1013 Key St, Houston, TX 77009
3bd / 1ba · 1,517 sqft · built 1926 · Single Family (SFR)Analyzed Jul 17, 2026$
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Scenario 1 — Flip
Hard money loan · sell at ARV after rehab
❌
FAILS FLIP
Min 20% ROI · 6-mo hold
-38.8%
Flip ROI
Cash to First Close
$61,172
what you bring day 1
Net Profit
−$39,668
Max Bid @ 20%
$502,456
−$39,668 profit ÷ $102,298 total invested = -38.8%
Acquisition Event — First Close
Hard Money Loan — 9.99% Interest-Only
Loan Amount
$567,249
Purchase (95% LTV)
$527,249
Rehab (100%)
$40,000
Loan-to-ARV
81.5%
Monthly Interest
$4,722/mo
Down Payment5% of $554,999 purchase
$27,750+
Origination Fee1 pts on $567,249 loan
$5,672+
Closing Costs5% of purchase
$27,750=
Cash to First Close
$61,172Holding Period — 6 Months
HML Interest9.99% IO · $4,722/mo × 6$28,334
Property Taxes$970/mo × 6$5,817
Insurance$496/mo × 6$2,975
Total Holding Costs$37,126
Contingency Reserve10% of rehab — held, not at first close$4,000
Sale Event — Second Close
Sale Price (ARV)
$696,000−
HML Principal Payofffull IO loan balance
$567,249−
Closing Costs3.5% of sale price
$24,360−
Realtor Commission6% of sale price
$41,760=
Net Proceeds to You
$62,631Deal Summary
Net Proceeds at Closing
$62,631−
Cash to First Close
$61,172−
Holding Costs (6 mo)
$37,126−
Contingency Reserve
$4,000=
NET PROFIT
−$39,668Max Bid by ROI Target
| ROI | Max Bid | vs Offer |
|---|---|---|
| 10% | $510,770 | −$44,229 |
| 15% | $506,583 | −$48,416 |
| 20% ← | $502,456 | −$52,543 |
| 25% | $498,387 | −$56,612 |
| 30% | $494,374 | −$60,625 |
Scenario 2 — HM→DSCR
Hard money @ 9.99% IO → DSCR refi · 75% ARV · 7.1% / 30yr
❌
FAILS DSCR
Min 1.30x · 7.1% / 30-yr DSCR · 75% of ARV
0.380x
DSCR
Monthly Cash Flow
−$2,175/mo
Cash-on-Cash Yr 1
-18.9%
$138,457 left in deal
Acquisition Event — First Close
Hard Money Loan — 9.99% Interest-Only
Loan Amount
$567,249
Purchase (95% LTV)
$527,249
Rehab (100%)
$40,000
Loan-to-ARV
81.5%
Monthly Interest
$4,722/mo
Down Payment5% of $554,999 purchase
$27,750+
Origination Fee1 pts on $567,249 loan
$5,672+
Closing Costs5% of purchase
$27,750=
Cash to First Close
$61,172Holding Period — 2 Months
HML Interest9.99% IO · $4,722/mo × 2$9,445
Property Taxes$970/mo × 2$1,939
Insurance$496/mo × 2$992
Total Holding Costs$12,375
Contingency Reserve10% of rehab — held, not at first close$4,000
DSCR Refinance — Second Close
DSCR Loan Proceeds75% of ARV · 7.1% / 30yr
$522,000−
HML Principal Payofffull IO loan balance
$567,249−
Origination Fee1 pts on $522,000
$5,220−
Closing Coststitle / appraisal / escrow
$10,440=
Cash to Bring to Close
−$60,909Deal Summary
Cash to First Close
$61,172+
Holding Costs (2 mo)
$12,375+
Contingency Reserve
$4,000−
Cash to Bring at Refi
+$60,909=
Capital Left in Deal
$138,457Equity Position — Day 1 Post-Refi
ARV
$696,000−
DSCR Loan Balance
$522,000=
Equity in Property
$174,000 (25.0%)−
Capital Left in Deal
$138,457=
Value Created
$35,543$174,000 equity on $138,457 deployed = 1.3× equity leverage
