Remodeled Duplex Income
For Sale
$229,900
1503 East Wells Avenue, Sherman, TX 75090
Turnkey remodeled duplex with two rented units, each with driveway parking options.
Property Size1,469 SF
Price / SF$156.50
Days on Market101
Property Features for 1503 East Wells Avenue
General Information
Standard status
Active
Size
1,469 SF
Property subtype
Multi-Family / Full Duplex
Additional Details
Business Included
Yes
Multifamily Units
2
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
Changed: Jul 10
Last Checked: Jul 30 at 12:48PM
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
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
217
Businesses Nearby
Explore this area
Business Placement
Demographics for 75090, TX
25,002
Population
9,602
Households
2.6
Avg Household Size
35
Median Age
15%
College-Educated
84%
High-School Grad
78.5 sq mi
ZIP Area
318
Density / Sq Mi
$58,586
Median Household Income
$36,230
Median Earnings
$1,111
Median Rent
$163,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
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
