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1240 W 23rd Street Houston, TX 77008

3 Beds 4 Baths 2,075 sqft Built 2012

$379,000

List Price

$2,620

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

January 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2012
  • Price/Sqft : $182.65
  • 5 Days on Market
  • MLS # : 35865144
  • Updated Date : 01/20/2021 at 13:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,075 sqft
  • Baths : 3 full , 1 half
Listing Agent

Jsingh Homes

Listing Agent's Description

Come check out this alluring and bright corner unit, with a deck AND a balcony -- perfect for entertaining! Features and functionality rivaling new construction homes. Three spacious bedrooms, each with an en-suite bath and walk-in closet! Upgraded with Hunter Douglas shades, ample garage storage, and conveniently located within walking distance to area favorites such as Crisp, Providence, Drift, Cedar Creek, and so much more! Enjoy the best of everything in this stunning Shady Acres home!

SEE MORE

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: 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
Hamilton Middle School Middle Magnet 1,248 64 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

Hamilton Middle School

  • Education Level: Middle
  • # of students: 1,248
  • # of teachers: 64
6
GreatSchools Rating

Waltrip High School

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

$341,100$416,900$379,000

PURCHASE PRICE

$2,358$2,882$2,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,620
EXPENSES Loan Payment -$1,316
Property Tax -$799
Property Insurance -$167
HOA -$140
Property Management Fees -$99
CASH FLOW
$98

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.

$379,000

PROJECTED PRICE

$2,620

PROJECTED RENT

0.69%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$106,185

INVESTMENT

$106,185

Down Payment
$94,750
Rehab Estimate
$5,750
Closing Costs
$5,685

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,316

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $94,750
Loan Amount $284,250
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$9,806

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,620

    LIST RENT
  • $1.26

    LIST RENT PER SQFT
  • $2,609

    COMP ESTIMATED VALUE
  • $1.26

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,6203$2,7504$2,8005$2,800
$2,800
RENT COMPS ANALYSIS
  • 1240 W 23rd Street Houston, TX 2
    • 3 beds 4 baths ∙ 2,075 Sqft ∙ Built 2012 3 beds 4 baths ∙ 2,075 Sqft ∙ Built 2012
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,620
    • $1.26
    •  
  • 1148 W 25th Street Houston, TX 1
    • 3 beds 4 baths ∙ 1,966 Sqft ∙ Built 2005 3 beds 4 baths ∙ 1,966 Sqft ∙ Built 2005
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.22
    •  
  • 1314 W 21st Street Houston, TX 3
    • 3 beds 4 baths ∙ 2,241 Sqft ∙ Built 2014 3 beds 4 baths ∙ 2,241 Sqft ∙ Built 2014
    property image
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.23
    •  
  • 1221 W 23rd Street Houston, TX 4
    • 3 beds 3 baths ∙ 2,248 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,248 Sqft ∙ Built 2012
    property image
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.25
    •  
  • 1328 W 23rd Street Houston, TX 5
    • 3 beds 4 baths ∙ 2,100 Sqft ∙ Built 2020 3 beds 4 baths ∙ 2,100 Sqft ∙ Built 2020
    property image
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.33
    •  
PROPERTY LISTING DETAILS
Jessie Singh
1.936.333.7365
Jsingh Homes
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 35865144
Last Updated: 01/20/2021
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