15 Greenway Plz, Houston, TX 77046
2bd / 2ba · 2,072 sqft · built 1980 · Condo/TownhomeAnalyzed Jun 26, 2026$
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Scenario 1 — Flip
Hard money loan · sell at ARV after rehab
✅
PASSES FLIP
Min 20% ROI · 6-mo hold
110.7%
Flip ROI
Cash to First Close
$14,495
what you bring day 1
Net Profit
$33,305
Max Bid @ 20%
$145,119
$33,305 profit ÷ $30,078 total invested = 110.7%
Acquisition Event — First Close
Hard Money Loan — 9.99% Interest-Only
Loan Amount
$123,953
Purchase (95% LTV)
$113,953
Rehab (100%)
$10,000
Loan-to-ARV
59.9%
Monthly Interest
$1,032/mo
Down Payment5% of $119,950 purchase
$5,998+
Origination Fee1 pts on $123,953 loan
$2,500+
Closing Costs5% of purchase
$5,998=
Cash to First Close
$14,495Holding Period — 6 Months
HML Interest9.99% IO · $1,032/mo × 6$6,191
Property Taxes$290/mo × 6$1,742
Insurance$108/mo × 6$650
HOA$1,000/mo × 6$6,000
Total Holding Costs$14,583
Contingency Reserve10% of rehab — held, not at first close$1,000
Sale Event — Second Close
Sale Price (ARV)
$207,000−
HML Principal Payofffull IO loan balance
$123,953−
Closing Costs3.5% of sale price
$7,245−
Realtor Commission6% of sale price
$12,420=
Net Proceeds to You
$63,383Deal Summary
Net Proceeds at Closing
$63,383−
Cash to First Close
$14,495−
Holding Costs (6 mo)
$14,583−
Contingency Reserve
$1,000=
NET PROFIT
$33,305Max Bid by ROI Target
| ROI | Max Bid | vs Offer |
|---|---|---|
| 10% | $148,035 | ✓ ok |
| 15% | $146,566 | ✓ ok |
| 20% ← | $145,119 | ✓ ok |
| 25% | $143,692 | ✓ ok |
| 30% | $142,285 | ✓ ok |
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
0.346x
DSCR
Monthly Cash Flow
−$682/mo
Cash-on-Cash Yr 1
N/A
−$6,284 left in deal
Acquisition Event — First Close
Hard Money Loan — 9.99% Interest-Only
Loan Amount
$123,953
Purchase (95% LTV)
$113,953
Rehab (100%)
$10,000
Loan-to-ARV
59.9%
Monthly Interest
$1,032/mo
Down Payment5% of $119,950 purchase
$5,998+
Origination Fee1 pts on $123,953 loan
$2,500+
Closing Costs5% of purchase
$5,998=
Cash to First Close
$14,495Holding Period — 2 Months
HML Interest9.99% IO · $1,032/mo × 2$2,064
Property Taxes$290/mo × 2$581
Insurance$108/mo × 2$217
HOA$1,000/mo × 2$2,000
Total Holding Costs$4,861
Contingency Reserve10% of rehab — held, not at first close$1,000
DSCR Refinance — Second Close
DSCR Loan Proceeds75% of ARV · 7.1% / 30yr
$155,250−
HML Principal Payofffull IO loan balance
$123,953−
Origination Fee1 pts on $155,250
$1,553−
Closing Coststitle / appraisal / escrow
$3,105=
Cash Back to You
+$26,640Deal Summary
Cash to First Close
$14,495+
Holding Costs (2 mo)
$4,861+
Contingency Reserve
$1,000−
Cash Back at Refi
−$26,640=
Capital Left in Deal
−$6,284Equity Position — Day 1 Post-Refi
ARV
$207,000−
DSCR Loan Balance
$155,250=
Equity in Property
$51,750 (25.0%)−
Capital Left in Deal
−$6,284=
