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12231 Westlock Drive Tomball, TX 77377

3 Beds 2 Baths 1,134 sqft Built 1984

$155,000

List Price

$1,340

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 1984
  • Price/Sqft : $136.68
  • 3 Days on Market
  • MLS # : 63745123
  • Updated Date : 11/02/2020 at 08:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,134 sqft
  • Baths : 2 full
Listing Agent

Elite Texas Properties

Listing Agent's Description

Charming 1-story home with 3 bedrooms 2 bathrooms is move-in ready! Turn-key ready located in the Westbourne community in Tomball, easy access to Grand Parkway, Vintage Park with shopping and restaurants. All the bedrooms are generously sized and the master bedroom includes a private bath. Kitchen opens up to breakfast and huge living room with high ceilings. Neutral paint colors throughout home, tiled in wet areas and carpet in all 3 bedrooms. Front and backyard landscaped. Auto sprinkler system. Solar panels on windows. Great size backyard with with Flagstone deck ideal for outdoor entertaining & storage shed included. Newly fenced door to backyard. Like new roof installed 2017. Mature oak trees on lot. Zoned to Tomball ISD. Must show this house will not last long!!

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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

Neighborhood: Westbourne

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $89k305k

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

Neighborhood: Westbourne

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8552063

* 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
Northpointe Intermediate School Primary Regular 1,012 58 9
Northpointe Intermediate School Middle Regular 1,012 58 9
Tomball Memorial High School High Regular 1,942 103 9

Northpointe Intermediate School

  • Education Level: Primary
  • # of students: 1,012
  • # of teachers: 58
9
GreatSchools Rating

Northpointe Intermediate School

  • Education Level: Middle
  • # of students: 1,012
  • # of teachers: 58
9
GreatSchools Rating

Tomball Memorial High School

  • Education Level: High
  • # of students: 1,942
  • # of teachers: 103
9
GreatSchools Rating
 

$139,500$170,500$155,000

PURCHASE PRICE

$1,206$1,474$1,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,340
EXPENSES Loan Payment -$572
Property Tax -$355
Property Insurance -$102
HOA -$29
Property Management Fees -$99
CASH FLOW
$183

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.

$155,000

PROJECTED PRICE

$1,340

PROJECTED RENT

0.86%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 7.0%
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$100k$200k$300k$400k$500k

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$46,825

INVESTMENT

$46,825

Down Payment
$38,750
Rehab Estimate
$5,750
Closing Costs
$2,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$572

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $38,750
Loan Amount $116,250
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$16,211

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,340

    LIST RENT
  • $1.18

    LIST RENT PER SQFT
  • $1,341

    COMP ESTIMATED VALUE
  • $1.18

    COMP AVG. RENT PER SQFT
Comps Range
$1,340
1$1,3402$1,4253$1,4254$1,4505$1,450
$1,450
RENT COMPS ANALYSIS
  • 12231 Westlock Drive Tomball, TX 1
    • 3 beds 2 baths ∙ 1,134 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,134 Sqft ∙ Built 1984
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,340
    • $1.18
    •  
  • 18110 Westlock Court Tomball, TX 2
    • 3 beds 2 baths ∙ 1,158 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,158 Sqft ∙ Built 1994
    property image
    LEASED 11/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $1.23
    •  
  • 12250 Cardston Court Tomball, TX 3
    • 3 beds 2 baths ∙ 1,145 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,145 Sqft ∙ Built 1995
    property image
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $1.24
    •  
  • 12154 Westlock Drive Tomball, TX 4
    • 3 beds 2 baths ∙ 1,299 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,299 Sqft ∙ Built 1997
    property image
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.12
    •  
  • 12307 Westwold Drive Tomball, TX 5
    • 4 beds 2 baths ∙ 1,267 Sqft ∙ Built 1984 4 beds 2 baths ∙ 1,267 Sqft ∙ Built 1984
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.14
    •  
PROPERTY LISTING DETAILS
Elizabeth Minjarez
1.281.960.0661
Elite Texas Properties
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 63745123
Last Updated: 11/02/2020
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