Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

1241 W 24th Street Houston, TX 77008

3 Beds 4 Baths 2,062 sqft Built 2008

$379,900

List Price

$2,710

$2.5K - $3K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $184.24
  • 2 Days on Market
  • MLS # : 89343814
  • Updated Date : 01/09/2021 at 18:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,062 sqft
  • Baths : 3 full , 1 half
Listing Agent

Realty Associates

Listing Agent's Description

COME JOIN THE HEIGHTS IN THIS UNIQUE COMMUNITY! This custom-built, corner property in Shady Acres has stunning craftsmanship with amazing architectural details. Nestled in a gated community, it features 3 bedrooms, 3.5 bathrooms, beautiful hardwood throughout, fresh paint, crown molding, carved stone fireplace, two balconies, and mahogany doors. The first level includes one bedroom with its own private full bathroom or use it as a study. The living area features nice natural light. Entertainers will love the elegant formal dining room. The gourmet kitchen offers luxurious granite countertops, stainless steel appliances, equipped with custom cabinets, gas cooktop, and a wine cooler.  The Master suite is located on the third floor along with the third bedroom. Vaulted ceiling, walk-in closet, and whirlpool tub. Refrigerator, washer and dryer included. Never flooded, NO HOA! Minutes away from Houston hot spots. Walking distance to hiking and bike trails, restaurants & entertainment!

SEE MORE

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
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
 

$341,910$417,890$379,900

PURCHASE PRICE

$2,439$2,981$2,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,710
EXPENSES Loan Payment -$1,320
Property Tax -$801
Property Insurance -$167
Property Management Fees -$99
CASH FLOW
$324

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.

$379,900

PROJECTED PRICE

$2,710

PROJECTED RENT

0.71%

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$0.0$5.0k$10k$15k$20k

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$106,424

INVESTMENT

$106,424

Down Payment
$94,975
Rehab Estimate
$5,750
Closing Costs
$5,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,320

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $94,975
Loan Amount $284,925
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$28,323

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,710

    LIST RENT
  • $1.31

    LIST RENT PER SQFT
  • $2,706

    COMP ESTIMATED VALUE
  • $1.31

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,7103$2,8004$2,8505$2,950
$2,950
RENT COMPS ANALYSIS
  • 1241 W 24th Street Houston, TX 2
    • 3 beds 4 baths ∙ 2,062 Sqft ∙ Built 2008 3 beds 4 baths ∙ 2,062 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $2,710
    • $1.31
    •  
  • 1623 W 23rd Street Houston, TX 1
    • 3 beds 4 baths ∙ 1,996 Sqft ∙ Built 2015 3 beds 4 baths ∙ 1,996 Sqft ∙ Built 2015
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.25
    •  
  • 933 W 24th Street Houston, TX 3
    • 3 beds 4 baths ∙ 2,202 Sqft ∙ Built 2012 3 beds 4 baths ∙ 2,202 Sqft ∙ Built 2012
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.27
    •  
  • 2502 Bevis Street Houston, TX 4
    • 3 beds 4 baths ∙ 2,116 Sqft ∙ Built 2013 3 beds 4 baths ∙ 2,116 Sqft ∙ Built 2013
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.35
    •  
  • 1039 W 17th Street Houston, TX 5
    • 3 beds 4 baths ∙ 2,130 Sqft ∙ Built 2018 3 beds 4 baths ∙ 2,130 Sqft ∙ Built 2018
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.38
    •  
PROPERTY LISTING DETAILS
Nelly Schmidt
1.832.643.6624
Realty Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 89343814
Last Updated: 01/09/2021
BESbswy