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505 W Morgan ST Denison, TX 75020
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Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Sold
Purchase Type For Sale
Square Footage 2,770 sqft
Price per Sqft $125
Subdivision Stevens Add
MLS Listing ID 21256732
Sold Date 07/23/26
Bedrooms 4
Full Baths 4
HOA Y/N No
Year Built 1915
Lot Size 5,009 Sqft
Acres 0.115
Property Sub-Type Quadruplex
Property Description
Investors and savvy buyers will find a rare gem in this fully updated 4-plex at 505 W Morgan St, which perfectly hits the elusive 1% rule and boasts a stabilized 8% cap rate, ensuring it remains cashflow positive from day 1. This property has undergone a full cosmetic remodel and offers significant structural peace of mind with a foundation repaired in 2024 and a roof replaced in 2017. The layout includes a spacious main building and a separate garage apartment featuring 3 reliable long term tenants who would like to stay (Unit 101 at $850, Unit 102 at $850, Unit 202 at $750) though the vacant unit (Unit 201) provides a perfect opportunity to househack and maximize your returns. Positioned for both incredible appreciation and strong monthly cashflow, this location is poised to benefit from the massive population explosion coming to Denison with the nearby billion-dollar Preston Harbor and Margaritaville developments. Tenants will love the convenience of being just blocks away from the historic charm of Downtown Denison, the recreation at Forest Park, and the community spirit of Munson Stadium. Do not miss this turnkey opportunity to own a high-performing asset in the heart of the North Texas boom. Everything is separately metered and tenants pay all utilities.
Based on full ask offer, the mortgage would be as follows (Estimates not final, subject to change with market rates, credit, insurance cost, and other varying factors):
- 25% Down Conventional Investment Loan: PITI of $2,624
- 3.5% Down FHA Loan for Househack: PITI of $3,236
Using preferred lender Taylor Hoff, he will provide a free 0.25% discount on interest rate for investment loans, and a free 1-0 buydown for FHA loans
Location
State TX
County Grayson
Direction GPS
Interior
Interior Features Decorative/Designer Lighting Fixtures, High Speed Internet, Natural Woodwork
Heating Space Heater, Wall Furnace
Cooling Ceiling Fan(s), Electric, Multi Units, Wall/Window Unit(s)
Flooring Hardwood
Fireplace No
Appliance Electric Range, Electric Water Heater
Exterior
Parking Features Common, Driveway
Pool None
Utilities Available Electricity Available, Sewer Available, Water Available
Water Access Desc Public
Roof Type Composition
Porch Covered, Enclosed, Front Porch
Total Parking Spaces 6
Garage No
Private Pool No
Building
Foundation Pillar/Post/Pier
Sewer Public Sewer
Water Public
Level or Stories Two
Schools
Elementary Schools Goldenrule
Middle Schools Henry Scott
High Schools Denison
School District Denison Isd
Others
Senior Community No
Tax ID 146033
Acceptable Financing Cash, Conventional, 1031 Exchange, FHA, Texas Vet, USDA Loan, VA Loan
Listing Terms Cash, Conventional, 1031 Exchange, FHA, Texas Vet, USDA Loan, VA Loan
Financing Conventional
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Nearby Locations
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