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15723 Spruce Point Drive Houston, TX 77084

3 Beds 2 Baths 1,894 sqft Built 2008

INVESTimate

$198,000

List Price

$1,540

$1,386 - $1,694

Rent Est.

$211,028  ( +6.58%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2008
  • Price/Sqft : $104.54
  • 6 Days on Market
  • MLS # : 54176864
  • Updated Date : 08/25/2020 at 12:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,894 sqft
  • Baths : 2 full
Listing Agent

Realty Associates

Listing Agent's Description

Rare find! 1.5 story with open floor plan, soaring ceilings, all updated with Lifeproof vinyl plank floors with wood floor style but much more durable, new counter tops, beautiful stainless single bowl kitchen sink, updated fixtures and more. This home is great for entertaining inside and outside with a brand new extended patio that is one of the seller's favorite features! The primary bedroom has a en suite bath that has been completely updated as well as the secondary bathroom. There is even a little nook that is perfect for your pet or even a fun reading nook for a child. Imagine the possibilities for the upstairs flex room...office, game room, media room, etc. There is a massive closet up there as well for storage! This home is a must see and will not last long with the all it has to offer the new owner!

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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: Bear Creek Village

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210k220kPrice in $97k222k

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

Neighborhood: Bear Creek Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8841677

* 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
Bear Creek Elementary School Primary Regular 751 58 4
Cardiff Junior High School Middle Regular 963 78 6
Mayde Creek High School High Regular 2,755 158 7

Bear Creek Elementary School

  • Education Level: Primary
  • # of students: 751
  • # of teachers: 58
4
GreatSchools Rating

Cardiff Junior High School

  • Education Level: Middle
  • # of students: 963
  • # of teachers: 78
6
GreatSchools Rating

Mayde Creek High School

  • Education Level: High
  • # of students: 2,755
  • # of teachers: 158
7
GreatSchools Rating
 

$178,200$217,800$198,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$731
Property Tax -$402
Property Insurance -$155
HOA -$42
Property Management Fees -$99
CASH FLOW
$112

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.

$198,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.78%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 6.58%
Maintenance Year (1-5) 8.00%
Vacancy 8.80%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,220

INVESTMENT

$58,220

Down Payment
$49,500
Rehab Estimate
$5,750
Closing Costs
$2,970

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$731

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,500
Loan Amount $148,500
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$11,693

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,548

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,540
1$1,5402$1,5953$1,6004$1,6505$1,650
$1,650
RENT COMPS ANALYSIS
  • 15723 Spruce Point Drive Houston, TX 1
    • 3 beds 2 baths ∙ 1,894 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,894 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.81
    •  
  • 6027 Crakston Street Houston, TX 2
    • 3 beds 2 baths ∙ 1,982 Sqft ∙ Built 2010 3 beds 2 baths ∙ 1,982 Sqft ∙ Built 2010
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.80
    •  
  • 5623 Saddle Bred Drive Houston, TX 3
    • 3 beds 2 baths ∙ 1,953 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,953 Sqft ∙ Built 2002
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.82
    •  
  • 14007 Wheatbridge Drive Houston, TX 4
    • 4 beds 2 baths ∙ 2,000 Sqft ∙ Built 1992 4 beds 2 baths ∙ 2,000 Sqft ∙ Built 1992
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.83
    •  
  • 14814 Cantor Circle Houston, TX 5
    • 3 beds 2 baths ∙ 1,994 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,994 Sqft ∙ Built 2001
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.83
    •  
PROPERTY LISTING DETAILS
Summer Perkins
1.281.732.8999
Realty Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 54176864
Last Updated: 08/25/2020
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