113 Delmar St, Houston, TX 77011
Houston, 77011
View on Zillow →
Listing Agent
Jose Sandoval
(281) 964-5906
MMX Group/113 Delmar St, Houston, TX 77011
Flip-145.0%✗
HM→DSCR0.561x✗
Cash→DSCR0.561x✗
New Deal

113 Delmar St, Houston, TX 77011

3bd / 2ba · 1,603 sqft · built 1940 · Single FamilyAnalyzed Jul 30, 2026
DSCR
0.546x
FAIL
NOI ÷ debt service
Lender DSCR
0.782x
FAIL
EGI ÷ P&I+tax+ins+HOA
Monthly Cash Flow
−$867/mo
FAIL
post all expenses · day 1
Cash to Close
$124,770
80% LTV · single close
Value Generated
$12,000
ARV − purchase − rehab
Starting Equity %
22.8%
ARV − DSCR loan ÷ ARV, day 1
$
$
$
$
$
$
Scenario 1 — Flip
Hard money loan · sell at ARV after rehab
❌
FAILS FLIP
Min 20% ROI · 6-mo hold
-145.0%
Flip ROI
Cash to First Close
$39,123
what you bring day 1
Net Profit
−$94,142
Max Bid @ 20%
$261,384
−$94,142 profit  ÷  $64,932 total invested  =  -145.0%
Acquisition Event — First Close
Hard Money Loan — 9.99% Interest-Only
Loan Amount
$362,250
Purchase (95% LTV)
$337,250
Rehab (100%)
$25,000
Loan-to-ARV
98.4%
Monthly Interest
$3,016/mo
Down Payment5% of $355,000 purchase
$17,750
+
Origination Fee1 pts on $362,250 loan
$3,623
+
Closing Costs5% of purchase
$17,750
=
Cash to First Close
$39,123
Holding Period — 6 Months
HML Interest9.99% IO · $3,016/mo × 6$18,094
Property Taxes$553/mo × 6$3,315
Insurance$317/mo × 6$1,900
Total Holding Costs$23,309
Contingency Reserve10% of rehab — held, not at first close$2,500
Sale Event — Second Close
Sale Price (ARV)
$368,000
−
HML Principal Payofffull IO loan balance
$362,250
−
Closing Costs3.5% of sale price
$12,880
−
Realtor Commission6% of sale price
$22,080
=
Net Proceeds to You
−$29,210
Deal Summary
Net Proceeds at Closing
−$29,210
−
Cash to First Close
$39,123
−
Holding Costs (6 mo)
$23,309
−
Contingency Reserve
$2,500
=
NET PROFIT
−$94,142
Max Bid by ROI Target
ROIMax Bidvs Offer
10%$265,796−$89,204
15%$263,575−$91,425
20% ←$261,384−$93,616
25%$259,225−$95,775
30%$257,096−$97,904
Scenario 4 — Turn Key DSCR
Direct DSCR purchase · 80% of ARV · 7.1% / 30yr · one close
❌
FAILS DSCR
Min 1.30x · 7.1% / 30-yr DSCR · 80% of ARV
0.546x
DSCR
Cash to Close
$124,770
single close · no bridge
Monthly Cash Flow
−$867/mo
Cash-on-Cash Yr 1
-8.3%
Acquisition — Single Close
DSCR Purchase Loan — 7.1% / 30yr · Minimal Rehab · No Bridge
Loan Amount
$284,000
LTV (80% of ARV)
77.2%
Monthly P&I
$1,909/mo
Equity at Close
$71,000
Down Payment20.0% of $355,000 purchase
$71,000
+
Origination Fee1 pts on $284,000
$2,840
+
DSCR Closing Coststitle / appraisal / escrow
$5,680
+
Acquisition Closing5% of purchase
$17,750
+
Rehab Budgetcash, not financed by DSCR loan
$25,000
Contingency Reserve10% of rehab$2,500
=
Total Cash to Close
$124,770
Equity Position — Day 1 Post-Refi
Property Value
$368,000
−
DSCR Loan Balance
$284,000
=
Equity in Property
$84,000 (22.8%)
−
Capital Left in Deal
$124,770
=
Value Created
−$40,770
$84,000 equity on $124,770 deployed = 0.7× equity leverage
Monthly Income & Expenses — Post-DSCR
Gross Rent
$2,171
−
Property Taxes
$553
−
Insurance
$317
−
Maintenance (6% rent)
$130
−
Management (6% rent)
$130
=
OpEx Subtotal
$1,130
=
Net Operating Income
$1,041
−
DSCR P&I
$1,909/mo
=
Net Cash Flow
−$867/mo
DSCR Ratios
DSCR (NOI / Debt Service)
0.546x✗ Fail
Lender DSCR (EGI / P&I+tax+ins+HOA)
0.782x✗ Fail
Required Rent by DSCR Target
TargetRent Neededvs Current
1.00x$3,157/mo+$986 needed
1.10x$3,373/mo+$1,202 needed
1.20x$3,590/mo+$1,419 needed
1.30x ←$3,807/mo+$1,636 needed
1.40x$4,024/mo+$1,853 needed