208 E Burress St, Houston, TX 77022 - Harris County

The lots are next to each other giving it a frontage of 259 ft and depth of

336 ft. Around ~50 town home style single family homes without back yards

can be built on it with detention in driveway. Those 1400-1500 town home

style single families without backyard are going between 270-290k.

There is already homes being started to built on the lots opposite to these

lots with builder currently doing excavation for driveway etc.

Seller Numbers:

Land, road, utilities: 1,900,000

38 homes at 1550 sq ft each.

Building cost per home: 165,000

Total cost to build: $6,270,000

Sales price per home: $320,000

Total sales price: $12,160,000

Commissions and closing costs (6%): $729,600

Proceeds after commissions: $11,430,400

Total net proceeds after commissions: $11,430,400 - $6,270,000 - $1,900,000 = $3,260,400

Potential profit is $3,260,400 minus cost of financing