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16038 Broadwater Drive Crosby, TX 77532

4 Beds 2 Baths 2,305 sqft Built 2012

$275,500

List Price

$2,040

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2012
  • Price/Sqft : $119.52
  • 66 Days on Market
  • MLS # : 59696272
  • Updated Date : 01/09/2021 at 20:25
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,305 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Southern Homes

Listing Agent's Description

Enjoy panoramic views of the 17th fairway on Stonebridge Golf Course in Newport. This gorgeous home was recently updated in 2020 with hard wood floors, crown molding, stainless steel appliances, kitchen cabinets, hardware, solar screens, additional gutters, leaf screens and professionally painted the entire interior of home. The spacious kitchen boasts granite countertops, breakfast bar, and expansive cabinets with plenty of shelves. The living room features high ceilings, fireplace, open concept with dining area that forms a cohesive space that opens to a private fenced backyard with expansive covered patio. The serene master bath offers a tub, separate shower with double vanities, and walk-in closet that joins the laundry room, split floor plan that has three additional rooms. Walking distance to neighborhood amenities that include pocket parks, pool, splash pad, tennis courts, hike/bike/walking trails, lake and river access, beach area, golf course, event center and fitness center.

SEE MORE

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: Newport

NeighborhoodNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200k210k220kPrice in $89k222k

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

Neighborhood: Newport

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8591677

* 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
Newport Elementary School Primary Regular 683 48 7
Crosby Middle School Middle Regular 809 50 6
Crosby Middle School High Regular 809 50 6

Newport Elementary School

  • Education Level: Primary
  • # of students: 683
  • # of teachers: 48
7
GreatSchools Rating

Crosby Middle School

  • Education Level: Middle
  • # of students: 809
  • # of teachers: 50
6
GreatSchools Rating

Crosby Middle School

  • Education Level: High
  • # of students: 809
  • # of teachers: 50
6
GreatSchools Rating
 

$247,950$303,050$275,500

PURCHASE PRICE

$1,836$2,244$2,040

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,040
EXPENSES Loan Payment -$957
Property Tax -$659
Property Insurance -$183
HOA -$55
Property Management Fees -$99
CASH FLOW
$88

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.

$275,500

PROJECTED PRICE

$2,040

PROJECTED RENT

0.74%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.4%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,758

INVESTMENT

$78,758

Down Payment
$68,875
Rehab Estimate
$5,750
Closing Costs
$4,133

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$957

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,875
Loan Amount $206,625
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$7,909

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,040

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $2,040

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,9003$2,0304$2,0405$2,150
$2,150
RENT COMPS ANALYSIS
  • 16038 Broadwater Drive Crosby, TX 4
    • 4 beds 2 baths ∙ 2,305 Sqft ∙ Built 2012 4 beds 2 baths ∙ 2,305 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $2,040
    • $0.89
    •  
  • 702 Neap Court Crosby, TX 1
    • 4 beds 2 baths ∙ 2,098 Sqft ∙ Built 2003 4 beds 2 baths ∙ 2,098 Sqft ∙ Built 2003
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.81
    •  
  • 1429 Northwood Springs Drive Crosby, TX 2
    • 4 beds 3 baths ∙ 2,036 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,036 Sqft ∙ Built 2017
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.93
    •  
  • 1319 Tee Time Court Crosby, TX 3
    • 4 beds 2 baths ∙ 2,184 Sqft ∙ Built 2016 4 beds 2 baths ∙ 2,184 Sqft ∙ Built 2016
    LEASED 09/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $0.93
    •  
  • 16146 Fairway Creek Circle Crosby, TX 5
    • 4 beds 3 baths ∙ 2,476 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,476 Sqft ∙ Built 2015
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.87
    •  
PROPERTY LISTING DETAILS
Terry Haydon
1.281.455.8595
Coldwell Banker Southern Homes
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 59696272
Last Updated: 01/09/2021
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