Remodeled Duplex Income
1503 East Wells Avenue Sherman, TX 75090
1503 East Wells Avenue, Sherman, TX, 75090
$229,900
For Sale
$229,900
Turnkey remodeled duplex with two rented units, each with driveway parking options.
Property Size1,469 SF
Price / SF$156.50
Days on Market91
Property Features for 1503 East Wells Avenue
General Information
- Standard status
- Active
- Size
- 1,469 SF
- Property subtype
- Multi-Family / Full Duplex
Building Details
- Year Built
- 1956
Listing agency
United Real Estate
(972) 974-0956
Listed by
Robert Genera · License #0631641
(972) 974-0956
Source
Compass
Added: Apr 22 Updated: Jul 10 at 1:50PM Checked: Jul 21 at 8:21AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of United Real Estate
Investment Insights
Based on property information with market context.
This for-sale duplex includes two separate units at 1501 and 1503 E Wells Ave. Both units have been remodeled and are currently rented on 1-year leases. Unit 1501 offers driveway parking. Unit 1503 also has driveway parking plus a detached garage, with the rear unit featuring a completed garage conversion and washer and dryer hook ups.
The property is located in Sherman, TX, and is presented as a ready-to-operate investment with tenant leases in place. Driveway parking is available for both units, and unit 1503 benefits from additional off-street storage and laundry capability through its detached garage and conversion improvements.
For investors or owners seeking a small residential income asset with existing leases, this duplex is positioned as a turnkey offering. The current status as remodeled and leased, with no deferred maintenance indicated, supports an immediately operational setup, while the driveway parking and in-unit washer/dryer hook ups in the garage conversion add practical everyday functionality for tenants.
The property is located in Sherman, TX, and is presented as a ready-to-operate investment with tenant leases in place. Driveway parking is available for both units, and unit 1503 benefits from additional off-street storage and laundry capability through its detached garage and conversion improvements.
For investors or owners seeking a small residential income asset with existing leases, this duplex is positioned as a turnkey offering. The current status as remodeled and leased, with no deferred maintenance indicated, supports an immediately operational setup, while the driveway parking and in-unit washer/dryer hook ups in the garage conversion add practical everyday functionality for tenants.
Key Highlights
- Remodeled 2‑unit duplex with both units currently rented on 1‑year leases at $995 per unit
- Two driveway parking options: unit 1501 has driveway parking; unit 1503 has driveway parking plus a detached garage
- Detached garage conversion on unit 1503 includes washer and dryer hook‑ups
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $18.2k | $12.36 |
| − Vacancy | −$2.1k | −$1.41 |
| EGI | $16.1k | $10.95 |
| − OpEx | −$4.8k | −$3.29 |
| NOI | $11.3k | $7.67 |
1,469 SF · lease $12.36/SF/yr · vacancy 11.40% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$160.9K
$140.8K – $187.7K
NOI $11,261 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$142.6K
$124.8K – $166.4K
NOI $9,982 @ 7.0% cap · market cap 4.34%
Theoretical Best
Hotel Hospitality
$753.6K
$659.4K – $879.2K
NOI $52,752 @ 7.0% cap · market cap 22.95%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Duplex - Turnkey remodeled duplex with two rented units, each with driveway parking options.
Where is this duplex located?
The property is located at 1503 East Wells Avenue Sherman, TX.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Remodeled 2‑unit duplex with both units currently rented on 1‑year leases at $995 per unit; Two driveway parking options: unit 1501 has driveway parking; unit 1503 has driveway parking plus a detached garage; Detached garage conversion on unit 1503 includes washer and dryer hook‑ups
