6934 Pickett Dr, Richmond, TX 77469
3bd / 2ba · 1,459 sqft · built 1979 · Single Family (SFR)Analyzed May 21, 2026$
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Scenario 1 — Flip
Hard money loan · sell at ARV after rehab
❌
FAILS FLIP
Min 20% ROI · 6-mo hold
-56.5%
Flip ROI
Cash to First Close
$19,100
what you bring day 1
Net Profit
−$20,043
Max Bid @ 20%
$142,785
−$20,043 profit ÷ $35,448 total invested = -56.5%
Acquisition Event — First Close
Hard Money Loan — 9.99% Interest-Only
Loan Amount
$202,700
Purchase (95% LTV)
$157,700
Rehab (100%)
$45,000
Loan-to-ARV
84.1%
Monthly Interest
$1,687/mo
Down Payment5% of $166,000 purchase
$8,300+
Origination Fee1 pts on $202,700 loan
$2,500+
Closing Costs5% of purchase
$8,300=
Cash to First Close
$19,100Holding Period — 6 Months
HML Interest9.99% IO · $1,687/mo × 6$10,125
Property Taxes$111/mo × 6$669
Insurance$176/mo × 6$1,055
Total Holding Costs$11,848
Contingency Reserve10% of rehab — held, not at first close$4,500
Sale Event — Second Close
Sale Price (ARV)
$241,000−
HML Principal Payofffull IO loan balance
$202,700−
Closing Costs3.5% of sale price
$8,435−
Realtor Commission6% of sale price
$14,460=
Net Proceeds to You
$15,405Deal Summary
Net Proceeds at Closing
$15,405−
Cash to First Close
$19,100−
Holding Costs (6 mo)
$11,848−
Contingency Reserve
$4,500=
NET PROFIT
−$20,043Max Bid by ROI Target
| ROI | Max Bid | vs Offer |
|---|---|---|
| 10% | $145,552 | −$20,448 |
| 15% | $144,159 | −$21,841 |
| 20% ← | $142,785 | −$23,215 |
| 25% | $141,431 | −$24,569 |
| 30% | $140,096 | −$25,904 |
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
1.107x
DSCR
Monthly Cash Flow
$130/mo
Cash-on-Cash Yr 1
2.9%
$54,922 left in deal
Acquisition Event — First Close
Hard Money Loan — 9.99% Interest-Only
Loan Amount
$202,700
Purchase (95% LTV)
$157,700
Rehab (100%)
$45,000
Loan-to-ARV
84.1%
Monthly Interest
$1,687/mo
Down Payment5% of $166,000 purchase
$8,300+
Origination Fee1 pts on $202,700 loan
$2,500+
Closing Costs5% of purchase
$8,300=
Cash to First Close
$19,100Holding Period — 2 Months
HML Interest9.99% IO · $1,687/mo × 2$3,375
Property Taxes$111/mo × 2$223
Insurance$176/mo × 2$352
Total Holding Costs$3,949
Contingency Reserve10% of rehab — held, not at first close$4,500
DSCR Refinance — Second Close
DSCR Loan Proceeds75% of ARV · 7.1% / 30yr
$180,750−
HML Principal Payofffull IO loan balance
$202,700−
Origination Fee1 pts on $180,750
$1,808−
Closing Coststitle / appraisal / escrow
$3,615=
Cash to Bring to Close
−$27,373Deal Summary
Cash to First Close
$19,100+
Holding Costs (2 mo)
$3,949+
Contingency Reserve
$4,500−
Cash to Bring at Refi
+$27,373=
Capital Left in Deal
$54,922Equity Position — Day 1 Post-Refi
ARV
$241,000−
DSCR Loan Balance
$180,750=
Equity in Property
$60,250 (25.0%)−
Capital Left in Deal
$54,922=
Value Created
