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13322 Enchanted Way Dr Drive Montgomery, TX 77356

3 Beds 2 Baths 1,899 sqft Built 2004

$240,000

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

December 17, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $126.38
  • 4 Days on Market
  • MLS # : 50704878
  • Updated Date : 12/19/2020 at 17:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,899 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Charming one story brick home in Walden on Lake Conroe. The home is 1,899 sq ft and has 3 bedrooms, 2 bath. Large mature trees on a corner lot also with a landscaped and maintained yard! Open Living Room into the large Kitchen and Breakfast room. Has a private study in the front of home and split floorplan with the 2 secondary bedrooms. Update in the home and has wood floors in main living areas. Large kitchen with granite counters and custom backsplash with plenty of cabinet and counter space. Primary bedroom split from the other bedrooms and the primary bathroom has separate shower and tub, and double sinks. Roof replaced in 2018. Amenities for Walden Community include: Fitness center, lap pool, racquet club, hike and bike trails, yacht club and another large pool located right on Lake Conroe, kids baseball and soccer fields. Great living community on Lake Conroe!

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: Walden

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Walden

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10232163

* 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
Madeley Ranch Elementary School Primary Regular 594 37 7
Montgomery Junior High School Middle Regular 1,276 74 7
Montgomery High School High Regular 2,362 153 7

Madeley Ranch Elementary School

  • Education Level: Primary
  • # of students: 594
  • # of teachers: 37
7
GreatSchools Rating

Montgomery Junior High School

  • Education Level: Middle
  • # of students: 1,276
  • # of teachers: 74
7
GreatSchools Rating

Montgomery High School

  • Education Level: High
  • # of students: 2,362
  • # of teachers: 153
7
GreatSchools Rating
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$886
Property Tax -$480
Property Insurance -$137
HOA -$79
Property Management Fees -$99
CASH FLOW
$79

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.

$240,000

PROJECTED PRICE

$1,760

PROJECTED RENT

0.73%

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$886

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$9,241

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,766

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,625
1$1,6252$1,6503$1,7604$1,8005$1,850
$1,850
RENT COMPS ANALYSIS
  • 13322 Enchanted Way Dr Drive Montgomery, TX 3
    • 3 beds 2 baths ∙ 1,899 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,899 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.93
    •  
  • 13421 Raintree Drive Montgomery, TX 1
    • 3 beds 2 baths ∙ 1,802 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,802 Sqft ∙ Built 2014
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.90
    •  
  • 13221 Enchanted Way Drive Montgomery, TX 2
    • 4 beds 2 baths ∙ 1,784 Sqft ∙ Built 2002 4 beds 2 baths ∙ 1,784 Sqft ∙ Built 2002
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.92
    •  
  • 13429 Raintree Drive Montgomery, TX 4
    • 3 beds 2 baths ∙ 1,878 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,878 Sqft ∙ Built 2013
    LEASED 12/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.96
    •  
  • 3817 Breckenridge Drive Montgomery, TX 5
    • 3 beds 3 baths ∙ 1,960 Sqft ∙ Built 2020 3 beds 3 baths ∙ 1,960 Sqft ∙ Built 2020
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.94
    •  
PROPERTY LISTING DETAILS
Ryan Smith
1.979.575.2131
Keller Williams Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 50704878
Last Updated: 12/19/2020
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