TV Star Buys In Houston

Controversial reality TV star buys a $1.9 million Houston property — and he wants to flip it

While Cypress teen phenom Danielle Bradbery put her city on the entertainment map by winning NBC's The Voice, a different kind of TV star is now the talk of the town after his company closed on a $1.9 million commercial property in this residential suburb.

But unlike the adorable 16-year-old gal who's now the pride and joy of the Northwest Houston suburb, the "suave" Armando Montelongo of A&E's Flip This House isn't a reality show personality you want lurking around your hood.

The 42-year-old purchased Northchase Place located at 13700 Veterans Memorial Dr., a 75,000-square-foot, four-story office building erected in 1983 whose owners needed to offload prior to the end of the year. Former proprietor Khoshbin Torrey Chase LLC of Irvine, Calif., sold the commercial space for under $30 per square foot, much lower than its 2013 appraised value of $2.7 million.

"Commercial real estate is greatly undervalued in Houston, which currently allows for some of the best buys per square foot in the country."

"Commercial real estate is greatly undervalued in Houston, which currently allows for some of the best buys per square foot in the country," Montelongo said in a statement delivered to the Houston Business Journal.

"Not only did we purchase the property at a great value, we also believe that the Northchase is a high-quality asset with a diverse tenant mix that will continue to attract quality companies for the long term."

The San Antonio native who calls himself America's No. 1 real estate investor doesn't have the cleanest reputation though. While Montelongo is on target to rake in $200 million from infomercials, "educational" seminars and a company that's valuated at $80 million, the complaints have been piling up.

It may be that his high-priced motivation seminars that teach "get rich quick" schemes are surging in popularity — because people struggling through desperate times take desperate measures — but entities like the Better Business Bureau, which classified his company with an F rating, warn about his business practices in the real estate market.

Montelongo is all about the money — what investor isn't?

But let's just hope that locals don't get screwed while he plays tycoon in a relatively family-oriented community.

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bang for your buck

These are the 6 most affordable ZIP codes for Houston renters

Facebook / City of Bellaire, Texas

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Trying to afford buying a home in Houston is difficult enough with current mortgage rates, and doubly so if you're already paying high rent on an apartment or a house. But there are six Houston ZIP codes where renters can get the most bang for their buck, according to a new study by financial services company CashNetUSA.

To find the most affordable ZIP codes to rent in the U.S., analysts compared median household incomes by ZIP code to the average annual rent costs using the Zillow Observed Rent Index. ZIP codes where the average annual rental costs required the lowest percentage of median household income were considered the "most affordable."

Two Houston-area ZIP codes specifically stood out in CashNetUSA's ranking of the most affordable ZIP codes for renters in America: 77401 in Bellaire (No. 9) and 77094 in the Energy Corridor (No. 12).

According to the study's findings, the average monthly cost of a rental in Bellaire comes out to $2,401.25, and the median annual income of a Bellaire household is $210,577. Analysts then calculated that the annual rent of a home in the Bellaire ZIP code only takes up 13.68 percent of a household's median income, which is the ninth-lowest in the nation.

But as Houstonians know all too well, Bellaire residents aren't exactly struggling to pay their rent, seeing as they live in one of the wealthiest places in America.

Meanwhile in Houston's 77094 ZIP, annual rent costs only represent 13.88 percent of a household's median annual income. The area – which encompasses the Kingsland Estates, Green Trails, Green Trails Oaks, Windsor Park Estates, Windsor Park Lakes, and Barker neighborhoods – has a median household income of over $168,000, and average rent costs add up to $1,944.58, according to the study.

CashNetUSA found the No. 1 most affordable ZIP code for renters nationwide is 66224 in Leawood, Kansas, where annual rent only takes a 10.57 percent cut out of a household's median annual income.

Elsewhere in Texas, San Antonio's 78248 ZIP ranked as the No. 4 most affordable ZIP code for renters in the U.S., and the No. 1 most affordable ZIP code statewide. The North Texas ZIP code 75013 in Allen ranked two spots behind Houston to claim the No. 14 spot nationally.

The most affordable Houston ZIP codes for renters
CashNetUSA further unveiled the five most affordable ZIP codes across major U.S. cities, including in Houston, Austin, and San Antonio.

Following 77094 (which took the No. 1 spot citywide) is 77008 (No. 2), which spans Greater Heights, Houston Heights, Shady Acres, and Lazybrook/Timbergrove. Rent costs in this ZIP code averaged out to $1,856 per month, the report found.

Landing in the No. 3 spot is 77024, which includes four of Houston's historic Memorial Villages, including Hedwig, Bunker Hill, Hunters Creek, and Piney Point. The report said average rent in the area comes out to $1,730 per month, which takes up 16.88 percent of a household's median annual income.

The remaining top two most affordable ZIP codes for Houston renters are located in 77007 (Washington Avenue Coalition/Memorial Park, Rice Military, and Crestwood/Glen Cove) and 77345 in Kingwood, which is about 30 miles north of downtown Houston.