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16015 Ridgegreen Drive Houston, TX 77082

3 Beds 2 Baths 1,424 sqft Built 1980

$173,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $121.49
  • 50 Days on Market
  • MLS # : 804369
  • Updated Date : 01/05/2021 at 14:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,424 sqft
  • Baths : 2 full
Listing Agent

Ng, Realtors

Listing Agent's Description

Home is ready to move in, built in 1980, 3 beds 2 baths, nice quiet area, close to main streets easy access to West park toll way. Please text me for showing or contact your agent.

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MARKET HIGHLIGHTS

  • 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)
  • Houston metro contributes to 29.5% of Texas state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Wingate

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k222k

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

Neighborhood: Wingate

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8671677

* 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
Miller Intermediate School Primary Regular 872 63 6
Albright Middle School Middle Regular 1,267 87 6
Hastings High School High Regular 3,890 260 4

Miller Intermediate School

  • Education Level: Primary
  • # of students: 872
  • # of teachers: 63
6
GreatSchools Rating

Albright Middle School

  • Education Level: Middle
  • # of students: 1,267
  • # of teachers: 87
6
GreatSchools Rating

Hastings High School

  • Education Level: High
  • # of students: 3,890
  • # of teachers: 260
4
GreatSchools Rating
 

$155,700$190,300$173,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$601
Property Tax -$420
Property Insurance -$123
HOA -$15
Property Management Fees -$99
CASH FLOW
$42

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$173,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.75%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.99%
Appreciation Year (1-5) 6.6%
Maintenance Year (1-5) 8.00%
Vacancy 8.01%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$51,595

INVESTMENT

$51,595

Down Payment
$43,250
Rehab Estimate
$5,750
Closing Costs
$2,595

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$601

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $43,250
Loan Amount $129,750
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$5,330

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,324

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3953$1,3954$1,4205$1,450
$1,450
RENT COMPS ANALYSIS
  • 16015 Ridgegreen Drive Houston, TX 1
    • 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 1980
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.91
    •  
  • 15906 Manfield Drive Houston, TX 2
    • 3 beds 2 baths ∙ 1,555 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,555 Sqft ∙ Built 1982
    property image
    LEASED 12/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.90
    •  
  • 16123 Glen Mar Drive Houston, TX 3
    • 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 1978
    property image
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.98
    •  
  • 16210 Grassy Creek Drive Houston, TX 4
    • 3 beds 2 baths ∙ 1,524 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,524 Sqft ∙ Built 1981
    property image
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.93
    •  
  • 3319 Boxelder Drive Houston, TX 5
    • 3 beds 2 baths ∙ 1,585 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,585 Sqft ∙ Built 1980
    property image
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.91
    •  
PROPERTY LISTING DETAILS
Linda Nguyen
1.832.275.4187
Ng, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 804369
Last Updated: 01/05/2021
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