11515 Lockgate Ln, Houston, TX 77048
5bd / 2ba · 1,575 sqft · built 1962 · Single Family (SFR)Analyzed Jul 9, 2026$
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Scenario 1 — Flip
Hard money loan · sell at ARV after rehab
❌
FAILS FLIP
Min 20% ROI · 6-mo hold
1.8%
Flip ROI
Cash to First Close
$13,295
what you bring day 1
Net Profit
$486
Max Bid @ 20%
$100,861
$486 profit ÷ $26,285 total invested = 1.8%
Acquisition Event — First Close
Hard Money Loan — 9.5% Interest-Only
Loan Amount
$139,749
Purchase (95% LTV)
$99,749
Rehab (100%)
$40,000
Loan-to-ARV
76.0%
Monthly Interest
$1,106/mo
Down Payment5% of $104,999 purchase
$5,250+
Origination Fee2 pts on $139,749 loan
$2,795+
Closing Costs5% of purchase
$5,250=
Cash to First Close
$13,295Holding Period — 6 Months
HML Interest9.5% IO · $1,106/mo × 6$6,638
Property Taxes$271/mo × 6$1,627
Insurance$121/mo × 6$725
Total Holding Costs$8,990
Contingency Reserve10% of rehab — held, not at first close$4,000
Sale Event — Second Close
Sale Price (ARV)
$184,000−
HML Principal Payofffull IO loan balance
$139,749−
Closing Costs3.5% of sale price
$6,440−
Realtor Commission6% of sale price
$11,040=
Net Proceeds to You
$26,771Deal Summary
Net Proceeds at Closing
$26,771−
Cash to First Close
$13,295−
Holding Costs (6 mo)
$8,990−
Contingency Reserve
$4,000=
NET PROFIT
$486Max Bid by ROI Target
| ROI | Max Bid | vs Offer |
|---|---|---|
| 10% | $103,113 | −$1,886 |
| 15% | $101,979 | −$3,020 |
| 20% ← | $100,861 | −$4,138 |
| 25% | $99,759 | −$5,240 |
| 30% | $98,674 | −$6,325 |
Scenario 2 — HM→DSCR
Hard money @ 9.5% IO → DSCR refi · 75% ARV · 6.5% / 30yr
❌
FAILS DSCR
Min 1.30x · 6.5% / 30-yr DSCR · 75% of ARV
1.240x
DSCR
Monthly Cash Flow
$210/mo
Cash-on-Cash Yr 1
7.5%
$33,554 left in deal
Acquisition Event — First Close
Hard Money Loan — 9.5% Interest-Only
Loan Amount
$139,749
Purchase (95% LTV)
$99,749
Rehab (100%)
$40,000
Loan-to-ARV
76.0%
Monthly Interest
$1,106/mo
Down Payment5% of $104,999 purchase
$5,250+
Origination Fee2 pts on $139,749 loan
$2,795+
Closing Costs5% of purchase
$5,250=
Cash to First Close
$13,295Holding Period — 6 Months
HML Interest9.5% IO · $1,106/mo × 6$6,638
Property Taxes$271/mo × 6$1,627
Insurance$121/mo × 6$725
Total Holding Costs$8,990
Contingency Reserve10% of rehab — held, not at first close$4,000
DSCR Refinance — Second Close
DSCR Loan Proceeds75% of ARV · 6.5% / 30yr
$138,000−
HML Principal Payofffull IO loan balance
$139,749−
Origination Fee2 pts on $138,000
$2,760−
Closing Coststitle / appraisal / escrow
$2,760=
Cash to Bring to Close
−$7,269Deal Summary
Cash to First Close
$13,295+
Holding Costs (6 mo)
$8,990+
Contingency Reserve
$4,000−
Cash to Bring at Refi
+$7,269=
Capital Left in Deal
$33,554Equity Position — Day 1 Post-Refi
ARV
$184,000−
DSCR Loan Balance
$138,000=
Equity in Property
$46,000 (25.0%)−
Capital Left in Deal
$33,554=
Value Created
