Is 111 S 33rd St Worth the $820K Rehab?
A 10,500 SF former assisted living center near BSW Hospital. $37 per square foot. Full gut required. 15-unit MTR conversion projecting 9.3% cap rate on cost. Here's whether the math actually works.
(Acquisition Only)
(MTR on Cost)
(Full Gut, 15 Units)
(12,000+ Employees)
Is 111 S 33rd St Temple TX a good investment property?
For an experienced investor with $300K–$500K in liquid capital, yes — conditionally. A 10,500 SF former assisted living center listed at $389,000 ($37/SF) converts to 15 furnished mid-term rental units targeting BSW medical staff at $1,200/month, projecting $112,320 NOI and a 9.3% cap rate on total invested cost of $1.2M. The risks are significant: unknown foundation, probable asbestos, 8–14 month zero-income construction period, and $650K–$950K in rehab. This is a development project, not a passive rental.
- List Price: $389,000 ($37/SF)
- All-In Cost: ~$1,209,600 ($115/SF)
- MTR NOI: $112,320/year (15 units)
- Cap Rate: 9.3% on cost (MTR)
- BSW Proximity: 3–5 min drive
- Rehab Range: $650K – $950K
Property Overview
| Detail | Value |
|---|---|
| Address | 111 S 33rd St, Temple, TX |
| List Price | $389,000 |
| Bedrooms / Bathrooms | 23 / 12 |
| Square Footage | ~10,500 SF |
| Year Built | 1948 |
| Former Use | Assisted living center (attached + detached units) |
| Current Condition | Vacant, boarded up, full gut rehab required |
| Price Per SF | ~$37/SF (acquisition only) |
| Seller Situation | Hard money lender resale (foreclosure) |
| Proximity to BSW | 3–5 minute drive |
Taylor Dasch with EG Realty. A 10,500 square foot former assisted living center, three minutes from Baylor Scott & White Medical Center, listed at $389,000. That's $37 per square foot. The building is boarded up, vacant, and needs a full gut rehab estimated between $650,000 and $950,000. The all-in cost lands around $1.2 million for a 15-unit mid-term rental conversion targeting BSW travel nurses and medical staff — projecting $112,320 net operating income and a 9.3% cap rate on cost.
This is not a deal for casual investors. This is a commercial-scale conversion project requiring six to seven figures in capital, 8–14 months of construction with zero income, and a team of contractors who know what they're doing with 1948 construction. But if you have the capital and the vision, the math works — and BSW's 12,000-employee campus sitting five minutes away is the reason it works.
Why Is a Hard Money Lender Selling This Property?
Someone bought this building with a hard money loan — a short-term, high-interest loan designed for flippers and developers who plan to renovate and either sell or refinance within 6–18 months. That borrower couldn't execute. Maybe the rehab scope ballooned. Maybe financing dried up. Either way, they defaulted on the loan, and the hard money lender foreclosed.
Now the lender owns a 10,500 square foot vacant building that's generating zero income and costing them in carrying costs every month. They're not in the business of owning real estate — they're in the business of lending. They want this off their books.
That's the opportunity. Motivated sellers with no emotional attachment to the property. Their calculus is simple: recover as much principal as possible and move on. There's room to negotiate here, especially if you can close quickly with proof of funds.
What Does $820,000 in Rehab Actually Buy You?
Walking through this building feels like a post-apocalyptic film set. Boarded windows, cast iron plumbing exposed in the ceilings, electrical panels from an era when "code" meant something different. But the bones are there — load-bearing walls are intact, the footprint is massive, and the existing unit layout already suggests a multi-unit conversion.
| Line Item | Estimated Cost |
|---|---|
| Full Electrical Rewire (1948 panels, 15 metered units) | $125,000 |
| Plumbing — Cast Iron to PEX (15 bath + 15 kitchenette) | $115,000 |
| Structural / Ceiling Raise (load-bearing mods, 6.5–7.5 ft) | $85,000 |
| HVAC — 15 Ductless Mini-Split Systems | $78,000 |
| Roof Replacement (10,500 SF, 1948 original) | $58,000 |
| Foundation Contingency | $25,000 |
| Interior Build-Out — 15 Units (LVP, drywall, kitchenette, tile, fixtures, paint) | $195,000 |
| Exterior / Site Work / Parking | $35,000 |
| Permits / Architecture / Structural Engineering | $30,000 |
| 10% Contingency Buffer | $74,600 |
| Total Estimated Rehab | $820,600 |
| Realistic Range | $650,000 – $950,000 |
The electrical is the single most expensive line item, and it's non-negotiable. You're dealing with 1948 wiring across a 10,500 square foot building that needs 15 individually metered units. The cast iron plumbing is the second gut-punch — it's visible throughout the building, and patching cast iron in a building this old is a waste of money. Full PEX replacement is the move.