$5,328$60,250 equity on $54,922 deployed = 1.1× equity leverage
Monthly Income & Expenses — Post-DSCR
Gross Rent
$1,855−
Property Taxes
$111−
Insurance
$176−
Maintenance (6% rent)
$111−
Management (6% rent)
$111=
OpEx Subtotal
$510=
Net Operating Income
$1,345−
DSCR P&I
$1,215/mo=
Net Cash Flow
$130/moDSCR Ratios — Cash-Out vs No Cash-Out
Cash-Out Refi
75% of ARV — full LTV
Loan Amount$180,750
Monthly P&I$1,215/mo
Net Cash Flow$130/mo
Cash Still Required−$27,373
DSCR
1.107x✗ Fail
Lender DSCR
1.235x✓ Pass
No Cash-Out
75.0% LTV — capped short $27,373
Loan Amount$180,750
Monthly P&I$1,215/mo
Net Cash Flow$130/mo
Cash Still Required−$27,373
DSCR
1.107x✗ Fail
Lender DSCR
1.235x✓ Pass
Required Rent by DSCR Target
| Target | Rent Needed | vs Current |
|---|---|---|
| 1.00x | $1,707/mo | ✓ met |
| 1.10x | $1,845/mo | ✓ met |
| 1.20x | $1,983/mo | +$128 needed |
| 1.30x ← | $2,121/mo | +$266 needed |
| 1.40x | $2,259/mo | +$404 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
1.107x
DSCR
Monthly Cash Flow
$130/mo
Cash-on-Cash Yr 1
3.2%
$49,047 left in deal
Acquisition Event — First Close
Purchase Price
$166,000+
Rehab Budget
$45,000+
Closing Costs5% of purchase
$8,300=
Total Cash to First Close
$219,300Holding Period — 2 Months
Property Taxes$111/mo × 2$223
Insurance$176/mo × 2$352
Total Holding Costs$575
Contingency Reserve10% of rehab — held, not at first close$4,500
DSCR Refinance — Second Close
DSCR Loan Proceeds75% of ARV · 7.1% / 30yr
$180,750−
Origination Fee1 pts on $180,750
$1,808−
Closing Coststitle / appraisal / escrow
$3,615=
Net Cash Recovered
$175,328Deal Summary
Total Cash to First Close
$219,300+
Holding Costs (2 mo)
$575+
Contingency Reserve
$4,500−
Net Cash Recovered at Refi
$175,328=
Capital Left in Deal
$49,047Equity Position — Day 1 Post-Refi
ARV
$241,000−
DSCR Loan Balance
$180,750=
Equity in Property
$60,250 (25.0%)−
Capital Left in Deal
$49,047=
Value Created
$11,203$60,250 equity on $49,047 deployed = 1.2× equity leverage
Monthly Income & Expenses — Post-DSCR
Gross Rent
$1,855−
Property Taxes
$111−
Insurance
$176−
Maintenance (6% rent)
$111−
Management (6% rent)
$111=
OpEx Subtotal
$510=
Net Operating Income
$1,345−
DSCR P&I
$1,215/mo=
Net Cash Flow
$130/moDSCR Ratios — Cash-Out vs No Cash-Out
Cash-Out Refi
75% of ARV — full LTV
Loan Amount$180,750
Monthly P&I$1,215/mo
Net Cash Flow$130/mo
Cash Still Required−$49,047
DSCR
1.107x✗ Fail
Lender DSCR
1.235x✓ Pass
No Cash-Out
75.0% LTV — capped short $49,047
Loan Amount$180,750
Monthly P&I$1,215/mo
Net Cash Flow$130/mo
Cash Still Required−$49,047
DSCR
1.107x✗ Fail
Lender DSCR
1.235x✓ Pass
Required Rent by DSCR Target
| Target | Rent Needed | vs Current |
|---|---|---|
| 1.00x | $1,707/mo | ✓ met |
| 1.10x | $1,845/mo | ✓ met |
| 1.20x | $1,983/mo | +$128 needed |
| 1.30x ← | $2,121/mo | +$266 needed |
| 1.40x | $2,259/mo | +$404 needed |