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1021 W 23rd Street Houston, TX 77008

3 Beds 3 Baths 2,037 sqft Built 2006

INVESTimate

$355,000

List Price

$2,420

$2,178 - $2,662

Rent Est.

$363,343  ( +2.35%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $174.28
  • 7 Days on Market
  • MLS # : 59651555
  • Updated Date : 08/20/2020 at 12:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,037 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

FULLY UPDATED!! This PRESTIGIOUS tri level contemporary home in Shady Acres has it all! NEW GRANITE throughout!! UPDATED fixtures, freshly painted, and new plumbing in 2019, NEW SS appliances. Home includes 3 spacious bedrooms, TWO DOWN, 2.5 baths & a two car garage. Enormous 2 story living room with a wall full of windows & a modern gas fireplace. Sparkling clean kitchen with white cabinets, 2019 NEW stainless-steel appliances & recessed lighting. Relax & unwind in your Primary Bedroom on the third level with an ensuite bathroom & a dreamy walk-in closet. WOW – Enjoy your own private & SPACIOUS outdoor oasis ready to be filled with memories! Walking distance to your favorite restaurants, bars, & shopping centers. No HOA - Not in a flood zone - Never flooded. Washer/Dryer & Refrigerator stay with the home. Professionally cleaned & VACANT for easy showing! Call today for your private tour! **Virtual Tour Available**

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MARKET HIGHLIGHTS

  • Houston metro employment growth is at 1.8% and predicted to grow to 2.7% in 2019-20 (USMayors.org, 2018)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Shady Acres

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400kPrice in $99k436k

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

Neighborhood: Shady Acres

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100012001400160018002000220024002600Rent in $9692745

* 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
Sinclair Elementary School Primary Magnet 534 34 6
Hamilton Middle School Middle Magnet 1,248 64 6
Waltrip High School High Magnet 1,663 94 3

Sinclair Elementary School

  • Education Level: Primary
  • # of students: 534
  • # of teachers: 34
6
GreatSchools Rating

Hamilton Middle School

  • Education Level: Middle
  • # of students: 1,248
  • # of teachers: 64
6
GreatSchools Rating

Waltrip High School

  • Education Level: High
  • # of students: 1,663
  • # of teachers: 94
3
GreatSchools Rating
 

$319,500$390,500$355,000

PURCHASE PRICE

$2,178$2,662$2,420

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,420
EXPENSES Loan Payment -$1,310
Property Tax -$749
Property Insurance -$165
Property Management Fees -$99
CASH FLOW
$98

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.

$355,000

PROJECTED PRICE

$2,420

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 2.35%
Maintenance Year (1-5) 8.00%
Vacancy 9.28%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$99,825

INVESTMENT

$99,825

Down Payment
$88,750
Rehab Estimate
$5,750
Closing Costs
$5,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,310

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $88,750
Loan Amount $266,250
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$13,991

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,420

    LIST RENT
  • $1.19

    LIST RENT PER SQFT
  • $2,500

    COMP ESTIMATED VALUE
  • $1.23

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,4003$2,4204$2,5005$2,800
$2,800
RENT COMPS ANALYSIS
  • 1021 W 23rd Street Houston, TX 3
    • 3 beds 3 baths ∙ 2,037 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,037 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,420
    • $1.19
    •  
  • 1022 W 24th Street Houston, TX 1
    • 3 beds 3 baths ∙ 2,081 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,081 Sqft ∙ Built 2006
    property image
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.11
    •  
  • 1044 W 24th Street Houston, TX 2
    • 3 beds 4 baths ∙ 1,958 Sqft ∙ Built 2008 3 beds 4 baths ∙ 1,958 Sqft ∙ Built 2008
    property image
    LEASED 01/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.23
    •  
  • 1046 W 23rd Street Houston, TX 4
    • 3 beds 3 baths ∙ 2,062 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,062 Sqft ∙ Built 2008
    property image
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.21
    •  
  • 2404 Beall Street Houston, TX 5
    • 3 beds 4 baths ∙ 2,056 Sqft ∙ Built 2015 3 beds 4 baths ∙ 2,056 Sqft ∙ Built 2015
    property image
    LEASED 12/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.36
    •  
PROPERTY LISTING DETAILS
Chelsea Williams
1.281.386.7896
Coldwell Banker Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 59651555
Last Updated: 08/20/2020
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