The ceiling height issue is the wild card most people won't anticipate. Several sections have 6.5 to 7.5 foot ceilings. For a mid-term rental targeting medical professionals paying $1,200 a month, you need livable ceiling heights. Raising them means modifying load-bearing structures — that's structural engineering, not drywall work.
Strategy 1: Mid-Term Rentals Targeting BSW (Recommended)
This is the play. Baylor Scott & White Medical Center employs over 12,000 people and sits a 3–5 minute drive from this property. The hospital runs continuous rotations of travel nurses (13-week contracts), surgical residents, and contract staff — all of whom need furnished housing within commuting distance and will pay a premium for it.
| Metric | Projection |
|---|---|
| Unit Count | 15 units at ~650 SF each (furnished) |
| Target Tenant | BSW travel nurses, residents, surgical staff |
| Monthly Rent / Unit | $1,200 |
| Gross Monthly Income | $18,000 |
| Gross Annual Income | $216,000 |
| Vacancy (20%) | -$43,200 |
| OpEx (35%) | -$60,480 |
| Net Operating Income | $112,320 |
| All-In Cost (Purchase + Rehab) | $1,209,600 |
| Cap Rate on Cost | 9.3% |
| All-In Per SF | ~$115/SF |
| Per Unit Cost | ~$80,000 |
At $1,200 per unit furnished, you're intentionally pricing below the competition. Most furnished MTR units near BSW list between $1,400 and $1,800. The strategy: absorb the highest occupancy rate in the market by being the obvious value play. Fifteen units at 80% occupancy beats eight units at 95% occupancy, and you have significantly more pricing flexibility as BSW demand fluctuates.
Strategy 2: Long-Term Rentals (Conservative Alternative)
If mid-term rental management doesn't fit your operation, the same building converts to 8 larger units at roughly 1,300 SF each. Fewer walls to build, no furnishing costs, simpler management.
| Metric | Projection |
|---|---|
| Unit Count | 8 units at ~1,300 SF (unfurnished) |
| Monthly Rent / Unit | $1,050 |
| Gross Monthly | $8,400 |
| Gross Annual | $100,800 |
| Vacancy (8%) | -$8,064 |
| OpEx (30%) | -$27,821 |
| Net Operating Income | $64,915 |
| All-In Cost | $964,000 |
| Cap Rate on Cost | 6.7% |
The LTR numbers are respectable but not exciting. A 6.7% cap on a million-dollar basis with 8–14 months of zero income during construction — that's a lot of patience for a modest return. The MTR strategy is what justifies the risk and capital outlay here.
The Risks — Every One of Them
I don't sanitize properties. The video walkthrough shows exactly how rough this building is. Here's what keeps me up at night on this deal:
Who Is This Deal For?
- $300K–$500K liquid capital minimum (down payment, rehab draws, carrying costs)
- Experience with commercial-scale renovation or a GC partnership you trust with your money
- Comfort with 12+ month timelines and zero cash flow during construction
- Understanding of MTR operations or willingness to hire a PM who specializes in furnished medical housing
- Willingness to navigate City of Temple permitting for a use-case conversion
If you're looking for a duplex that cash flows on day one, this isn't your deal. If you're an operator who sees a $37/SF acquisition near the largest employer in the county and can execute a conversion, the 9.3% cap rate on cost is how you get paid for taking that risk.
The BSW Proximity Advantage — Why Location Saves This Deal
Strip the BSW angle and this is a 10,500 SF gut job in a residential area with questionable economics. The location is the entire thesis.
Baylor Scott & White Medical Center is Temple's economic anchor — over 12,000 employees, continuous demand for housing from rotating medical staff, and zero signs of contraction. Travel nurses on 13-week contracts need furnished housing within a short commute. They're not signing 12-month leases in apartment complexes across town. They want proximity, furniture, and a reasonable price.
At $1,200 per unit furnished, you undercut every competing MTR in the BSW corridor while still generating $112,320 in NOI. That pricing power exists because your per-unit basis ($80,000) is dramatically lower than buying 15 individual properties. The commercial conversion is the arbitrage.
