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1428 W 23rd Street Houston, TX 77008

3 Beds 4 Baths 2,426 sqft Built 2014

$448,000

List Price

$2,780

$2.5K - $3K

Rent Est.

PROPERTY INFO

February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $184.67
  • 4 Days on Market
  • MLS # : 46122623
  • Updated Date : 02/12/2021 at 14:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,426 sqft
  • Baths : 3 full , 1 half
Listing Agent

Compass Re Texas, Llc

Listing Agent's Description

Amazing rooftop terrace! Beautiful, open floor plan on one of the widest, pedestrian-friendly streets in Shady Acres. Four-story home with one bedroom on the first floor, living and dining on second floor, two bedrooms (including primary) and utility on the third floor. Fourth Floor is an open space, perfect for a study and has access to the rooftop terrace. Amenities include oak hardwood floors, granite counters, alarm system and s/s appliances. Gated community. This outstanding Shady Acres free standing home is walkable to many resturants, bars, coffee shops, bike trails, Eleanor's farmer's market and a park!

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: 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
 

$403,200$492,800$448,000

PURCHASE PRICE

$2,502$3,058$2,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,780
EXPENSES Loan Payment -$1,556
Property Tax -$945
Property Insurance -$191
Property Management Fees -$99
CASH FLOW
-$11

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.

$448,000

PROJECTED PRICE

$2,780

PROJECTED RENT

0.62%

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-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$124,470

INVESTMENT

$124,470

Down Payment
$112,000
Rehab Estimate
$5,750
Closing Costs
$6,720

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,556

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,000
Loan Amount $336,000
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$7,303

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,780

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $2,832

    COMP ESTIMATED VALUE
  • $1.17

    COMP AVG. RENT PER SQFT
Comps Range
$2,700
1$2,7002$2,7803$2,8504$3,0005$3,350
$3,350
RENT COMPS ANALYSIS
  • 1428 W 23rd Street Houston, TX 2
    • 3 beds 4 baths ∙ 2,426 Sqft ∙ Built 2014 3 beds 4 baths ∙ 2,426 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,780
    • $1.15
    •  
  • 1510 W 23rd Street Houston, TX 1
    • 3 beds 3 baths ∙ 2,474 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,474 Sqft ∙ Built 2005
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.09
    •  
  • 1333 W 22nd Houston, TX 3
    • 3 beds 4 baths ∙ 2,550 Sqft ∙ Built 2016 3 beds 4 baths ∙ 2,550 Sqft ∙ Built 2016
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.12
    •  
  • 1427 W 23rd Street Houston, TX 4
    • 3 beds 4 baths ∙ 2,590 Sqft ∙ Built 2014 3 beds 4 baths ∙ 2,590 Sqft ∙ Built 2014
    LEASED 11/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.16
    •  
  • 1504 W 23rd Street Houston, TX 5
    • 3 beds 3 baths ∙ 2,574 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,574 Sqft ∙ Built 2001
    LEASED 01/29/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $1.30
    •  
PROPERTY LISTING DETAILS
Kathryn Robinson
1.404.915.6282
Compass Re Texas, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 46122623
Last Updated: 02/12/2021
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