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1515 Greendale Drive Missouri City, TX 77489

3 Beds 2 Baths 1,827 sqft Built 1984

$170,000

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $93.05
  • 6 Days on Market
  • MLS # : 33286409
  • Updated Date : 11/12/2020 at 16:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,827 sqft
  • Baths : 2 full
Listing Agent

Houston Center Real Estate

Listing Agent's Description

Property is being sold AS-IS. Home is located on a large corner lot and features three bedrooms, two bathrooms and a game room on the second floor that can be converted into a fourth bedroom. Family room has vaulted ceilings and opens to the kitchen. Stainless steel appliances are included. Property would be a great first home or rental property.

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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: Quail Green

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $85k274k

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

Neighborhood: Quail Green

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9121788

* 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
Glover Elementary School Primary Regular 565 40 3
Missouri City Middle School Middle Regular 1,116 79 3
Marshall High School High Regular 1,242 93 2

Glover Elementary School

  • Education Level: Primary
  • # of students: 565
  • # of teachers: 40
3
GreatSchools Rating

Missouri City Middle School

  • Education Level: Middle
  • # of students: 1,116
  • # of teachers: 79
3
GreatSchools Rating

Marshall High School

  • Education Level: High
  • # of students: 1,242
  • # of teachers: 93
2
GreatSchools Rating
 

$153,000$187,000$170,000

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$627
Property Tax -$467
Property Insurance -$133
HOA -$25
Property Management Fees -$99
CASH FLOW
$239

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.

$170,000

PROJECTED PRICE

$1,590

PROJECTED RENT

0.94%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.7%
Maintenance Year (1-5) 8.00%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$50,800

INVESTMENT

$50,800

Down Payment
$42,500
Rehab Estimate
$5,750
Closing Costs
$2,550

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$627

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $42,500
Loan Amount $127,500
See What Happens When You Reinvest Cash Flow

8.25

YEARS SAVED

$21,207

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,589

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,360
1$1,3602$1,4503$1,4504$1,5005$1,590
$1,590
RENT COMPS ANALYSIS
  • 1515 Greendale Drive Missouri City, TX 5
    • 3 beds 2 baths ∙ 1,827 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,827 Sqft ∙ Built 1984
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.87
    •  
  • 16610 Quail Prairie Drive Houston, TX 1
    • 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 1980
    property image
    LEASED 04/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.83
    •  
  • 16707 Running Quail Court Missouri City, TX 2
    • 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 1978
    property image
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.86
    •  
  • 16330 Quail Hunt Houston, TX 3
    • 3 beds 2 baths ∙ 1,649 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,649 Sqft ∙ Built 1979
    property image
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.88
    •  
  • 16527 Quail Prairie Drive Houston, TX 4
    • 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 1980
    property image
    LEASED 09/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.91
    •  
PROPERTY LISTING DETAILS
Sonia Ponce
1.832.682.7901
Houston Center Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 33286409
Last Updated: 11/12/2020
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