The Payton Keystone Single-Family Residential Community offers a great investment opportunity for those looking to expand their portfolio with passive income. It is perfect for an owner who desires consistent income from a niche, single-family residential development in a desirable school district, combined with an owners secluded 40-acre homestead on private water. The idea that sparked the development was the lack of affordable housing in the Titus and Morris County areas. The area consists largely of wealthy farmers and ranchers and the few choices for affordable housing consist largely of apartments. Filling that need, the Payton Keystone Community offers affordable, single-family, individually platted housing in a safe community with excellent schools. This community has proved prosperous for over a decade, with a long waiting list for applying tenants. As a result, the vacancy rate has always been below 3% and most tenants have lived there for over 3 years. The demand has continued to outpace the supply since the inception and buildout of the community, and there is enough acreage to double the size of the community.

LOCATION

The community is located between Mt. Pleasant and Pittsburg offering all the amenities you could think of. The community is located in the highly regarded Chapel Hill ISD making this community a great place for families, which make outstanding long-term tenants.

IMPROVEMENTS

This community consists of 29 manufactured homes that all have their own, platted 1/2+ acre lot with driveway, water and electric meters and an aerobic 3-tank septic system. Most homes are ~25 years old but have been meticulously maintained. Many of the homes have received new roofs and siding and all homes have received appliance upgrades. With an average useful life of up to 50 years these homes will continue to weather the test of time.

The heart of the community off of Highway 49 includes two private roads for easy all weather access to the homes. The roads are in excellent condition and have been very well maintained. The owners control all deed restrictions and will pass that along to the next owner. Due to the sellers forward thinking, there is an additional 17 acres designed for future development in the middle of the community. This is a tremendous opportunity for the buyer to expand and double or triple revenues.

The development also includes an owners homestead and equipment barn with living space that has never been rented and sits on +/- 40 acres. With a beautiful pond and ample space this creates a great opportunity for the new owner to live, or to eventually develop another community around it.

Currently, there are 3 rentals adjoining the rental community. If desired by the new owner, the owners house could be rented for an expected $3,000 +/- per month. In addition, there is an adjacent house where the community maintenance manager lives. While his house and acreage does not convey with the sale, he would like to continue working for the new owners and is an invaluable asset to the community.

WATER

All properties are serviced by Tri-Special Utility for water and each rental has their own meter.

ELECTRICITY

All properties are serviced by Bowie Cass Cooperative and each rental has their own meter.

TAXES

The taxes for 2023 were $17,905.62.

INCOME

For 2024, the Payton Keystone Manufactured Home Community is estimated to generate $400,000 of revenue. Without further expansion, the property has an estimated NOI of $288,465 and a CAP rate of 9.6% This includes the owners house being rented. There are some optional expenses such as weekly contract trash pickup for all the rentals and Redfearn Property Management fees that could be eliminated or added to current rental rate to increase the NOI. With the ability to more than double the size of the community with the additional land conveyed in the sale, this community has the ability to generate over $800,000 per year. Financial statements available upon request.

The information contained herein has been gathered from sources deemed reliable; however, Republic Ranches, LLC and its principals, members, officers, associates, agents and employees cannot guarantee the accuracy of such information. The information contained herein is subject to changes, errors, omissions, prior sale, withdrawal of property from the market without prior notice, and approval of purchase by owner. Prospective buyers should verify all information to their satisfaction. No representation is made as to the possible value of this investment or type of use, and prospective buyers are urged to consult with their tax and legal advisors before making a final determination.

Real Estate buyers are hereby notified that real properties and its rights and amenities in the States of Texas; Oklahoma; Colorado; Louisiana; Arkansas; and New Mexico are subject to many forces and impacts whether natural, those caused by man, or otherwise; including, but not limited to, drought or other weather related events, disease (e.g. Oak Wilt, Anthrax, Chronic Wasting Disease), invasive species, illegal trespassing, previous owner actions, neighbor actions and government actions. Prospective buyers of Texas real estate, New Mexico real estate, Colorado real estate, Oklahoma real estate, Arkansas Real Estate, or Louisiana real estate should investigate any concerns regarding a specific real property to their satisfaction.

When buying investment property the buyer's agent, if applicable, must be identified on first contact and must be present at initial showing of the property listing to the prospective real estate investor in order to participate in real estate commission. If this condition is not met, fee participation will be at sole discretion of Republic Ranches, LLC.

Republic Ranches, LLC reserves the right to require any or all interested buyer(s) of a particular property to provide proof of financial ability to purchase said property prior to the initial showing or any subsequent showing of the property. Republic Ranches, LLC also reserves the right to refuse to show a property to a potential buyer for any reason at Republic Ranches, LLC's sole and absolute discretion.