00 4/1/2012 9/30/2012 595.009/1/20121B/1BVACANT Apt. 56 625.00 625.00 0.00 625.00 0.00 0.00 625.009/1/20121B/1BRatliffe, Lucas Apt. 57 625.00 0.00 0.00 625.00 -20.00 300.00 10/11/2013 30.0010/1/20131B/1BR D, Seth Apt. 58 595.00 0.00 0.00 595.00 0.00 300.00 3/4/2013 12/31/2013 595.009/1/20121B/1BHodges, Megan Apt. 59 595.00 0.00 0.00 595.00 0.00 300.00 8/26/2013 595.009/1/20121B/1BKagley, katherine Apt. 60 595.00 0.00 0.00 595.00 0.00 300.00 6/26/2013 595.009/1/20121B/1BPerez-Ordonez, Lenin Apt. 61 595.00 0.00 0.00 595.00 0.00 300.00 1/5/2012 12/31/2012 595.009/1/20121B/1BBudd, Sarah Apt. 62 595.00 0.00 0.00 595.00 0.00 500.00 6/1/2012 5/31/2013 595.009/1/20121B/1BPerez, Anthony Apt. 63 595.00 0.00 0.00 595.00 0.00 100.00 7/16/2012 2/28/2013 595.009/1/20121B/1BLaundry Laundry 0.00 0.00 250.00 250.00 0.00 0.00 8/1/2013Laundry

45,507.50 625.00 250.00 45,757.50 -2,419.00 16,450.00Total for Property45,507.50 625.00 250.00 45,757.50 -2,419.00 16,450.00Report Totals

Occupied Unit Rent:Vacancy Rent: 625.00

Report SummaryTotal Possible Rent: 45,507.50

# of Units:Vacant Units:Occupancy %:

1

44,882.50

98.44%

64

Rent Roll Analysis 12/31/13 1:08pm Page 2 of rentmanager.com - property management systems rev.34752

Profit & Loss 12 Month RecapProperties: 2802 W TC Jester

Monthly recap 1/1/2013-12/31/2013 (cash basis)

JAN 13 FEB 13 MAR 13 APR 13 MAY 13 JUN 13 JUL 13 AUG 13 SEP 13 OCT 13 NOV 13 DEC 13 TOTAL

INCOME

4050 Security Deposits (non-posting)

4052 Security Deposits (900.00) (465.00) (600.00) (300.00) (600.00) (1,200.00) (1,500.00) (6,099.56) (700.00) (800.00) (4,450.00) (800.00) (18,414.56)

4050 Total Security Deposits (no (900.00) (465.00) (600.00) (300.00) (600.00) (1,200.00) (1,500.00) (6,099.56) (700.00) (800.00) (4,450.00) (800.00) (18,414.56)

4100 Rental Income (non-posting)

4101 Rental Income 42,469.00 45,640.75 41,862.15 43,192.00 44,000.31 43,512.33 42,961.52 42,128.64 44,017.50 43,469.51 42,380.67 42,556.13 518,190.51

4107 Eviction Fee 390.00 260.00 0.00 0.00 260.00 390.00 445.00 205.00 410.00 0.00 280.00 560.00 3,200.00

4108 Application Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 35.00 35.00

4109 NSF Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 35.00 0.00 0.00 0.00 35.00

4110 Late Fees 869.00 1,222.00 480.00 590.00 745.00 1,581.59 1,530.00 875.00 1,325.00 900.00 1,197.00 1,755.00 13,069.59

4100 Total Rental Income (non-p 43,728.00 47,122.75 42,342.15 43,782.00 45,005.31 45,483.92 44,936.52 43,208.64 45,787.50 44,369.51 43,857.67 44,906.13 534,530.10

4300 Maintenance Income (non-posting)

4302 Cleaning 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 100.00 15.00 173.00 200.00 488.00

4304 Damages 0.00 0.00 0.00 0.00 0.00 0.00 162.00 0.00 0.00 30.00 0.00 0.00 192.00

4300 Total Maintenance Income 0.00 0.00 0.00 0.00 0.00 0.00 162.00 0.00 100.00 45.00 173.00 200.00 680.00

4700 Unallocated Prepays 499.00 2,492.57 (2,383.57) (2,384.50) 3,422.50 (619.59) 246.00 (2,567.00) 785.00 1,403.00 (607.50) (2,112.50) (1,826.59)

