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1202 Melford Drive Houston, TX 77077

4 Beds 3 Baths 2,854 sqft Built 1996

$379,900

List Price

$2,540

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $133.11
  • 52 Days on Market
  • MLS # : 80892641
  • Updated Date : 12/12/2020 at 09:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,854 sqft
  • Baths : 2 full , 1 half
Listing Agent

Forever Realty

Listing Agent's Description

Move-in Ready, very well maintained 4 bedroom home in a gated community at heart of Energy Corridor. Walking distance to exemplary elementary school, walking trails, and plenty of entertainment. The charming home offers spacious living areas and large bedrooms with ample closet space. The upgrade kitchen offers large granite counter top, tile floor and enough cabinets for easy storage. The kitchen has ceramic back splash, refaced cabinets with relatively new hardware as well as stainless steel appliances. The large kitchen also has an island and roomy breakfast area offers a great space for family gatherings. Huge wood floor living room provide great entertainment area. The huge master bedroom has a master bath featuring separate vanity areas, jetted tub and separate glass enclosed shower. All bathroom cabinets, countertops, sinks, and fixtures have been updated. Room dimensions are approximate.

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

Neighborhood: Charlton Park

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $99k478k

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

Neighborhood: Charlton Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100012001400160018002000220024002600Rent in $9692743

* 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
Barbara Bush Elementary School Primary Regular 834 41 10
West Briar Middle School Middle Regular 1,051 62 7
Westside High School High Magnet 2,748 146 7

Barbara Bush Elementary School

  • Education Level: Primary
  • # of students: 834
  • # of teachers: 41
10
GreatSchools Rating

West Briar Middle School

  • Education Level: Middle
  • # of students: 1,051
  • # of teachers: 62
7
GreatSchools Rating

Westside High School

  • Education Level: High
  • # of students: 2,748
  • # of teachers: 146
7
GreatSchools Rating
 

$341,910$417,890$379,900

PURCHASE PRICE

$2,286$2,794$2,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,540
EXPENSES Loan Payment -$1,320
Property Tax -$826
Property Insurance -$209
HOA -$95
Property Management Fees -$99
CASH FLOW
-$8

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.

$379,900

PROJECTED PRICE

$2,540

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.4%
Maintenance Year (1-5) 8.00%
Vacancy 9.28%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$106,424

INVESTMENT

$106,424

Down Payment
$94,975
Rehab Estimate
$5,750
Closing Costs
$5,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,320

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $94,975
Loan Amount $284,925
See What Happens When You Reinvest Cash Flow

2

YEARS SAVED

$5,019

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,540

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $2,520

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,3003$2,5404$2,5505$2,700
$2,700
RENT COMPS ANALYSIS
  • 1202 Melford Drive Houston, TX 3
    • 4 beds 3 baths ∙ 2,688 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,688 Sqft ∙ Built 1996
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,540
    • $0.94
    •  
  • 13906 Charlton Way Drive Houston, TX 1
    • 4 beds 2 baths ∙ 2,546 Sqft ∙ Built 1996 4 beds 2 baths ∙ 2,546 Sqft ∙ Built 1996
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.86
    •  
  • 14102 Swiss Hill Drive Houston, TX 2
    • 3 beds 3 baths ∙ 2,762 Sqft ∙ Built 1977 3 beds 3 baths ∙ 2,762 Sqft ∙ Built 1977
    property image
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.83
    •  
  • 14214 Withersdale Drive Houston, TX 4
    • 4 beds 3 baths ∙ 2,556 Sqft ∙ Built 1984 4 beds 3 baths ∙ 2,556 Sqft ∙ Built 1984
    property image
    LEASED 10/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.00
    •  
  • 1222 Charlton Park Drive Houston, TX 5
    • 4 beds 2 baths ∙ 2,550 Sqft ∙ Built 1996 4 beds 2 baths ∙ 2,550 Sqft ∙ Built 1996
    property image
    LEASED 12/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.06
    •  
PROPERTY LISTING DETAILS
Kevin Man
1.281.665.0823
Forever Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 80892641
Last Updated: 12/12/2020
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