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11115 Lovington Drive Houston, TX 77088

4 Beds 3 Baths 2,240 sqft Built 2010

$209,900

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2010
  • Price/Sqft : $93.71
  • 2 Days on Market
  • MLS # : 10001508
  • Updated Date : 01/09/2021 at 05:49
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,240 sqft
  • Baths : 2 full , 1 half
Listing Agent

Champions Real Estate Group

Listing Agent's Description

Nicely maintained home located on a cul-de-sac with green space leading to community park and walking trails. Quiet community with friendly neighbors. Spacious back yard for family fun and entertaining guests. Large beautiful covered back patio added in 2020. New garage door opener installed 2020. Exterior trim and siding painted 2020. Upstairs interior walls repainted in 2020. Kitchen and family room walls repainted in 2019. Spacious kitchen opens onto large 26’x15’ family room. Quick access to Hwy 249 and I45. Quick access to shopping, dining and entertainment.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • Houston metro contributes to 29.5% of Texas state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Zip Code: 77088

ZipNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $69k222k

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

Zip Code: 77088

ZipNIR Market*CityMarket2010Year20002019 Q28009001000110012001300140015001600Rent in $7951677

* 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
Carmichael Elementary School Primary Regular 969 55 4
Hill Intermediate School Middle Regular 858 48 4
Eisenhower Ninth Grade School High Magnet 671 45 2

Carmichael Elementary School

  • Education Level: Primary
  • # of students: 969
  • # of teachers: 55
4
GreatSchools Rating

Hill Intermediate School

  • Education Level: Middle
  • # of students: 858
  • # of teachers: 48
4
GreatSchools Rating

Eisenhower Ninth Grade School

  • Education Level: High
  • # of students: 671
  • # of teachers: 45
2
GreatSchools Rating
 

$188,910$230,890$209,900

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$729
Property Tax -$507
Property Insurance -$179
HOA -$32
Property Management Fees -$99
CASH FLOW
$85

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$209,900

PROJECTED PRICE

$1,630

PROJECTED RENT

0.78%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.99%
Appreciation Year (1-5) 7.4%
Maintenance Year (1-5) 8.00%
Vacancy 8.01%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,374

INVESTMENT

$61,374

Down Payment
$52,475
Rehab Estimate
$5,750
Closing Costs
$3,149

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$729

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $52,475
Loan Amount $157,425
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$8,031

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $1,635

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5753$1,6304$1,6505$1,700
$1,700
RENT COMPS ANALYSIS
  • 11115 Lovington Drive Houston, TX 3
    • 4 beds 3 baths ∙ 2,240 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,240 Sqft ∙ Built 2010
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.73
    •  
  • 8526 Wild Basin Drive Houston, TX 1
    • 4 beds 3 baths ∙ 2,136 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,136 Sqft ∙ Built 1996
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.70
    •  
  • 8810 Wild Basin Drive Houston, TX 2
    • 4 beds 3 baths ∙ 2,090 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,090 Sqft ∙ Built 1997
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.75
    •  
  • 2783 Trementina Drive Houston, TX 4
    • 4 beds 3 baths ∙ 2,444 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,444 Sqft ∙ Built 2007
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.68
    •  
  • 11231 Royal Rock Court Houston, TX 5
    • 5 beds 3 baths ∙ 2,160 Sqft ∙ Built 2013 5 beds 3 baths ∙ 2,160 Sqft ∙ Built 2013
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.79
    •  
PROPERTY LISTING DETAILS
Robert Smiley
1.281.250.0063
Champions Real Estate Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 10001508
Last Updated: 01/09/2021
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