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1603 W 24th Street Houston, TX 77008

3 Beds 4 Baths 2,550 sqft Built 2012

$375,000

List Price

$2,760

$2.5K - $3K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 2012
  • Price/Sqft : $147.06
  • 2 Days on Market
  • MLS # : 26739097
  • Updated Date : 11/02/2020 at 13:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,550 sqft
  • Baths : 3 full , 1 half
Listing Agent

Green Residential

Listing Agent's Description

Awesome 3-story with surprising details! Absolutely huge bedroom & en suite bath on the first floor - must see to believe it! Second floor has beautiful wood floors, arches & very spacious family room. Roomy kitchen w/granite counters, stainless appliances, wine chiller, lots of storage, long/deep pantry. High ceilings on 2nd floor. Third floor has study area, third bedroom w/en suite bath and incredibly spacious master suite, large closet, dual sink vanity, whirlpool tub & large shower.

SEE MORE

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: Shady Acres

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400kPrice in $99k436k

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

Neighborhood: Shady Acres

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100012001400160018002000220024002600Rent in $9692745

* 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
Sinclair Elementary School Primary Magnet 534 34 6
Hamilton Middle School Middle Magnet 1,248 64 6
Waltrip High School High Magnet 1,663 94 3

Sinclair Elementary School

  • Education Level: Primary
  • # of students: 534
  • # of teachers: 34
6
GreatSchools Rating

Hamilton Middle School

  • Education Level: Middle
  • # of students: 1,248
  • # of teachers: 64
6
GreatSchools Rating

Waltrip High School

  • Education Level: High
  • # of students: 1,663
  • # of teachers: 94
3
GreatSchools Rating
 

$337,500$412,500$375,000

PURCHASE PRICE

$2,484$3,036$2,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,760
EXPENSES Loan Payment -$1,384
Property Tax -$791
Property Insurance -$200
Property Management Fees -$99
CASH FLOW
$287

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.

$375,000

PROJECTED PRICE

$2,760

PROJECTED RENT

0.74%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 2.4%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,384

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

6.08

YEARS SAVED

$29,569

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,760

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $2,799

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$2,760
1$2,7602$2,8003$2,8004$2,8505$2,900
$2,900
RENT COMPS ANALYSIS
  • 1603 W 24th Street Houston, TX 1
    • 3 beds 4 baths ∙ 2,550 Sqft ∙ Built 2012 3 beds 4 baths ∙ 2,550 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $2,760
    • $1.08
    •  
  • 1607 W 24th Street Houston, TX 2
    • 3 beds 4 baths ∙ 2,646 Sqft ∙ Built 2012 3 beds 4 baths ∙ 2,646 Sqft ∙ Built 2012
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.06
    •  
  • 1630 W 24th Street Houston, TX 3
    • 3 beds 4 baths ∙ 2,442 Sqft ∙ Built 2016 3 beds 4 baths ∙ 2,442 Sqft ∙ Built 2016
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.15
    •  
  • 1603 B W 24th Street Houston, TX 4
    • 3 beds 4 baths ∙ 2,550 Sqft ∙ Built 2012 3 beds 4 baths ∙ 2,550 Sqft ∙ Built 2012
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.12
    •  
  • 1620 W 24th Street Houston, TX 5
    • 3 beds 4 baths ∙ 2,736 Sqft ∙ Built 2019 3 beds 4 baths ∙ 2,736 Sqft ∙ Built 2019
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.06
    •  
PROPERTY LISTING DETAILS
Wes Wray
1.832.786.9022
Green Residential
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 26739097
Last Updated: 11/02/2020
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