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1227 Strawberry Park Lane Katy, TX 77450

3 Beds 2 Baths 1,588 sqft Built 1980

$199,500

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $125.63
  • 2 Days on Market
  • MLS # : 35812919
  • Updated Date : 03/20/2021 at 13:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,588 sqft
  • Baths : 2 full
Listing Agent

Exp Realty, Llc

Listing Agent's Description

SERIOUS CASH INVESTOR BUYER'S ONLY! TENANT OCCUPIED - DO NOT DISTURB TENANT. NO LOCKBOX. NO SHOWINGS. Listing Agent will have the home open for very interested investors only Saturday 3/27 10am-2pm. Roof 2017, new water heater & new a/c 2020. HOME IS BEING SOLD "AS IS" NO REPAIRS WILL BE MADE.

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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: Memorial Parkway

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Memorial Parkway

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9442063

* 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
Memorial Parkway Elementary School Primary Regular 850 65 6
Memorial Parkway Junior High School Middle Regular 878 54 8
Taylor High School High Regular 2,943 156 9

Memorial Parkway Elementary School

  • Education Level: Primary
  • # of students: 850
  • # of teachers: 65
6
GreatSchools Rating

Memorial Parkway Junior High School

  • Education Level: Middle
  • # of students: 878
  • # of teachers: 54
8
GreatSchools Rating

Taylor High School

  • Education Level: High
  • # of students: 2,943
  • # of teachers: 156
9
GreatSchools Rating
 

$179,550$219,450$199,500

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$693
Property Tax -$426
Property Insurance -$135
HOA -$31
Property Management Fees -$99
CASH FLOW
$116

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.

$199,500

PROJECTED PRICE

$1,500

PROJECTED RENT

0.75%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 6.8%
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$600k

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$58,618

INVESTMENT

$58,618

Down Payment
$49,875
Rehab Estimate
$5,750
Closing Costs
$2,993

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$693

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $49,875
Loan Amount $149,625
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$9,186

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,501

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5003$1,5954$1,6005$1,650
$1,650
RENT COMPS ANALYSIS
  • 1227 Strawberry Park Lane Katy, TX 2
    • 3 beds 2 baths ∙ 1,588 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,588 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.94
    •  
  • 21471 Park Timbers Lane Katy, TX 1
    • 3 beds 3 baths ∙ 1,620 Sqft ∙ Built 1983 3 beds 3 baths ∙ 1,620 Sqft ∙ Built 1983
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.93
    •  
  • 21623 Park Valley Drive Katy, TX 3
    • 3 beds 2 baths ∙ 1,730 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,730 Sqft ∙ Built 1983
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.92
    •  
  • 1111 Park Wind Dr Katy, TX 4
    • 3 beds 2 baths ∙ 1,720 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,720 Sqft ∙ Built 1983
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.93
    •  
  • 21714 Park Brook Drive Katy, TX 5
    • 3 beds 2 baths ∙ 1,653 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,653 Sqft ∙ Built 1981
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.00
    •  
PROPERTY LISTING DETAILS
Sandra Acord
1.888.519.7431
Exp Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 35812919
Last Updated: 03/20/2021
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