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12622 Grove Park Drive Missouri City, TX 77489

3 Beds 2 Baths 1,934 sqft Built 1986

INVESTimate

$140,000

List Price

$1,480

$1,332 - $1,628

Rent Est.

$152,180  ( +8.70%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 1986
  • Price/Sqft : $72.39
  • 5 Days on Market
  • MLS # : 42913824
  • Updated Date : 08/25/2020 at 08:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,934 sqft
  • Baths : 2 full
Listing Agent

Champions Real Estate Group

Listing Agent's Description

This house is a fixer upper. Beautiful subdivision, home did not flood during Harvey. House haven't been lived in for over eight plus years. Buyer will be responsible for survey and all inspections. Home is being sold AS IS. INVESTORS I do believe this is what you're looking for. **OFFERER DEADLINE WILL BE 8/28/2020 at 5:00PM. There will be no showings allowed after the deadline date.

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: Fondren Grove

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $105k274k

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

Neighborhood: Fondren Grove

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700Rent in $10421788

* 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
Bell Elementary School Primary Magnet 827 50 6
Welch Middle School Middle Magnet 884 53 2
Westbury High School High Magnet 2,180 116 3

Bell Elementary School

  • Education Level: Primary
  • # of students: 827
  • # of teachers: 50
6
GreatSchools Rating

Welch Middle School

  • Education Level: Middle
  • # of students: 884
  • # of teachers: 53
2
GreatSchools Rating

Westbury High School

  • Education Level: High
  • # of students: 2,180
  • # of teachers: 116
3
GreatSchools Rating
 

$126,000$154,000$140,000

PURCHASE PRICE

$1,332$1,628$1,480

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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$517
Property Tax -$398
Property Insurance -$158
HOA -$29
Property Management Fees -$99
CASH FLOW
$280

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.

$140,000

PROJECTED PRICE

$1,480

PROJECTED RENT

1.06%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.70%
Maintenance Year (1-5) 8.00%
Vacancy 8.80%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$42,850

INVESTMENT

$42,850

Down Payment
$35,000
Rehab Estimate
$5,750
Closing Costs
$2,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$517

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $35,000
Loan Amount $105,000
See What Happens When You Reinvest Cash Flow

10.42

YEARS SAVED

$24,989

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,557

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4603$1,4804$1,5005$1,500
$1,500
RENT COMPS ANALYSIS
  • 12622 Grove Park Drive Missouri City, TX 3
    • 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 1986
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.77
    •  
  • 9515 Ravensworth Drive Houston, TX 1
    • 3 beds 2 baths ∙ 1,856 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,856 Sqft ∙ Built 1970
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.78
    •  
  • 12811 Venice Lane Stafford, TX 2
    • 3 beds 2 baths ∙ 1,885 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,885 Sqft ∙ Built 1979
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.77
    •  
  • 12127 Meadow Place Drive Houston, TX 4
    • 3 beds 3 baths ∙ 1,805 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,805 Sqft ∙ Built 1992
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.83
    •  
  • 8827 Deer Meadow Drive Houston, TX 5
    • 3 beds 3 baths ∙ 1,784 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,784 Sqft ∙ Built 1993
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.84
    •  
PROPERTY LISTING DETAILS
Melvin Jones
1.281.216.7116
Champions Real Estate Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 42913824
Last Updated: 08/25/2020
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