2338 Cades Cove Dr, Spring, TX 77373
3bd / 2ba · 1,568 sqft · built 1977 · Single Family (SFR)Analyzed May 26, 2026$
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Scenario 1 — Flip
Hard money loan · sell at ARV after rehab
❌
FAILS FLIP
Min 20% ROI · 6-mo hold
-23.3%
Flip ROI
Cash to First Close
$18,500
what you bring day 1
Net Profit
−$8,053
Max Bid @ 20%
$147,570
−$8,053 profit ÷ $34,633 total invested = -23.3%
Acquisition Event — First Close
Hard Money Loan — 9.99% Interest-Only
Loan Amount
$186,999
Purchase (95% LTV)
$151,999
Rehab (100%)
$35,000
Loan-to-ARV
79.2%
Monthly Interest
$1,557/mo
Down Payment5% of $159,999 purchase
$8,000+
Origination Fee1 pts on $186,999 loan
$2,500+
Closing Costs5% of purchase
$8,000=
Cash to First Close
$18,500Holding Period — 6 Months
HML Interest9.99% IO · $1,557/mo × 6$9,341
Property Taxes$386/mo × 6$2,318
Insurance$162/mo × 6$975
Total Holding Costs$12,634
Contingency Reserve10% of rehab — held, not at first close$3,500
Sale Event — Second Close
Sale Price (ARV)
$236,000−
HML Principal Payofffull IO loan balance
$186,999−
Closing Costs3.5% of sale price
$8,260−
Realtor Commission6% of sale price
$14,160=
Net Proceeds to You
$26,581Deal Summary
Net Proceeds at Closing
$26,581−
Cash to First Close
$18,500−
Holding Costs (6 mo)
$12,634−
Contingency Reserve
$3,500=
NET PROFIT
−$8,053Max Bid by ROI Target
| ROI | Max Bid | vs Offer |
|---|---|---|
| 10% | $150,405 | −$9,594 |
| 15% | $148,978 | −$11,021 |
| 20% ← | $147,570 | −$12,429 |
| 25% | $146,182 | −$13,817 |
| 30% | $144,813 | −$15,186 |
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
0.829x
DSCR
Monthly Cash Flow
−$204/mo
Cash-on-Cash Yr 1
-5.9%
$41,520 left in deal
Acquisition Event — First Close
Hard Money Loan — 9.99% Interest-Only
Loan Amount
$186,999
Purchase (95% LTV)
$151,999
Rehab (100%)
$35,000
Loan-to-ARV
79.2%
Monthly Interest
$1,557/mo
Down Payment5% of $159,999 purchase
$8,000+
Origination Fee1 pts on $186,999 loan
$2,500+
Closing Costs5% of purchase
$8,000=
Cash to First Close
$18,500Holding Period — 2 Months
HML Interest9.99% IO · $1,557/mo × 2$3,114
Property Taxes$386/mo × 2$773
Insurance$162/mo × 2$325
Total Holding Costs$4,211
Contingency Reserve10% of rehab — held, not at first close$3,500
DSCR Refinance — Second Close
DSCR Loan Proceeds75% of ARV · 7.1% / 30yr
$177,000−
HML Principal Payofffull IO loan balance
$186,999−
Origination Fee1 pts on $177,000
$1,770−
Closing Coststitle / appraisal / escrow
$3,540=
Cash to Bring to Close
−$15,309Deal Summary
Cash to First Close
$18,500+
Holding Costs (2 mo)
$4,211+
Contingency Reserve
$3,500−
Cash to Bring at Refi
+$15,309=
Capital Left in Deal
$41,520Equity Position — Day 1 Post-Refi
ARV
$236,000−
DSCR Loan Balance
$177,000=
Equity in Property
$59,000 (25.0%)−
Capital Left in Deal
$41,520=
Value Created
$17,480$59,000 equity on $41,520 deployed = 1.4× equity leverage