Monthly Income & Expenses — Post-DSCR
Gross Rent
$3,180−
Property Taxes
$970−
Insurance
$496−
Maintenance (6% rent)
$191−
Management (6% rent)
$191=
OpEx Subtotal
$1,847=
Net Operating Income
$1,333−
DSCR P&I
$3,508/mo=
Net Cash Flow
−$2,175/moDSCR Ratios — Cash-Out vs No Cash-Out
Cash-Out Refi
75% of ARV — full LTV
Loan Amount$522,000
Monthly P&I$3,508/mo
Net Cash Flow−$2,175/mo
Cash Still Required−$60,909
DSCR
0.380x✗ Fail
Lender DSCR
0.639x✗ Fail
No Cash-Out
75.0% LTV — capped short $60,909
Loan Amount$522,000
Monthly P&I$3,508/mo
Net Cash Flow−$2,175/mo
Cash Still Required−$60,909
DSCR
0.380x✗ Fail
Lender DSCR
0.639x✗ Fail
Required Rent by DSCR Target
| Target | Rent Needed | vs Current |
|---|---|---|
| 1.00x | $5,652/mo | +$2,472 needed |
| 1.10x | $6,050/mo | +$2,870 needed |
| 1.20x | $6,449/mo | +$3,269 needed |
| 1.30x ← | $6,847/mo | +$3,667 needed |
| 1.40x | $7,246/mo | +$4,066 needed |
Scenario 3 — Cash→DSCR
All-cash purchase → DSCR refi · 75% ARV · 7.1% / 30yr
❌
FAILS DSCR
Min 1.30x · 7.1% / 30-yr DSCR · 75% of ARV
0.380x
DSCR
Monthly Cash Flow
−$2,175/mo
Cash-on-Cash Yr 1
-21.2%
$123,340 left in deal
Acquisition Event — First Close
Purchase Price
$554,999+
Rehab Budget
$40,000+
Closing Costs5% of purchase
$27,750=
Total Cash to First Close
$622,749Holding Period — 2 Months
Property Taxes$970/mo × 2$1,939
Insurance$496/mo × 2$992
Total Holding Costs$2,931
Contingency Reserve10% of rehab — held, not at first close$4,000
DSCR Refinance — Second Close
DSCR Loan Proceeds75% of ARV · 7.1% / 30yr
$522,000−
Origination Fee1 pts on $522,000
$5,220−
Closing Coststitle / appraisal / escrow
$10,440=
Net Cash Recovered
$506,340Deal Summary
Total Cash to First Close
$622,749+
Holding Costs (2 mo)
$2,931+
Contingency Reserve
$4,000−
Net Cash Recovered at Refi
$506,340=
Capital Left in Deal
$123,340Equity Position — Day 1 Post-Refi
ARV
$696,000−
DSCR Loan Balance
$522,000=
Equity in Property
$174,000 (25.0%)−
Capital Left in Deal
$123,340=
Value Created
$50,660$174,000 equity on $123,340 deployed = 1.4× equity leverage
Monthly Income & Expenses — Post-DSCR
Gross Rent
$3,180−
Property Taxes
$970−
Insurance
$496−
Maintenance (6% rent)
$191−
Management (6% rent)
$191=
OpEx Subtotal
$1,847=
Net Operating Income
$1,333−
DSCR P&I
$3,508/mo=
Net Cash Flow
−$2,175/moDSCR Ratios — Cash-Out vs No Cash-Out
Cash-Out Refi
75% of ARV — full LTV
Loan Amount$522,000
Monthly P&I$3,508/mo
Net Cash Flow−$2,175/mo
Cash Still Required−$123,340
DSCR
0.380x✗ Fail
Lender DSCR
0.639x✗ Fail
No Cash-Out
75.0% LTV — capped short $123,340
Loan Amount$522,000
Monthly P&I$3,508/mo
Net Cash Flow−$2,175/mo
Cash Still Required−$123,340
DSCR
0.380x✗ Fail
Lender DSCR
0.639x✗ Fail
Required Rent by DSCR Target
| Target | Rent Needed | vs Current |
|---|---|---|
| 1.00x | $5,652/mo | +$2,472 needed |
| 1.10x | $6,050/mo | +$2,870 needed |
| 1.20x | $6,449/mo | +$3,269 needed |
| 1.30x ← | $6,847/mo | +$3,667 needed |
| 1.40x | $7,246/mo | +$4,066 needed |