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1229 W 16th Street Houston, TX 77008

3 Beds 3 Baths 2,046 sqft Built 2009

$425,000

List Price

$2,590

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2009
  • Price/Sqft : $207.72
  • 4 Days on Market
  • MLS # : 80760068
  • Updated Date : 01/08/2021 at 13:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,046 sqft
  • Baths : 2 full , 1 half
Listing Agent

Green Seed Realty

Listing Agent's Description

Fantastic home in Shady Acres with easy access to all the area has to offer. This 3 bedroom/2.5 bath home offers hardwoods through out, an open concept living/dining and a great front porch to enjoy watching neighbors stroll through the neighborhood. The primary bedroom features a small area that could be used as a home office or reading nook. The front yard is fenced for kids, pets or just the green thumb enthusiast. Great two story living in a very desirable area. All room measurements should be confirmed independently.

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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: 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
Black Middle School Middle Regular 907 50 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

Black Middle School

  • Education Level: Middle
  • # of students: 907
  • # of teachers: 50
6
GreatSchools Rating

Waltrip High School

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

$382,500$467,500$425,000

PURCHASE PRICE

$2,331$2,849$2,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,590
EXPENSES Loan Payment -$1,476
Property Tax -$896
Property Insurance -$165
Property Management Fees -$99
CASH FLOW
-$47

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.

$425,000

PROJECTED PRICE

$2,590

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 2.4%
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$15k

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$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$5,729

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,590

    LIST RENT
  • $1.27

    LIST RENT PER SQFT
  • $2,598

    COMP ESTIMATED VALUE
  • $1.27

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,5503$2,5904$2,6005$2,700
$2,700
RENT COMPS ANALYSIS
  • 1229 W 16th Street Houston, TX 3
    • 3 beds 3 baths ∙ 2,046 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,046 Sqft ∙ Built 2009
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,590
    • $1.27
    •  
  • 1166 W 17th Street Houston, TX 1
    • 3 beds 4 baths ∙ 1,922 Sqft ∙ Built 2014 3 beds 4 baths ∙ 1,922 Sqft ∙ Built 2014
    property image
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.30
    •  
  • 1134 W 17th Street Houston, TX 2
    • 3 beds 4 baths ∙ 2,170 Sqft ∙ Built 2015 3 beds 4 baths ∙ 2,170 Sqft ∙ Built 2015
    property image
    LEASED 12/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.18
    •  
  • 1506 Bevis Street Houston, TX 4
    • 3 beds 3 baths ∙ 1,948 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,948 Sqft ∙ Built 2004
    property image
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.33
    •  
  • 1223 W 19th Street Houston, TX 5
    • 3 beds 4 baths ∙ 2,123 Sqft ∙ Built 2017 3 beds 4 baths ∙ 2,123 Sqft ∙ Built 2017
    property image
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.27
    •  
PROPERTY LISTING DETAILS
Marty Roper
1.713.481.2557
Green Seed Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 80760068
Last Updated: 01/08/2021
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