Income Duplex with Separate
724 South Elm Street Sherman, TX 75090
For Sale
$269,900
Two one-bedroom units include updated bathrooms, modernized interiors, and washer/dryer hookups with split electric meters.
Property Size1,487 SF
Price / SF$181.51
Days on Market96
Property Features for 724 South Elm Street
General Information
- Standard status
- Active
- Size
- 1,487 SF
- Property subtype
- Multi-Family / Full Duplex
Building Details
- Year Built
- 1930
Listing Agency:
RE/MAX Trinity
(940) 368-9266
Listed By:
Brigette Mann · License #0621304
(940) 368-9266
Source:
Compass
Added: Apr 20
Changed: Jul 23
Last Checked: Jul 23 at 8:13AM
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 RE/MAX Trinity
Investment Insights
Based on property information with market context.
This for-sale duplex offers two income-producing sides, each with one bedroom, one full bath, a living room, and a kitchen with dining. Both units include washer and dryer hookups. Electrical updates feature split meters for easier tenant use, and some water lines and gas lines have also been updated. The full bathroom in Apt A was recently updated with a walk-in tub with grab bars, while Apt B has a recently updated step-in shower. Flooring and kitchen areas have been redone with a more modern look.
The property includes a large backyard with a storage building and partial fencing. A large front porch is shaded by a mature, tall shade tree.
One lease is currently in place for another year, with the opportunity to own both sides of the duplex.
The property includes a large backyard with a storage building and partial fencing. A large front porch is shaded by a mature, tall shade tree.
One lease is currently in place for another year, with the opportunity to own both sides of the duplex.
Key Highlights
- Duplex with 2 total units, each offering 1 bedroom, 1 full bath, living room, and kitchen with dining
- Both units have washer and dryer hookups and split electric meters
- Recently updated bathrooms: Apt A includes a walk‑in tub with grab bars; Apt B includes a step‑in shower
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 | $18.4k | $12.36 |
| − Vacancy | −$2.1k | −$1.41 |
| EGI | $16.3k | $10.95 |
| − OpEx | −$4.9k | −$3.29 |
| NOI | $11.4k | $7.67 |
1,487 SF · lease $12.36/SF/yr · vacancy 11.40% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$162.8K
$142.5K – $190.0K
NOI $11,399 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$144.4K
$126.3K – $168.4K
NOI $10,105 @ 7.0% cap · market cap 3.74%
Theoretical Best
Hotel Hospitality
$762.8K
$667.5K – $890.0K
NOI $53,398 @ 7.0% cap · market cap 19.78%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Two one-bedroom units include updated bathrooms, modernized interiors, and washer/dryer hookups with split electric meters.
Where is this duplex located?
The property is located at 724 South Elm Street Sherman, TX.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: Duplex with 2 total units, each offering 1 bedroom, 1 full bath, living room, and kitchen with dining; Both units have washer and dryer hookups and split electric meters; Recently updated bathrooms: Apt A includes a walk‑in tub with grab bars; Apt B includes a step‑in shower