4900 Other Property Income (non-posting)

4901 Security Deposit Forfeiture 900.00 0.00 427.42 100.00 576.29 556.50 1,423.06 5,420.69 427.83 115.65 1,800.00 343.06 12,090.50

4904 Laundry Facilities 489.10 244.77 281.15 264.70 321.09 226.00 281.12 259.00 265.00 272.30 226.60 245.50 3,376.33

4900 Total Other Property Incom 1,389.10 244.77 708.57 364.70 897.38 782.50 1,704.18 5,679.69 692.83 387.95 2,026.60 588.56 15,466.83

TOT INCOME 44,716.10 49,395.09 40,067.15 41,462.20 48,725.19 44,446.83 45,548.70 40,221.77 46,665.33 45,405.46 40,999.77 42,782.19 530,435.78

EXPENSE

5000 Management Fees Expens 6,559.20 7,068.41 6,351.32 6,567.30 6,750.80 6,822.59 6,740.48 6,481.30 6,868.13 6,655.43 6,578.65 6,735.92 80,179.53

5020 Travel & Entertainment Expense (non-posting)

5023 Transportation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.67 3.33 0.00 0.00 2.00 8.00

5020 Total Travel & Entertainme 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.67 3.33 0.00 0.00 2.00 8.00

5030 Cleaning & Maintenance Expense (non-posting)

5031 Pest Control 0.00 0.00 0.00 0.00 0.00 379.96 0.00 0.00 0.00 0.00 0.00 563.98 943.94

5033 Landscaping 0.00 0.00 0.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 300.00 2,700.00

5030 Total Cleaning & Maintena 0.00 0.00 0.00 300.00 300.00 679.96 300.00 300.00 300.00 300.00 300.00 863.98 3,643.94

5050 Insurance Expense (non-posting)

5053 Liability Insurance Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8,094.00 0.00 0.00 0.00 0.00 8,094.00

5050 Total Insurance Expense ( 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8,094.00 0.00 0.00 0.00 0.00 8,094.00

5060 Legal and Other Professional Fees (non-posting)

5061 Professional Fees 0.00 0.00 0.00 0.00 327.57 70.36 0.00 0.00 0.00 73.64 0.00 0.00 471.57

5062 Legal Fees 0.00 0.00 0.00 101.00 202.00 202.00 505.00 101.00 352.00 111.00 111.00 241.00 1,926.00

5063 Licenses/Fees/Permits 0.00 0.00 98.11 832.41 3,193.00 98.68 0.00 200.00 113.72 98.11 0.00 1,089.00 5,723.03

5060 Total Legal and Other Prof 0.00 0.00 98.11 933.41 3,722.57 371.04 505.00 301.00 465.72 282.75 111.00 1,330.00 8,120.60

5100 Repairs & Maintenance Expense (non-posting)

5110 Plumbing 0.00 0.00 0.00 108.77 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 108.77

5112 Maintenance 0.00 0.00 0.00 0.00 2,002.63 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,002.63

5100 Total Repairs & Maintenan 0.00 0.00 0.00 108.77 2,002.63 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,111.40

5300 Taxes Expense (non-posting)

5301 Property Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 29,199.52 0.00 29,199.52

5300 Total Taxes Expense (non- 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 29,199.52 0.00 29,199.52

5400 Utilities Expense (non-posting)

5401 Gas & Propane 1,333.60 2,210.07 1,511.32 1,555.50 1,379.14 1,077.46 868.18 646.67 606.94 684.14 918.19 774.06 13,565.27

5402 Water & Sewer 3,914.68 4,594.88 3,699.88 3,462.70 4,085.01 4,242.69 4,010.85 3,148.74 4,075.74 4,567.05 4,956.39 4,770.99 49,529.60

5404 Electric 3,885.47 3,954.62 3,169.57 3,379.96 4,068.18 3,663.96 4,528.68 5,807.56 6,641.62 12,697.05 0.00 5,233.20 57,029.87

5405 Garbage 165.50 165.50 165.50 165.50 165.50 165.50 165.50 165.50 165.50 165.50 165.50 164.12 1,984.62

5400 Total Utilities Expense (non 9,299.25 10,925.07 8,546.27 8,563.66 9,697.83 9,149.61 9,573.21 9,768.47 11,489.80 18,113.74 6,040.08 10,942.37 122,109.36