Monthly Income & Expenses — Post-DSCR
Gross Rent
$1,744−
Property Taxes
$386−
Insurance
$162−
Maintenance (6% rent)
$105−
Management (6% rent)
$105=
OpEx Subtotal
$758=
Net Operating Income
$986−
DSCR P&I
$1,189/mo=
Net Cash Flow
−$204/moDSCR Ratios — Cash-Out vs No Cash-Out
Cash-Out Refi
75% of ARV — full LTV
Loan Amount$177,000
Monthly P&I$1,189/mo
Net Cash Flow−$204/mo
Cash Still Required−$15,309
DSCR
0.829x✗ Fail
Lender DSCR
1.003x✓ Pass
No Cash-Out
75.0% LTV — capped short $15,309
Loan Amount$177,000
Monthly P&I$1,189/mo
Net Cash Flow−$204/mo
Cash Still Required−$15,309
DSCR
0.829x✗ Fail
Lender DSCR
1.003x✓ Pass
Required Rent by DSCR Target
| Target | Rent Needed | vs Current |
|---|---|---|
| 1.00x | $1,975/mo | +$231 needed |
| 1.10x | $2,111/mo | +$367 needed |
| 1.20x | $2,246/mo | +$502 needed |
| 1.30x ← | $2,381/mo | +$637 needed |
| 1.40x | $2,516/mo | +$772 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
0.829x
DSCR
Monthly Cash Flow
−$204/mo
Cash-on-Cash Yr 1
-6.8%
$35,907 left in deal
Acquisition Event — First Close
Purchase Price
$159,999+
Rehab Budget
$35,000+
Closing Costs5% of purchase
$8,000=
Total Cash to First Close
$202,999Holding Period — 2 Months
Property Taxes$386/mo × 2$773
Insurance$162/mo × 2$325
Total Holding Costs$1,098
Contingency Reserve10% of rehab — held, not at first close$3,500
DSCR Refinance — Second Close
DSCR Loan Proceeds75% of ARV · 7.1% / 30yr
$177,000−
Origination Fee1 pts on $177,000
$1,770−
Closing Coststitle / appraisal / escrow
$3,540=
Net Cash Recovered
$171,690Deal Summary
Total Cash to First Close
$202,999+
Holding Costs (2 mo)
$1,098+
Contingency Reserve
$3,500−
Net Cash Recovered at Refi
$171,690=
Capital Left in Deal
$35,907Equity Position — Day 1 Post-Refi
ARV
$236,000−
DSCR Loan Balance
$177,000=
Equity in Property
$59,000 (25.0%)−
Capital Left in Deal
$35,907=
Value Created
$23,093$59,000 equity on $35,907 deployed = 1.6× equity leverage
Monthly Income & Expenses — Post-DSCR
Gross Rent
$1,744−
Property Taxes
$386−
Insurance
$162−
Maintenance (6% rent)
$105−
Management (6% rent)
$105=
OpEx Subtotal
$758=
Net Operating Income
$986−
DSCR P&I
$1,189/mo=
Net Cash Flow
−$204/moDSCR Ratios — Cash-Out vs No Cash-Out
Cash-Out Refi
75% of ARV — full LTV
Loan Amount$177,000
Monthly P&I$1,189/mo
Net Cash Flow−$204/mo
Cash Still Required−$35,907
DSCR
0.829x✗ Fail
Lender DSCR
1.003x✓ Pass
No Cash-Out
75.0% LTV — capped short $35,907
Loan Amount$177,000
Monthly P&I$1,189/mo
Net Cash Flow−$204/mo
Cash Still Required−$35,907
DSCR
0.829x✗ Fail
Lender DSCR
1.003x✓ Pass
Required Rent by DSCR Target
| Target | Rent Needed | vs Current |
|---|---|---|
| 1.00x | $1,975/mo | +$231 needed |
| 1.10x | $2,111/mo | +$367 needed |
| 1.20x | $2,246/mo | +$502 needed |
| 1.30x ← | $2,381/mo | +$637 needed |
| 1.40x | $2,516/mo | +$772 needed |