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147 Velvet Grass Court The Woodlands, TX 77382

3 Beds 3 Baths 2,259 sqft Built 2003

$350,000

List Price

$2,170

$2K - $2.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 17, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $154.94
  • 5 Days on Market
  • MLS # : 68907038
  • Updated Date : 02/19/2021 at 09:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,259 sqft
  • Baths : 2 full , 1 half
Listing Agent

Point Real Estate

Listing Agent's Description

This Lifeforms home in the highly sought after neighborhood of Summerlyn is a charmer! From the front porch where you can sit & watch life in the neighborhood to the nice size backyard, you will love everything in between! This plan offers flexibility w/the formal dining room that could be a study, & the upstairs game room could be a 4th bedroom. Craftman style is so popular today & timeless! Mingle w/everyone in the open concept, & when ready, retreat to the upstairs for relaxation. Kitchen offers beautifully stained cabinets & carefree Corian counters. Gas cooking for the chef & refrigerator is included! Baths have been updated! Primary bedroom offers views of the backyard. New A/C 2020. Hop on the hike & bike to nearby elementary school w/park that includes pool, courts, play area & trail to Bear Branch Reservoir. Great for fishing, picnics & watching the sunset! Just minutes to Alden Bridge Shopping Center & additional shopping & restaurants on 1488! Zoned for Buckalew Elementary!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Alden Bridge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $113k391k

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

Neighborhood: Alden Bridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000210022002300Rent in $10722322

* 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
Buckalew Elementary School Primary Regular 698 39 10
Mccullough Junior High School Middle Regular 2,229 120 10
The Woodlands High School Senior Campus High Regular 4,142 228 9

Buckalew Elementary School

  • Education Level: Primary
  • # of students: 698
  • # of teachers: 39
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
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,953$2,387$2,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,170
EXPENSES Loan Payment -$1,216
Property Tax -$696
Property Insurance -$158
Property Management Fees -$99
CASH FLOW
$2

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.

$350,000

PROJECTED PRICE

$2,170

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 2.9%
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$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,216

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$6,524

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,170

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $2,186

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$1,9963$2,0004$2,0005$2,170
$2,170
RENT COMPS ANALYSIS
  • 147 Velvet Grass Court The Woodlands, TX 5
    • 3 beds 3 baths ∙ 2,259 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,259 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,170
    • $0.96
    •  
  • 151 W Sundance Circle Spring, TX 1
    • 4 beds 3 baths ∙ 2,162 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,162 Sqft ∙ Built 1999
    property image
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.90
    •  
  • 7502 Wedgewood Drive Magnolia, TX 2
    • 4 beds 2 baths ∙ 2,050 Sqft ∙ Built 2004 4 beds 2 baths ∙ 2,050 Sqft ∙ Built 2004
    property image
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,996
    • $0.97
    •  
  • 7403 Wedgewood Drive Magnolia, TX 3
    • 3 beds 2 baths ∙ 2,087 Sqft ∙ Built 2003 3 beds 2 baths ∙ 2,087 Sqft ∙ Built 2003
    property image
    LEASED 11/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.96
    •  
  • 59 N Flickering Sun Circle The Woodlands, TX 4
    • 3 beds 3 baths ∙ 1,921 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,921 Sqft ∙ Built 2004
    property image
    LEASED 01/21/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.04
    •  
PROPERTY LISTING DETAILS
Michele Flory
1.713.256.4998
Point Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 68907038
Last Updated: 02/19/2021
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