Value Created
$58,034Monthly Income & Expenses — Post-DSCR
Gross Rent
$2,000−
Property Taxes
$290−
Insurance
$108−
Maintenance (6% rent)
$120−
Management (6% rent)
$120−
HOA
$1,000=
OpEx Subtotal
$1,639=
Net Operating Income
$361−
DSCR P&I
$1,043/mo=
Net Cash Flow
−$682/moDSCR Ratios — Cash-Out vs No Cash-Out
Cash-Out Refi
75% of ARV — full LTV
Loan Amount$155,250
Monthly P&I$1,043/mo
Net Cash Flow−$682/mo
Cash Back at Refi+$26,640
DSCR
0.346x✗ Fail
Lender DSCR
0.819x✗ Fail
No Cash-Out
61.7% LTV — breakeven refi
Loan Amount$127,786
Monthly P&I$859/mo
Net Cash Flow−$497/mo
Cash Back at Refi+$0
DSCR
0.421x✗ Fail
Lender DSCR
0.886x✗ Fail
Required Rent by DSCR Target
| Target | Rent Needed | vs Current |
|---|---|---|
| 1.00x | $2,775/mo | +$775 needed |
| 1.10x | $2,893/mo | +$893 needed |
| 1.20x | $3,012/mo | +$1,012 needed |
| 1.30x ← | $3,131/mo | +$1,131 needed |
| 1.40x | $3,249/mo | +$1,249 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
0.346x
DSCR
Monthly Cash Flow
−$682/mo
Cash-on-Cash Yr 1
N/A
−$10,848 left in deal
Acquisition Event — First Close
Purchase Price
$119,950+
Rehab Budget
$10,000+
Closing Costs5% of purchase
$5,998=
Total Cash to First Close
$135,948Holding Period — 2 Months
Property Taxes$290/mo × 2$581
Insurance$108/mo × 2$217
HOA$1,000/mo × 2$2,000
Total Holding Costs$2,797
Contingency Reserve10% of rehab — held, not at first close$1,000
DSCR Refinance — Second Close
DSCR Loan Proceeds75% of ARV · 7.1% / 30yr
$155,250−
Origination Fee1 pts on $155,250
$1,553−
Closing Coststitle / appraisal / escrow
$3,105=
Net Cash Recovered
$150,593Deal Summary
Total Cash to First Close
$135,948+
Holding Costs (2 mo)
$2,797+
Contingency Reserve
$1,000−
Net Cash Recovered at Refi
$150,593=
Capital Left in Deal
−$10,848Equity Position — Day 1 Post-Refi
ARV
$207,000−
DSCR Loan Balance
$155,250=
Equity in Property
$51,750 (25.0%)−
Capital Left in Deal
−$10,848=
Value Created
$62,598Monthly Income & Expenses — Post-DSCR
Gross Rent
$2,000−
Property Taxes
$290−
Insurance
$108−
Maintenance (6% rent)
$120−
Management (6% rent)
$120−
HOA
$1,000=
OpEx Subtotal
$1,639=
Net Operating Income
$361−
DSCR P&I
$1,043/mo=
Net Cash Flow
−$682/moDSCR Ratios — Cash-Out vs No Cash-Out
Cash-Out Refi
75% of ARV — full LTV
Loan Amount$155,250
Monthly P&I$1,043/mo
Net Cash Flow−$682/mo
Cash Back at Refi+$10,848
DSCR
0.346x✗ Fail
Lender DSCR
0.819x✗ Fail
No Cash-Out
69.6% LTV — breakeven refi
Loan Amount$144,067
Monthly P&I$968/mo
Net Cash Flow−$607/mo
Cash Back at Refi+$0
DSCR
0.373x✗ Fail
Lender DSCR
0.845x✗ Fail
Required Rent by DSCR Target
| Target | Rent Needed | vs Current |
|---|---|---|
| 1.00x | $2,775/mo | +$775 needed |
| 1.10x | $2,893/mo | +$893 needed |
| 1.20x | $3,012/mo | +$1,012 needed |
| 1.30x ← | $3,131/mo | +$1,131 needed |
| 1.40x | $3,249/mo | +$1,249 needed |