Quiet Covey Comeback: How a $95 K Texas Fixer Shot for a $259.9 K List in Just 82 Days
Sherman R.E. Properties, Inc. spotted potential where most saw disrepair—the three-bed, two-bath ranch at 17215 Quiet Covey Ct. in Missouri City, TX. Backed by a rehab-ready loan from Secured Investment Corp. (Loan #223545, arranged by Bill Koder), they gutted, rebuilt, and re-listed the home in under three months. Here’s the full playbook behind their latest flip.
Acquisition & Financing
Rapid Purchase – Sherman R.E. Properties closed on December 18, 2024, acquiring the home for $95,000.
All-In Rehab Loan – A short-term, interest-only loan wrapped the $70,103 renovation budget into the deal, bringing the total cost basis to roughly $165,000 while preserving cash for surprises.
Speedy Draw Schedule – The final construction draw cleared on March 10, 2025, just 82 days after closing.
Market-Ready Exit – With funds released, the team staged, photographed, and listed the property on April 9, 2025at $259,900, positioning the project for a strong profit.
Pre-Rehab Condition
“Poor” Appraisal Rating – An October inspection officially classified the property’s condition as poor and uninhabitable.
Major Interior Damage – Broken cabinets, torn drywall, and heavily damaged bathrooms signaled a full gut-level renovation was required.
Environmental & Exterior Issues – Heavy mold in several rooms plus overgrown landscaping created health concerns and dragged down curb appeal.
Investor Upside – Despite the neglect, the house sat on solid bones in a high-demand Missouri City neighborhood, making it an ideal value-add project for experienced rehabbers.
Pre-Rehab Condition
An October appraisal pegged the house as poor: broken cabinets, damaged baths, torn drywall, overgrown landscaping, and heavy mold in multiple rooms left it uninhabitable.C. Anthony Sherman – Ap… For value-add investors, however, solid bones and strong neighborhood demand made it the perfect canvas.
Renovation Strategy & Highlights
Sherman opted for a full interior gut combined with targeted exterior upgrades: new Hardie-plank siding and fresh paint restored curb appeal; vinyl double-hung windows, upgraded insulation, and a complete HVAC install boosted energy efficiency; inside, they added shaker cabinets, stone counters, stainless appliances, and subway-tile backsplashes in the kitchen, plus floor-to-ceiling tile, new tubs, and modern vanities in both baths. Updated plumbing, rewired electrics, luxury vinyl plank flooring, and pristine interior paint tied the whole project together. A new privacy fence, gutters, and landscaping provided the finishing touches.
Timeline & Outcome
| Milestone | Date | Days Elapsed |
|---|---|---|
| Loan Closed | 12 / 18 / 2024 | — |
| Rehab Complete | 03 / 10 / 2025 | 82 |
| MLS List Date & Price | 04 / 09 / 2025 — $259,900 | 113 |
Deal at a Glance
| Metric | Value |
|---|---|
| Capital Deployed | ≈ $165 K |
| List Price / ARV | $259.9 K |
| Potential Gross Profit | ≈ $95 K* |
| Exit Flexibility | Sell, BRRRR, or long-term rental |
Takeaways for Investors
Private rehab loans provide the speed and certainty needed to secure distressed properties before traditional buyers can react, giving investors an edge. Tackling a project with a full-gut, down-to-studs approach streamlines the budget and minimizes long-term maintenance risks. Location matters, too: Missouri City’s Quail Valley neighborhood continues to attract buyers hunting for updated 1980s ranch homes priced below $300 K, creating strong resale demand. Finally, by delivering modern finishes and brand-new systems, investors gain multiple exit strategies—whether flipping immediately, refinancing into a long-term loan, or holding the property as a cash-flowing rental—allowing them to pivot with changing market conditions on closing day.
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