100447 . 35 Home SFR Lubbock TX
35 Home SFR Portfolio , Lubbock, Texas 79410
For more info visit SFRhub.com and search for portfolio 100477
Welcome to Lubbock Texas, home to Texas Tech University, a large research institution that attracts a total student population of over 38,000. 74% of these students live off-campus, creating a high demand for rental housing in the immediate area. Also strong economic drivers, aside from having the 6th largest college by enrollment in the State of Texas, Lubbock has been coined “Hub City” for being the educational, economic, and healthcare center for multiple counties in the South Plains region of Northwest Texas.
This 35 home portfolio is conveniently located in the neighborhoods directly surrounding the campus. Currently a high percentage of the tenants are students, as they will continue to be the most popular demographic for these homes. Ranging from small, 1 bedroom units to larger 3 bedroom homes, the majority of plans in this package average 1100 SF 2 bedroom and 1300 SF 3 bedroom homes. These floor plans have continued to show high demand in this market, receiving average rents of $1163 per unit. Value-add opportunity to raise rents by 7%, while additionally lowering expenses with a master or blanket insurance policy.
In response to an old housing law in Lubbock, you will notice many of the homes here contain a main house and an apartment, or rear house, on the lot. This works in favor for renters and landlords alike, as it creates multiple detached-units on one, easily managed, combined parcel. Three of the parcels within this package contain multiple detached units, with 2 separate parcels containing two detached units and another separate parcel housing three detached units, providing multiple incomes per parcel. This housing model is perfect for students or short term rentals looking to be close to the universities located in Lubbock or in town visiting friends & family.
Lubbock is the 11th largest city in Texas, part of the larger Lubbock-Levelland Combined Statistical Area. As of 2018, Lubbock had an estimated population of 255,885 and experienced an 11.4% increase since 2010, projected to grow 7% through the year 2022. Lubbock is home to Texas Tech University, a Tier One Carnegie Designated University, and Texas Tech University Health Sciences Center, a nationally recognized multi-campus medical school. With over 53,000 students currently enrolled in higher education institutions in the area, it is no surprise that 29.69% of residents over 25 years of age have earned a bachelor’s degree or higher. The median household income, according to the U.S. Census Bureau, is $47,326.
In a recent study, Lubbock was ranked in the “Top 25 Best Large Cities to Start a Business”. In effect, the Lubbock area has a variety of dominant industry clusters such as advanced technology, agriculture, education, energy, financial services, food processing, healthcare/bioscience, manufacturing, tourism/hospitality, according to Impact Data Source. The largest companies within these dominant industry sectors include Covenant Health, UMC Health Systems, United Supermarkets, UMC Physician Network Services, Suddenlink Communications, X-FAB Texas, Johnson Controls. Compared to the rest of the nation, Lubbock’s cost of doing business continues to rank the lowest with the most affordable rates.
According to statistics by the Office of Trade and Industry Information, Manufacturing Services, International Trade Administration and the U.S. Department of Commerce, the exports in Lubbock totaled over $555 million in 2018 and over $450 million in 2017. The main contributors to this increase were crop production (72.9%) and machinery manufacturing (6.2%) followed by food manufacturing (2.1%).
- For more info visit SFRhub.com and search for portfolio 100477
- Multiple properties contain 2 to 3 detached units on the same parcel, ideal for rentals
- Opportunity to create Short Term rental income with multiple units on one parcel
- Located in neighborhoods directly surrounding Texas Tech University
- 74% of Texas Tech students live off-campus, in addition to faculty
- Permanent and guaranteed student housing demand
- Value-add opportunity to raise current rents by 7%
- Convenient management with all homes located within a short distance of each other
- Strong educational system with top ranked high school in the United States per Newsweek
- Big economic drivers with AT&T, Covenant Health System, United Super Markets & multiple colleges & universities, Lubbock will continue to be a stable and thriving community.
11/5/2019 7:29:27 PM
1/20/2020 7:09:54 PM