Converted to condos in 1977, hacienda-themed 1963 Trafalgar Place is part of an architectural lineup encompassing Georgian and French Empire inspired apartment, townhome, and converted properties of the same era — plus more recent residential developments. Old and new properties share a block-long street — extra-wide to accommodate both a median and complex-serving feeder lanes — that spurs south off Westheimer Rd. just west of Fountainview Dr. The tidy, stucco-clad property lies across Westheimer from Briargrove, and across Briarhurst Dr. from the Lambo Chinese Buffet.
One of its updated 1-bedroom units popped up on the market earlier this month, and it’s asking $93K. It last changed hands in 2010, for $65K.
This first level unit’s location in the multi-pod compound appears to be at the back of the central cluster. Its front door opens into a narrow slip of original brick-shaped tile floor (above). The 728-sq.-ft. floor plan has separate open-ended rooms for living . . .
and dining (and reflection):
The galley kitchen, where updates to some of the finishes appeared at some point, has electric appliances.
In the bedroom, which measures 12. ft by 12. ft., a painted brick wall adds texture (and color) to the space, which appears to have a garden view:
Updated, the lone bathroom, which also gets a brick surface, stacks its many purposes:
The unit includes a covered brick patio with archway views of one of the property’s 6 gated interior courtyards, this one with clipped-but-wispy hedges, garden area, and pebbled pathways.
Many of the units’ front doors face one of the paved-and-planted mews that are accessed via gated archways at curbside (above). Some appear to face one of the shared driveways, which are located at each end of the complex and which lead to carport parking that lines up along the western perimeter of the property and the back buildings.
A monthly $282 maintenance fee for this unit includes utilities, water and sewer, insurance, grounds and building, cable services, and insurance.
@93K purchase price plus about $2K to close and rent at $1K a month minus $282 for complex fees and about $1K a year for taxes, this will net you $7,616 for an 8% annual return. Sweet.
@Houstonian, works on paper, never works like that in real life. If you have it sitting unrented for a couple of months, or have a major maintenance repair needed, upgraded to make it market attractive, commissions for realtors (to rent), increases in maintenance fees, etc and that 8% becomes 3% quickly which doesn’t even cover your mortgage payment.
@houstonian yeah, you can get decent numbers at $1,000 per month. ~13% cash-on-cash with $25k down.