$12,446$46,000 equity on $33,554 deployed = 1.4× equity leverage
Monthly Income & Expenses — Post-DSCR
Gross Rent
$1,675−
Property Taxes
$271−
Insurance
$121−
Maintenance (6% rent)
$101−
Management (6% rent)
$101=
OpEx Subtotal
$593=
Net Operating Income
$1,082−
DSCR P&I
$872/mo=
Net Cash Flow
$210/moDSCR Ratios — Cash-Out vs No Cash-Out
Cash-Out Refi
75% of ARV — full LTV
Loan Amount$138,000
Monthly P&I$872/mo
Net Cash Flow$210/mo
Cash Still Required−$7,269
DSCR
1.240x✗ Fail
Lender DSCR
1.325x✓ Pass
No Cash-Out
75.0% LTV — capped short $7,269
Loan Amount$138,000
Monthly P&I$872/mo
Net Cash Flow$210/mo
Cash Still Required−$7,269
DSCR
1.240x✗ Fail
Lender DSCR
1.325x✓ Pass
Required Rent by DSCR Target
| Target | Rent Needed | vs Current |
|---|---|---|
| 1.00x | $1,437/mo | ✓ met |
| 1.10x | $1,536/mo | ✓ met |
| 1.20x | $1,635/mo | ✓ met |
| 1.30x ← | $1,734/mo | +$59 needed |
| 1.40x | $1,833/mo | +$158 needed |
Scenario 3 — Cash→DSCR
All-cash purchase → DSCR refi · 75% ARV · 6.5% / 30yr
❌
FAILS DSCR
Min 1.30x · 6.5% / 30-yr DSCR · 75% of ARV
1.240x
DSCR
Monthly Cash Flow
$210/mo
Cash-on-Cash Yr 1
10.4%
$24,121 left in deal
Acquisition Event — First Close
Purchase Price
$104,999+
Rehab Budget
$40,000+
Closing Costs5% of purchase
$5,250=
Total Cash to First Close
$150,249Holding Period — 6 Months
Property Taxes$271/mo × 6$1,627
Insurance$121/mo × 6$725
Total Holding Costs$2,352
Contingency Reserve10% of rehab — held, not at first close$4,000
DSCR Refinance — Second Close
DSCR Loan Proceeds75% of ARV · 6.5% / 30yr
$138,000−
Origination Fee2 pts on $138,000
$2,760−
Closing Coststitle / appraisal / escrow
$2,760=
Net Cash Recovered
$132,480Deal Summary
Total Cash to First Close
$150,249+
Holding Costs (6 mo)
$2,352+
Contingency Reserve
$4,000−
Net Cash Recovered at Refi
$132,480=
Capital Left in Deal
$24,121Equity Position — Day 1 Post-Refi
ARV
$184,000−
DSCR Loan Balance
$138,000=
Equity in Property
$46,000 (25.0%)−
Capital Left in Deal
$24,121=
Value Created
$21,879$46,000 equity on $24,121 deployed = 1.9× equity leverage
Monthly Income & Expenses — Post-DSCR
Gross Rent
$1,675−
Property Taxes
$271−
Insurance
$121−
Maintenance (6% rent)
$101−
Management (6% rent)
$101=
OpEx Subtotal
$593=
Net Operating Income
$1,082−
DSCR P&I
$872/mo=
Net Cash Flow
$210/moDSCR Ratios — Cash-Out vs No Cash-Out
Cash-Out Refi
75% of ARV — full LTV
Loan Amount$138,000
Monthly P&I$872/mo
Net Cash Flow$210/mo
Cash Still Required−$24,121
DSCR
1.240x✗ Fail
Lender DSCR
1.325x✓ Pass
No Cash-Out
75.0% LTV — capped short $24,121
Loan Amount$138,000
Monthly P&I$872/mo
Net Cash Flow$210/mo
Cash Still Required−$24,121
DSCR
1.240x✗ Fail
Lender DSCR
1.325x✓ Pass
Required Rent by DSCR Target
| Target | Rent Needed | vs Current |
|---|---|---|
| 1.00x | $1,437/mo | ✓ met |
| 1.10x | $1,536/mo | ✓ met |
| 1.20x | $1,635/mo | ✓ met |
| 1.30x ← | $1,734/mo | +$59 needed |
| 1.40x | $1,833/mo | +$158 needed |