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1316 Carriage Run Conroe, TX 77384

4 Beds 4 Baths 2,536 sqft Built 1994

$299,900

List Price

$2,370

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $118.26
  • 5 Days on Market
  • MLS # : 97691301
  • Updated Date : 12/30/2020 at 19:54
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,536 sqft
  • Baths : 3 full , 1 half
Listing Agent

Veronica Mullenix Real Estate

Listing Agent's Description

A+ Location! Great Price! Highly sought after community of custom luxury homes! This one-story traditional home is a diamond in the rough ready for you to make the repairs and add your decorator touches, a perfect home for someone who wants to select their favorite exotic granite, luxury flooring, designer paint colors, high end fixtures, and upscale appliances to create the home you've been dreaming of! High ceilings, stone fireplace hearth, large primary bathroom suite, large covered back porch! Awesome potential!! Fabulous location! Very close to Lake Conroe, Margaritaville Resort, The Woodlands, W.G. Jones State Forest. No MUD! Low Taxes! Lowest HOA in the area! No flooding! Community boasts families of deer roaming about, tennis and basketball courts, pavilion and picnic tables, pool, playground, park, fishing lake & pier, and an area for four-wheelers! Lot size is 0.4591; large backyard offers privacy. Needs updating. Selling "AS-IS", Seller cannot make any repairs.

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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: Carriage Hills

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $107k372k

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

Neighborhood: Carriage Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000210022002300Rent in $8932355

* 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
Bush Elementary School Primary Regular 698 42 10
Mccullough Junior High School Middle Regular 2,229 120 10
The Woodlands High School Senior Campus High Regular 4,142 228 9

Bush Elementary School

  • Education Level: Primary
  • # of students: 698
  • # of teachers: 42
10
GreatSchools Rating

Mccullough Junior High School

  • Education Level: Middle
  • # of students: 2,229
  • # of teachers: 120
10
GreatSchools Rating

The Woodlands High School Senior Campus

  • Education Level: High
  • # of students: 4,142
  • # of teachers: 228
9
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$2,133$2,607$2,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,370
EXPENSES Loan Payment -$1,107
Property Tax -$583
Property Insurance -$174
HOA -$25
Property Management Fees -$99
CASH FLOW
$383

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.

$299,900

PROJECTED PRICE

$2,370

PROJECTED RENT

0.79%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.0%
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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$39,854

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,370

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $2,435

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$2,370
1$2,3702$2,4003$2,4504$2,5005$2,500
$2,500
RENT COMPS ANALYSIS
  • 1316 Carriage Run Conroe, TX 1
    • 4 beds 4 baths ∙ 2,536 Sqft ∙ Built 1994 4 beds 4 baths ∙ 2,536 Sqft ∙ Built 1994
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,370
    • $0.93
    •  
  • 126 Jacobs Meadow Drive Conroe, TX 2
    • 4 beds 2 baths ∙ 2,487 Sqft ∙ Built 2011 4 beds 2 baths ∙ 2,487 Sqft ∙ Built 2011
    property image
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.97
    •  
  • 114 Meadow Run Drive Conroe, TX 3
    • 3 beds 3 baths ∙ 2,700 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,700 Sqft ∙ Built 2014
    property image
    LEASED 01/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.91
    •  
  • 106 Deer Crossing Court Conroe, TX 4
    • 4 beds 2 baths ∙ 2,487 Sqft ∙ Built 2013 4 beds 2 baths ∙ 2,487 Sqft ∙ Built 2013
    property image
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.01
    •  
  • 105 Owen Ridge Drive Conroe, TX 5
    • 3 beds 3 baths ∙ 2,629 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,629 Sqft ∙ Built 2014
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.95
    •  
PROPERTY LISTING DETAILS
Veronica Mullenix
1.281.844.6285
Veronica Mullenix Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 97691301
Last Updated: 12/30/2020
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