?? Value-Add Triplex Investment | Pro-Forma 12% Cap Rate | $139,900 113 N Armstrong Ave presents a rare three-unit investment opportunity in Tulia, Texas. This income-producing property consists of a 4-bedroom primary residence and a detached two-unit building, offering immediate cash flow with strong value-add potential. Two units are currently occupied, providing stable in-place income, while the third unit (upstairs apartment) is under renovation and positioned to significantly increase overall revenue once completed. Property Breakdown Main Residence – 4 Bed / 2 Bath • Currently rented at $650/month (below market) • 10-year tenant on month-to-month lease • Roof replaced 2017 • Furnace replaced 2020 • Water heater replaced 2023 • Tenant pays utilities Second Building – Two Apartments Downstairs Unit • Rented at $600/month • Stable tenant • Month-to-month lease • Tenant pays utilities Upstairs Unit – 1 Bed / 1 Bath (450 SF) • Currently under renovation • Electrical rewire in progress • Projected rent: $699/month • Significant upside upon completion This property offers a clear repositioning opportunity through rent adjustments and completion of the third unit. Ideal for small multifamily investors seeking strong cash-on-cash returns in a stable Texas rental market. ?? Financial Summary (Pro-Forma) Asking Price: $139,900 Current Income (2 Units Occupied) • Annual Gross: $15,000 Stabilized Income (3 Units) • Main House (Projected): $800/month • Downstairs Apt (Projected): $750/month • Upstairs Apt (Projected): $699/month Projected Gross Annual Income: $26,988 Estimated Annual Expenses • Taxes: $4,500 • Insurance: ~$2,000 • Maintenance (8%): ~$2,159 • Vacancy (5%): ~$1,349 Estimated Stabilized NOI: ~$16,990 Pro-Forma Cap Rate (at $139,900) ~12.1% Investor Highlights • Three total rental units • Two currently cash-flowing • Third unit adds forced appreciation • Tenants pay utilities • Month-to-month flexibility • Major capital improvements completed