201 Pickering Rd, Cleveland, TX 77328
2bd / 2ba · 1,764 sqft · built 1984 · OtherAnalyzed Oct 25, 2026MX Group Partner$
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Scenario 1 — Flip
Hard money loan · sell at ARV after rehab
✅
PASSES FLIP
Min 20% ROI · 6-mo hold
28.4%
Flip ROI
Cash to First Close
$22,380
what you bring day 1
Net Profit
$10,418
Max Bid @ 20%
$201,986
$10,418 profit ÷ $36,702 total invested = 28.4%
Acquisition Event — First Close
Hard Money Loan — 9.99% Interest-Only
Loan Amount
$202,660
Purchase (95% LTV)
$188,860
Rehab (100%)
$13,800
Loan-to-ARV
73.4%
Monthly Interest
$1,687/mo
Down Payment5% of $198,800 purchase
$9,940+
Origination Fee1 pts on $202,660 loan
$2,500+
Closing Costs5% of purchase
$9,940=
Cash to First Close
$22,380Holding Period — 6 Months
HML Interest9.99% IO · $1,687/mo × 6$10,123
Property Taxes$293/mo × 6$1,756
Insurance$177/mo × 6$1,063
Total Holding Costs$12,942
Contingency Reserve10% of rehab — held, not at first close$1,380
Sale Event — Second Close
Sale Price (ARV)
$276,000−
HML Principal Payofffull IO loan balance
$202,660−
Closing Costs3.5% of sale price
$9,660−
Realtor Commission6% of sale price
$16,560=
Net Proceeds to You
$47,120Deal Summary
Net Proceeds at Closing
$47,120−
Cash to First Close
$22,380−
Holding Costs (6 mo)
$12,942−
Contingency Reserve
$1,380=
NET PROFIT
$10,418Max Bid by ROI Target
| ROI | Max Bid | vs Offer |
|---|---|---|
| 10% | $205,243 | ✓ ok |
| 15% | $203,603 | ✓ ok |
| 20% ← | $201,986 | ✓ ok |
| 25% | $200,392 | ✓ ok |
| 30% | $198,820 | ✓ ok |
Scenario 2 — HM→DSCR
Hard money @ 9.99% IO → DSCR refi · 75% ARV · 7.1% / 30yr
❌
FAILS DSCR
Min 1.30x · 7.1% / 30-yr DSCR · 75% of ARV
0.387x
DSCR
Monthly Cash Flow
−$852/mo
Cash-on-Cash Yr 1
-34.2%
$29,944 left in deal
Acquisition Event — First Close
Hard Money Loan — 9.99% Interest-Only
Loan Amount
$202,660
Purchase (95% LTV)
$188,860
Rehab (100%)
$13,800
Loan-to-ARV
73.4%
Monthly Interest
$1,687/mo
Down Payment5% of $198,800 purchase
$9,940+
Origination Fee1 pts on $202,660 loan
$2,500+
Closing Costs5% of purchase
$9,940=
Cash to First Close
$22,380Holding Period — 2 Months
HML Interest9.99% IO · $1,687/mo × 2$3,374
Property Taxes$293/mo × 2$585
Insurance$177/mo × 2$354
Total Holding Costs$4,314
Contingency Reserve10% of rehab — held, not at first close$1,380
DSCR Refinance — Second Close
DSCR Loan Proceeds75% of ARV · 7.1% / 30yr
$207,000−
HML Principal Payofffull IO loan balance
$202,660−
Origination Fee1 pts on $207,000
$2,070−
Closing Coststitle / appraisal / escrow
$4,140=
Cash to Bring to Close
−$1,870Deal Summary
Cash to First Close
$22,380+
Holding Costs (2 mo)
$4,314+
Contingency Reserve
$1,380−
Cash to Bring at Refi
+$1,870=
Capital Left in Deal
$29,944Equity Position — Day 1 Post-Refi
ARV
$276,000−
DSCR Loan Balance
$207,000=
Equity in Property
$69,000 (25.0%)−
Capital Left in Deal
$29,944=
Value Created
$39,056$69,000 equity on $29,944 deployed = 2.3× equity leverage
Monthly Income & Expenses — Post-DSCR
Gross Rent
$1,146−
Property Taxes
$293−
