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1418 Green Highland Drive Spring, TX 77373

3 Beds 2 Baths 2,070 sqft Built 2021

$238,590

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $115.26
  • 3 Days on Market
  • MLS # : 30865410
  • Updated Date : 11/13/2020 at 11:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,070 sqft
  • Baths : 2 full
Listing Agent

Re/max Universal

Listing Agent's Description

GREAT LOCATION!!! Welcome home to this beautiful 3/4 Bedroom, 2 Bath, with a 2 Car Garage. This home has a spacious OPEN CONCEPT FLOOR PLAN offers a Family Room open to the Kitchen along with Formal Dining Room. You will love the Kitchen with lots of cabinets with under the cabinet lighting, black appliances, and even a USB outlet. Don't miss all the recessed lighting throughout the home. Tile and Carpet throughout. Fenced backyard. COST AND ENERGY EFFICIENCY FEATURES: 16 Seer HVAC System, Honeywell Wifi Programmable Thermostat, Pex Hot & Cold Water Lines, Radiant Barrier, Rheem® Tankless Gas Water Heater, and Vinyl Double Pane Low E Windows that open to the inside of the home for Cleaning. Convenient to Old Town Spring and the Woodlands for shopping and entertainment. Easy access to I45, 99. Hardy Toll Road, and Beltway 8.

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: Spring Forest Estates

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $105k278k

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

Neighborhood: Spring Forest Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900Rent in $10421905

* 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
Tomball Intermediate School Primary Regular 715 53 8
Tomball Intermediate School Middle Regular 715 53 8
Tomball High School High Regular 1,624 93 8

Tomball Intermediate School

  • Education Level: Primary
  • # of students: 715
  • # of teachers: 53
8
GreatSchools Rating

Tomball Intermediate School

  • Education Level: Middle
  • # of students: 715
  • # of teachers: 53
8
GreatSchools Rating

Tomball High School

  • Education Level: High
  • # of students: 1,624
  • # of teachers: 93
8
GreatSchools Rating
 

$214,731$262,449$238,590

PURCHASE PRICE

$1,530$1,870$1,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,700
EXPENSES Loan Payment -$880
Property Tax -$474
Property Insurance -$167
HOA -$33
Property Management Fees -$99
CASH FLOW
$47

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$238,590

PROJECTED PRICE

$1,700

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.4%
Maintenance Year (1-5) 3.00%
Vacancy 8.80%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,226

INVESTMENT

$65,226

Down Payment
$59,648
Rehab Estimate
$2,000
Closing Costs
$3,579

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$880

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,648
Loan Amount $178,943
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$8,154

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,700

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,753

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,6753$1,7004$1,800
$1,800
RENT COMPS ANALYSIS
  • 1418 Green Highland Drive Spring, TX 3
    • 3 beds 2 baths ∙ 2,070 Sqft ∙ Built 2021 3 beds 2 baths ∙ 2,070 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.82
    •  
  • 12047 Belle Court Pinehurst, TX 1
    • 3 beds 3 baths ∙ 1,778 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,778 Sqft ∙ Built 2006
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.84
    •  
  • 30702 Country Meadows Drive Tomball, TX 2
    • 3 beds 3 baths ∙ 1,972 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,972 Sqft ∙ Built 2001
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.85
    •  
  • 13638 Country Pine Court Tomball, TX 4
    • 3 beds 2 baths ∙ 2,119 Sqft ∙ Built 2001 3 beds 2 baths ∙ 2,119 Sqft ∙ Built 2001
    LEASED 08/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.85
    •  
PROPERTY LISTING DETAILS
Matthew Guzman
1.281.973.5799
Re/max Universal
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 30865410
Last Updated: 11/13/2020
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