5600 Office Expense (non-posting)

5601 Supplies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.50 42.86 65.13 0.00 0.00 111.49

5600 Total Office Expense (non- 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.50 42.86 65.13 0.00 0.00 111.49

5700 General Expenses (non-posting)

6120 Bad Debt Expense (non-po 3,625.00 852.32 0.00 4.00 1,412.10 1,215.33 555.58 1,114.00 1,359.83 0.00 1,924.17 1,640.69 13,703.02

TOT EXPENSE 19,483.45 18,845.80 14,995.70 16,477.14 23,885.93 18,238.53 17,674.27 26,064.94 20,529.67 25,417.05 44,153.42 21,514.96 267,280.86

NOI 25,232.65 30,549.29 25,071.45 24,985.06 24,839.26 26,208.30 27,044.82 13,280.02 25,476.76 19,603.45 (3,933.09) 20,858.44 259,216.41

EQUAL HOUSINGOPPO RTU N ITY

Approved by the Texas Real Estate Commission for Voluntary Use

efore working with a real estate broker, you shouldBknow that the duties of a broker depend on whomthe broker represents. If you are a prospectiveseller or landlord (owner) or a prospective buyer or

tenant (buyer), you should know that the broker who liststhe property for sale or lease is the owner’s agent. Abroker who acts as a subagent represents the owner incooperation with the listing broker. A broker who acts asa buyer’s agent represents the buyer. A broker may act asan intermediary between the parties if the partiesconsent in writing. A broker can assist you in locating aproperty, preparing a contract or lease, or obtainingfinancing without representing you. A broker is obligatedby law to treat you honestly.

IF THE BROKER REPRESENTS THE OWNER:The broker becomes the owner’s agent by entering into anagreement with the owner, usually through a written -listing agreement, or by agreeing to act as a subagent byaccepting an offer of subagency from the listing broker. Asubagent may work in a different real estate office. Alisting broker or subagent can assist the buyer but doesnot represent the buyer and must place the interests ofthe owner first. The buyer should not tell the owner’sagent anything the buyer would not want the owner toknow because an owner’s agent must disclose to theowner any material information known to the agent.

IF THE BROKER REPRESENTS THE BUYER:The broker becomes the buyer’s agent by entering into anagreement to represent the buyer, usually through awritten buyer representation agreement. A buyer’s agentcan assist the owner but does not represent the ownerand must place the interests of the buyer first. The ownershould not tell a buyer’s agent anything the owner wouldnot want the buyer to know because a buyer’s agent mustdisclose to the buyer any material information known to theagent.

IF THE BROKER ACTS AS AN INTERMEDIARY:A broker may act as an intermediary between the partiesif the broker complies with The Texas Real Estate License

Act. The broker must obtain the written consent of eachparty to the transaction to act as an intermediary. Thewritten consent must state who will pay the broker and, inconspicuous bold or underlined print, set forth the broker’sobligations as an intermediary. The broker is required totreat each party honestly and fairly and to comply withThe Texas Real Estate License Act. A broker who actsas an intermediary in a transaction:

(1) shall treat all parties honestly; (2) may not disclose that the owner will accept aprice less than the asking price unless authorized inwriting to do so by the owner; (3) may not disclose that the buyer will pay a pricegreater than the price submitted in a written offerunless authorized in writing to do so by the buyer; and(4) may not disclose any confidential information orany information that a party specifically instructs thebroker in writing not to disclose unless authorized inwriting to disclose the information or required to do soby The Texas Real Estate License Act or a courtorder or if the information materially relates to thecondition of the property.

With the parties’ consent, a broker acting as anintermediary between the parties may appoint a person whois licensed under The Texas Real Estate License Actand associated with the broker to communicate with andcarry out instructions of one party and another person whois licensed under that Act and associated with the brokerto communicate with and carry out instructions of theother party.

If you choose to have a broker represent you, you should enter into a written agreement with the brokerthat clearly establishes the broker’s obligations and yourobligations. The agreement should state how and bywhom the broker will be paid. You have the right tochoose the type of representation, if any, you wish toreceive. Your payment of a fee to a broker does notnecessarily establish that the broker represents you. If youhave any questions regarding the duties andresponsibilities of the broker, you should resolve thosequestions before proceeding.

Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a questionor complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960.

Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

Information About Brokerage Services

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.

Buyer, Seller, Landlord or Tenant Date

01A TREC No. OP-K

Documents

DUNHILL APARTMENTS 2802 West T C Jester Blvd. Houston, TX ...€¦ · DUNHILL APARTMENTS 2802 West T C Jester Blvd. Houston, TX 77018 Brian Janak, MBA 832-247-6333 [email protected]