Insurance
$177−
Maintenance (6% rent)
$69−
Management (6% rent)
$69=
OpEx Subtotal
$607=
Net Operating Income
$539−
DSCR P&I
$1,391/mo=
Net Cash Flow
−$852/moDSCR Ratios — Cash-Out vs No Cash-Out vs DSCR=1.0
Cash-Out Refi
75% of ARV — full LTV
Loan Amount$207,000
Monthly P&I$1,391/mo
Net Cash Flow−$852/mo
Cash Still Required−$1,870
DSCR
0.387x✗ Fail
Lender DSCR
0.616x✗ Fail
No Cash-Out
75.0% LTV — capped short $1,870
Loan Amount$207,000
Monthly P&I$1,391/mo
Net Cash Flow−$852/mo
Cash Still Required−$1,870
DSCR
0.387x✗ Fail
Lender DSCR
0.616x✗ Fail
DSCR = 1.00x
29.0% LTV — still short $124,913
Loan Amount$80,152
Monthly P&I$539/mo
Net Cash Flow$0/mo
Cash Still Required−$124,913
DSCR
1.000x✗ Fail
Lender DSCR
1.136x✓ Pass
Required Rent by DSCR Target
| Target | Rent Needed | vs Current |
|---|---|---|
| 1.00x | $2,115/mo | +$969 needed |
| 1.10x | $2,273/mo | +$1,127 needed |
| 1.20x | $2,431/mo | +$1,285 needed |
| 1.30x ← | $2,589/mo | +$1,443 needed |
| 1.40x | $2,747/mo | +$1,601 needed |
Scenario 3 — Cash→DSCR
All-cash purchase → DSCR refi · 75% ARV · 7.1% / 30yr
❌
FAILS DSCR
Min 1.30x · 7.1% / 30-yr DSCR · 75% of ARV
0.387x
DSCR
Monthly Cash Flow
−$852/mo
Cash-on-Cash Yr 1
-42.5%
$24,070 left in deal
Acquisition Event — First Close
Purchase Price
$198,800+
Rehab Budget
$13,800+
Closing Costs5% of purchase
$9,940=
Total Cash to First Close
$222,540Holding Period — 2 Months
Property Taxes$293/mo × 2$585
Insurance$177/mo × 2$354
Total Holding Costs$940
Contingency Reserve10% of rehab — held, not at first close$1,380
DSCR Refinance — Second Close
DSCR Loan Proceeds75% of ARV · 7.1% / 30yr
$207,000−
Origination Fee1 pts on $207,000
$2,070−
Closing Coststitle / appraisal / escrow
$4,140=
Net Cash Recovered
$200,790Deal Summary
Total Cash to First Close
$222,540+
Holding Costs (2 mo)
$940+
Contingency Reserve
$1,380−
Net Cash Recovered at Refi
$200,790=
Capital Left in Deal
$24,070Equity Position — Day 1 Post-Refi
ARV
$276,000−
DSCR Loan Balance
$207,000=
Equity in Property
$69,000 (25.0%)−
Capital Left in Deal
$24,070=
Value Created
$44,930$69,000 equity on $24,070 deployed = 2.9× equity leverage
Monthly Income & Expenses — Post-DSCR
Gross Rent
$1,146−
Property Taxes
$293−
Insurance
$177−
Maintenance (6% rent)
$69−
Management (6% rent)
$69=
OpEx Subtotal
$607=
Net Operating Income
$539−
DSCR P&I
$1,391/mo=
Net Cash Flow
−$852/moDSCR Ratios — Cash-Out vs No Cash-Out
Cash-Out Refi
75% of ARV — full LTV
Loan Amount$207,000
Monthly P&I$1,391/mo
Net Cash Flow−$852/mo
Cash Still Required−$24,070
DSCR
0.387x✗ Fail
Lender DSCR
0.616x✗ Fail
No Cash-Out
75.0% LTV — capped short $24,070
Loan Amount$207,000
Monthly P&I$1,391/mo
Net Cash Flow−$852/mo
Cash Still Required−$24,070
DSCR
0.387x✗ Fail
Lender DSCR
0.616x✗ Fail
Required Rent by DSCR Target
| Target | Rent Needed | vs Current |
|---|---|---|
| 1.00x | $2,115/mo | +$969 needed |
| 1.10x | $2,273/mo | +$1,127 needed |
| 1.20x | $2,431/mo | +$1,285 needed |
| 1.30x ← | $2,589/mo | +$1,443 needed |
| 1.40x | $2,747/mo | +$1,601 needed |