1902 Shadow Rock Dr, Houston, TX 77339
Houston, 77339
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Listing Agent
Lacy Glaspie
(281) 247-4027lg@mainstreamrealty.com
MMX Group/1902 Shadow Rock Dr, Houston, TX 77339
Flip-65.8%✗
HM→DSCR0.759x✗
Cash→DSCR0.759x✗
New Deal

1902 Shadow Rock Dr, Houston, TX 77339

3bd / 2ba · 1,844 sqft · built 1975 · Single FamilyAnalyzed Jul 30, 2026
DSCR
0.844x
FAIL
NOI ÷ debt service
Lender DSCR
1.027x
PASS
EGI ÷ P&I+tax+ins+HOA
Monthly Cash Flow
−$176/mo
FAIL
post all expenses · day 1
Cash to Close
$71,208
80% LTV · single close
Value Generated
$26,650
ARV − purchase − rehab
Starting Equity %
32.6%
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
-65.8%
Flip ROI
Cash to First Close
$23,490
what you bring day 1
Net Profit
−$25,974
Max Bid @ 20%
$180,705
−$25,974 profit  ÷  $39,464 total invested  =  -65.8%
Acquisition Event — First Close
Hard Money Loan — 9.99% Interest-Only
Loan Amount
$211,855
Purchase (95% LTV)
$199,405
Rehab (100%)
$12,450
Loan-to-ARV
85.1%
Monthly Interest
$1,764/mo
Down Payment5% of $209,900 purchase
$10,495
+
Origination Fee1 pts on $211,855 loan
$2,500
+
Closing Costs5% of purchase
$10,495
=
Cash to First Close
$23,490
Holding Period — 6 Months
HML Interest9.99% IO · $1,764/mo × 6$10,582
Property Taxes$506/mo × 6$3,036
Insurance$185/mo × 6$1,112
Total Holding Costs$14,729
Contingency Reserve10% of rehab — held, not at first close$1,245
Sale Event — Second Close
Sale Price (ARV)
$249,000
−
HML Principal Payofffull IO loan balance
$211,855
−
Closing Costs3.5% of sale price
$8,715
−
Realtor Commission6% of sale price
$14,940
=
Net Proceeds to You
$13,490
Deal Summary
Net Proceeds at Closing
$13,490
−
Cash to First Close
$23,490
−
Holding Costs (6 mo)
$14,729
−
Contingency Reserve
$1,245
=
NET PROFIT
−$25,974
Max Bid by ROI Target
ROIMax Bidvs Offer
10%$183,750−$26,150
15%$182,216−$27,684
20% ←$180,705−$29,195
25%$179,214−$30,686
30%$177,744−$32,156
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
0.844x
DSCR
Cash to Close
$71,208
single close · no bridge
Monthly Cash Flow
−$176/mo
Cash-on-Cash Yr 1
-3.0%
Acquisition — Single Close
DSCR Purchase Loan — 7.1% / 30yr · Minimal Rehab · No Bridge
Loan Amount
$167,920
LTV (80% of ARV)
67.4%
Monthly P&I
$1,128/mo
Equity at Close
$41,980
Down Payment20.0% of $209,900 purchase
$41,980
+
Origination Fee1 pts on $167,920
$1,679
+
DSCR Closing Coststitle / appraisal / escrow
$3,358
+
Acquisition Closing5% of purchase
$10,495
+
Rehab Budgetcash, not financed by DSCR loan
$12,450
Contingency Reserve10% of rehab$1,245
=
Total Cash to Close
$71,208
Equity Position — Day 1 Post-Refi
Property Value
$249,000
−
DSCR Loan Balance
$167,920
=
Equity in Property
$81,080 (32.6%)
−
Capital Left in Deal
$71,208
=
Value Created
$9,872
$81,080 equity on $71,208 deployed = 1.1× equity leverage
Monthly Income & Expenses — Post-DSCR
Gross Rent
$1,868
−
Property Taxes
$506
−
Insurance
$185
−
Maintenance (6% rent)
$112
−
Management (6% rent)
$112
=
OpEx Subtotal
$915
=
Net Operating Income
$953
−
DSCR P&I
$1,128/mo
=
Net Cash Flow
−$176/mo
DSCR Ratios
DSCR (NOI / Debt Service)
0.844x✗ Fail
Lender DSCR (EGI / P&I+tax+ins+HOA)
1.027x✓ Pass
Required Rent by DSCR Target
TargetRent Neededvs Current
1.00x$2,068/mo+$200 needed
1.10x$2,196/mo+$328 needed
1.20x$2,324/mo+$456 needed
1.30x ←$2,453/mo+$585 needed
1.40x$2,581/mo+$713 needed
1902 Shadow Rock Dr, Houston, TX 77339 — MX Analyzer