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10115 Summerberry Lane Tomball, TX 77375

3 Beds 2 Baths 1,290 sqft Built 2003

INVESTimate

$152,500

List Price

$1,280

$1,152 - $1,408

Rent Est.

$161,925  ( +6.18%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 2003
  • Price/Sqft : $118.22
  • 3 Days on Market
  • MLS # : 74780578
  • Updated Date : 08/24/2020 at 14:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,290 sqft
  • Baths : 2 full
Listing Agent

Premier Properties

Listing Agent's Description

Immaculately maintained and move in ready! NEW ROOF (2017), NEW HVAC/COILS (2014/2019), LIKE NEW APPLIANCES (2011/2012)! Welcome home to this 3 bedroom 2 bath with spacious covered front porch and large backyard deck with deck box and new shed (2017)! This home has a spacious living area with laminate flooring, open to the second and third bedrooms and second bath. This gem boasts a large in house laundry room, plenty of cabinet space and a wide open kitchen with eat in dining! Plenty of natural lighting will brighten your day throughout. The primary bedroom has plenty of room for a king bed and furnishings and it's own private en suite! The second and third bedrooms boast plenty of room for family, guests, or an office. The curb appeal can't be beat on this beautifully landscaped lot! Neighborhood features two parks and a pool for outdoor fun!

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MARKET HIGHLIGHTS

  • Houston metro contributes to 29.5% of Texas state economy i.e. Gross State Product (USMayors.org, 2018)
  • Houston metro's economy is worth $544.6 billion in Gross Metro Product and projected to grow to $580 billion in 2019 (USMayors.org, 2018)
  • Houston metro has 63.4% labor force participation rate higher than the national rate 62.8%. The participation rate is expected to grow to 63.6% in 2020 (USMayors.org, 2018)
  • Houston metro employment growth is at 1.8% and predicted to grow to 2.7% in 2019-20 (USMayors.org, 2018)

PRICE & RENT TRENDS

Zip Code: 77375

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 77375

ZipNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10562063

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Bernshausen Elementary School Primary Unknown 770 45 NA
Ulrich Intermediate School Middle Regular 1,118 76 6
Klein Cain High School High Regular NA

Bernshausen Elementary School

  • Education Level: Primary
  • # of students: 770
  • # of teachers: 45
NA
GreatSchools Rating

Ulrich Intermediate School

  • Education Level: Middle
  • # of students: 1,118
  • # of teachers: 76
6
GreatSchools Rating

Klein Cain High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$137,250$167,750$152,500

PURCHASE PRICE

$1,152$1,408$1,280

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,280
EXPENSES Loan Payment -$563
Property Tax -$321
Property Insurance -$112
HOA -$37
Property Management Fees -$99
CASH FLOW
$149

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 17% of earned rent to cover both maintenance and periods of vacancy.

$152,500

PROJECTED PRICE

$1,280

PROJECTED RENT

0.84%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 6.18%
Maintenance Year (1-5) 8.00%
Vacancy 9.28%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$46,163

INVESTMENT

$46,163

Down Payment
$38,125
Rehab Estimate
$5,750
Closing Costs
$2,288

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$563

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $38,125
Loan Amount $114,375
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$13,220

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,280

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,277

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,195
1$1,1952$1,2803$1,2954$1,3005$1,425
$1,425
RENT COMPS ANALYSIS
  • 10115 Summerberry Lane Tomball, TX 2
    • 3 beds 2 baths ∙ 1,290 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,290 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $0.99
    •  
  • 21426 Sweet Grass Lane Tomball, TX 1
    • 3 beds 2 baths ∙ 1,245 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,245 Sqft ∙ Built 2003
    property image
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.96
    •  
  • 21438 Sweet Grass Lane Tomball, TX 3
    • 3 beds 2 baths ∙ 1,326 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,326 Sqft ∙ Built 2002
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.98
    •  
  • 21402 Berry Ridge Lane Tomball, TX 4
    • 3 beds 2 baths ∙ 1,290 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,290 Sqft ∙ Built 2003
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.01
    •  
  • 10022 Summerberry Lane Tomball, TX 5
    • 3 beds 2 baths ∙ 1,404 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,404 Sqft ∙ Built 2004
    property image
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $1.01
    •  
PROPERTY LISTING DETAILS
Brandi Guillory
1.281.748.4579
Premier Properties
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 74780578
Last Updated: 08/24/2020
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