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14931 Mills Park Lane Cypress, TX 77429

3 Beds 2 Baths 2,143 sqft Built 2003

$220,000

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $102.66
  • 57 Days on Market
  • MLS # : 65245173
  • Updated Date : 01/23/2021 at 14:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,143 sqft
  • Baths : 2 full
Listing Agent

Cb & A, Realtors

Listing Agent's Description

No showings til Tuesday Jan 26.. Great home with no back neighbors! CyFair Schools! This 3 bed, 2 bath, 2car garage with study (possible 4th bed) is ready for it's next owner! Large eat in kitchen with island overlooks a big living room. Gas Fireplace. Black appliances, gas cooking, microwave. Washer & dryer included! Lots of storage here with the 42" kitchen cabinets. Large primary bedroom with awesome bathroom, 2 sinks, soaking tub and separate shower. Large walk in closet. Study at front of house offers privacy for your home office or could be a 4th bedroom. Other 2 secondary bedrooms offer nice sized closets and share a bathroom. Garage offers garage door opener & easy to clean painted concrete. Property backs up to a a row of 5 acre residential lots. Beautiful location. Cypress Mill Park is located in a growing area of Cypress. Quick access to Hwy 290, and the Grand Parkway. Note that pictures are 4 years old, prior to tenant.

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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: Cypress Mill Park

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Cypress Mill Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10722063

* 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
M Robinson Elementary School Primary Regular 1,101 62 7
Spillane Middle School Middle Regular 1,393 78 10
Cypress Woods High School High Regular 3,286 178 9

M Robinson Elementary School

  • Education Level: Primary
  • # of students: 1,101
  • # of teachers: 62
7
GreatSchools Rating

Spillane Middle School

  • Education Level: Middle
  • # of students: 1,393
  • # of teachers: 78
10
GreatSchools Rating

Cypress Woods High School

  • Education Level: High
  • # of students: 3,286
  • # of teachers: 178
9
GreatSchools Rating
 

$198,000$242,000$220,000

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$764
Property Tax -$547
Property Insurance -$172
HOA -$37
Property Management Fees -$99
CASH FLOW
$61

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.

$220,000

PROJECTED PRICE

$1,680

PROJECTED RENT

0.76%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 7.5%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$764

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$4,799

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,730

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,675
1$1,6752$1,6803$1,7004$1,7505$1,775
$1,775
RENT COMPS ANALYSIS
  • 14931 Mills Park Lane Cypress, TX 2
    • 3 beds 2 baths ∙ 2,143 Sqft ∙ Built 2003 3 beds 2 baths ∙ 2,143 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.78
    •  
  • 14703 Plains River Drive Cypress, TX 1
    • 3 beds 2 baths ∙ 2,019 Sqft ∙ Built 1998 3 beds 2 baths ∙ 2,019 Sqft ∙ Built 1998
    LEASED 09/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.83
    •  
  • 14622 Palos Park Drive Cypress, TX 3
    • 4 beds 2 baths ∙ 1,974 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,974 Sqft ∙ Built 1998
    LEASED 10/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.86
    •  
  • 14830 Cross Stone Court Cypress, TX 4
    • 3 beds 3 baths ∙ 2,290 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,290 Sqft ∙ Built 2003
    LEASED 12/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.76
    •  
  • 14734 Harvest Chase Court Cypress, TX 5
    • 3 beds 2 baths ∙ 2,280 Sqft ∙ Built 2002 3 beds 2 baths ∙ 2,280 Sqft ∙ Built 2002
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.78
    •  
PROPERTY LISTING DETAILS
Michelle Murray
1.832.678.4770
Cb & A, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 65245173
Last Updated: 01/23/2021
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