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124 Fairway View Lane Conroe, TX 77356

3 Beds 3 Baths 2,217 sqft Built 1989

INVESTimate

$239,900

List Price

$1,770

$1,593 - $1,947

Rent Est.

$248,656  ( +3.65%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1989
  • Price/Sqft : $108.21
  • 7 Days on Market
  • MLS # : 52790424
  • Updated Date : 08/20/2020 at 17:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,217 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lake Conroe Realty

Listing Agent's Description

Quaint home in gated community of April Sound. Newly updated kitchen with gorgeous granite countertops, designer backsplash and loads of counter space! Charming built-ins galore in this home! Lots of closet and storage space as well! First floor includes master bedroom, large master bath, kitchen, breakfast area, large living room, powder room and laundry room with space for a freezer or second refrigerator. Outdoor patio just off of the living room with green space next to home that will not be built on. Second floor includes large game room/flex space with en-suite bath, guest bedroom and separate office/craft/study room. There are lots of options for the second floor spaces! April Sound amenities include country club, neighborhood pool, golf, tennis, boat ramp and Montgomery schools.

SEE MORE

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: April Sound

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: April Sound

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10722163

* 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
Stewart Creek Elementary School Primary Regular 777 46 7
Oak Hills Junior High School Middle Regular NA
Lake Creek High School High Regular NA

Stewart Creek Elementary School

  • Education Level: Primary
  • # of students: 777
  • # of teachers: 46
7
GreatSchools Rating

Oak Hills Junior High School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Lake Creek High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$215,910$263,890$239,900

PURCHASE PRICE

$1,593$1,947$1,770

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,770
EXPENSES Loan Payment -$885
Property Tax -$481
Property Insurance -$155
HOA -$70
Property Management Fees -$99
CASH FLOW
$80

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.

$239,900

PROJECTED PRICE

$1,770

PROJECTED RENT

0.74%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 3.65%
Maintenance Year (1-5) 8.00%
Vacancy 9.28%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,324

INVESTMENT

$69,324

Down Payment
$59,975
Rehab Estimate
$5,750
Closing Costs
$3,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$885

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,975
Loan Amount $179,925
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$9,166

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,770

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,785

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7703$1,8004$1,8505$1,875
$1,875
RENT COMPS ANALYSIS
  • 124 Fairway View Lane Conroe, TX 2
    • 3 beds 3 baths ∙ 2,217 Sqft ∙ Built 1989 3 beds 3 baths ∙ 2,217 Sqft ∙ Built 1989
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $0.80
    •  
  • 108 Harbour Town Court Montgomery, TX 1
    • 4 beds 3 baths ∙ 2,348 Sqft ∙ Built 1985 4 beds 3 baths ∙ 2,348 Sqft ∙ Built 1985
    property image
    LEASED 08/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.75
    •  
  • 93 April Wind Drive Conroe, TX 3
    • 3 beds 2 baths ∙ 2,092 Sqft ∙ Built 1978 3 beds 2 baths ∙ 2,092 Sqft ∙ Built 1978
    property image
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.86
    •  
  • 119 Capetown Lane Conroe, TX 4
    • 3 beds 3 baths ∙ 2,245 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,245 Sqft ∙ Built 2003
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.82
    •  
  • 113 Springs Edge Montgomery, TX 5
    • 4 beds 3 baths ∙ 2,365 Sqft ∙ Built 1975 4 beds 3 baths ∙ 2,365 Sqft ∙ Built 1975
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.79
    •  
PROPERTY LISTING DETAILS
Darrell Wade
1.832.577.8318
Lake Conroe Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 52790424
Last Updated: 08/20/2020
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