Watch the Full Property Walkthrough
I filmed a complete walkthrough of every unit, the electrical panels, the plumbing, the roofline, and the parking areas. If you're serious about this property, watch the video — pictures don't capture how much work this building needs, or how much potential it has.
Taylor's Take
I walked this entire building on camera. It looks like something out of a zombie movie. Boarded up, abandoned, cast iron everywhere, electrical panels that belong in a museum. Most agents would drive past it. Most investors would too.
But here's what I see: 10,500 square feet at $37 per square foot, three minutes from the largest employer in Bell County. The building already has 23 bedrooms and 12 bathrooms — the bones for a multi-unit conversion are literally built in. Gut the shell, split it into 15 furnished units at 650 SF each, price them at $1,200 a month, and you destroy all the competition in price while generating $112K in NOI.
The catch is real. You need $300K–$500K liquid to even sit at this table. You need a GC who won't flinch at 1948 construction. And you need 8–14 months of patience with zero income. This is a play for somebody who has a vision for something unique — not someone looking for their first rental property.
If that's you, call me. I'll walk you through the building myself.
Frequently Asked Questions
How much does it cost to convert 111 S 33rd St Temple TX into rental units?
The estimated full gut rehab to convert the 10,500 SF former assisted living center into 15 furnished mid-term rental units is approximately $820,600, with a realistic range of $650,000 to $950,000. Major cost drivers include full electrical rewire ($125,000), cast iron to PEX plumbing replacement ($115,000), and interior build-out for 15 individual units ($195,000). The all-in basis including the $389,000 purchase price is approximately $1,209,600.
What is the cap rate for rental property near BSW Hospital in Temple TX?
At 111 S 33rd St — located 3–5 minutes from Baylor Scott & White Medical Center — the projected cap rate on cost is 9.3% as a 15-unit furnished mid-term rental targeting BSW medical staff at $1,200 per unit per month. As a conservative long-term rental with 8 unfurnished units at $1,050 per month, the cap rate on cost projects at 6.7%. These are cap rates on total invested cost (purchase plus rehab), not on purchase price alone.
What do travel nurses pay for rent near BSW Temple TX?
Furnished mid-term rentals near Baylor Scott & White Medical Center in Temple TX typically range from $1,400 to $1,800 per month for a private unit. The 111 S 33rd St conversion strategy targets $1,200 per unit — intentionally priced below market to maximize occupancy across 15 units. Travel nurses on 13-week contracts prioritize proximity to the hospital, furnished units, and reasonable pricing over square footage or luxury finishes.
What is a hard money lender foreclosure in real estate?
A hard money lender foreclosure occurs when a borrower takes a short-term, high-interest loan (typically for renovation or flipping), fails to repay within the loan term, and the lender takes possession of the property. At 111 S 33rd St, the original buyer purchased the former assisted living center with hard money financing, likely couldn't complete the renovation or secure refinancing, and defaulted. The lender is now selling to recover their capital — creating a motivated seller scenario with potential room for negotiation.
Does Temple TX allow multi-unit mid-term rentals?
Zoning and permitting for multi-unit mid-term rental conversions in Temple TX require City of Temple approval. The 111 S 33rd St property's former use as an assisted living center (a commercial use) may simplify the zoning conversation, but investors must confirm that 15 individual furnished rental units are a permitted use at this location before closing. Consult the City of Temple Planning and Development department.
How far is 111 S 33rd St from Baylor Scott & White Hospital?
111 S 33rd St is approximately a 3–5 minute drive from Baylor Scott & White Medical Center's main Temple campus. BSW Temple is the largest employer in Bell County with over 12,000 employees, generating consistent demand for nearby housing from travel nurses, surgical residents, and contract medical staff on 13-week rotations.
Is 111 S 33rd St Temple TX a good investment property?
For an experienced investor with $300,000–$500,000 in liquid capital and comfort with commercial-scale renovation, the property offers a compelling value-add opportunity: $37 per square foot acquisition, 9.3% projected cap rate on cost, and proximity to Temple's largest employer (BSW, 12,000+ employees). The risks are significant — unknown foundation condition, probable asbestos, 8–14 month rehab timeline with zero income, and $650,000–$950,000 in renovation costs. This is a development project, not a passive rental investment.
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All projections in this analysis are estimates based on current market conditions and comparable properties. Investors should verify all numbers with licensed contractors, structural engineers, and their CPA before making investment decisions. Rehab costs can vary significantly based on findings during demolition and inspection. Updated April 2026.