The Flipping Pad

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Description

Bid online 2/16 – 2/18 – http://www.bid4assets.com/PATX10

Minimum Bid: $55,000

The U.S. Marshals Service offers the following asset for auction:

• Subject property is located at 527 Spring Drive, Pasadena, Harris County, Texas 77504-1433.
• Legal Description: Tract One: 9,130 square feet of land, more or less, out of Lot Two Forty Six (246F), of Alta Vista Acres, a subdivision of Harris County, Texas, Section Three (3), according to the map or plat thereof recorded in Volume 11, page 53 of the Map of Records of Harris County, Texas.
• Assessor’s Parcel Number: 061-087-003-0416
• Site area is 9,130 +/- square feet.
• Dimensions: 83’ x 110’
• Shape: Rectangular
• There is no zoning for this property.
• The subject property is located in a residential area on Houston’s South East side about 15 miles from downtown in the town of Pasadena. Homes are one and two story, brick veneer and maintenance appears average. Shopping facilities are nearby and employment is located along State Highway 225 with the Houston Ship Channel and Petro-chemical industry. Access to shopping and labor centers is provided by I-45, 3 miles west and the East Belt, 3 miles east.
• The neighborhood is bounded by State Highway 225 to the north, the East Belt to the east and south and I-45 to the west.
• This is a detached, two (2) story, multi-unit property. This property consists of four (4) units with two (2) units on the first level and two (2) units on the second level. Units 1 & 2, both located on the first level, consist of a living room, dining room, kitchen, two (2) bedrooms, one (1) bathroom and have 978.75 +/- square feet of gross living area. Units 3 & 4, both located on the second level, consist of a living room, dining room, kitchen, two (2) bedrooms, two (2) bathrooms and have 964.25 +/- square feet of gross living area. There are two (2) parking spaces per apartment.
• Three (3) of the four (4) units are currently occupied. Each of the occupied units is currently being rented for $575.00 per month. Each tenant is responsible for paying for their own electricity, cable and phone. The owner of the building is responsible for paying for water and the garbage dumpster as required by the city which is paid to two separate entities. The owner is also responsible to pay for electricity for the common areas which includes perimeter lighting as well as the lights located in the hallway and stairwell leading to the upstairs apartments. There are five electrical meters for the building with one for each apartment and one for the perimeter lighting that the owner of the building is responsible for. The vacant unit located on the second floor needs minor repair and new carpeting. The units are in overall fair to average condition. The central A/C unit needs to be repaired.
• The building is currently enclosed with another building (525 Spring) and there is only one entrance to the complex to the parking area which is located in the back area.

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