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16307 Morning Quail Court Houston, TX 77489

3 Beds 2 Baths 1,917 sqft Built 1983

$149,997

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $78.25
  • 2 Days on Market
  • MLS # : 94320875
  • Updated Date : 12/26/2020 at 10:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,917 sqft
  • Baths : 2 full
Listing Agent

Lhs Realty Group

Listing Agent's Description

Perfect home for a new investor. 3 bedrooms 2 bathroom home. Currently rented at $1,250 lease is up December 31st. House is great condition, interiors has dated cabinetry, wall paper, but a very cute and unique floorplan. Recent wood flooring in living room and hot water approximately a year old. Huge backyard.

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: Quail Run

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $72k274k

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

Neighborhood: Quail Run

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9021788

* 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
 

$134,997$164,997$149,997

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$553
Property Tax -$297
Property Insurance -$138
HOA -$38
Property Management Fees -$99
CASH FLOW
$325

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.

$149,997

PROJECTED PRICE

$1,450

PROJECTED RENT

0.97%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$45,499

INVESTMENT

$45,499

Down Payment
$37,499
Rehab Estimate
$5,750
Closing Costs
$2,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$553

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $37,499
Loan Amount $112,498
See What Happens When You Reinvest Cash Flow

12

YEARS SAVED

$33,065

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,538

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5503$1,5754$1,5755$1,600
$1,600
RENT COMPS ANALYSIS
  • 16307 Morning Quail Court Houston, TX 1
    • 3 beds 2 baths ∙ 1,917 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,917 Sqft ∙ Built 1983
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.76
    •  
  • 16602 Lost Quail Drive Houston, TX 2
    • 3 beds 2 baths ∙ 1,980 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,980 Sqft ∙ Built 1979
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.78
    •  
  • 16411 Quail Run Drive Houston, TX 3
    • 3 beds 2 baths ∙ 2,113 Sqft ∙ Built 1980 3 beds 2 baths ∙ 2,113 Sqft ∙ Built 1980
    property image
    LEASED 11/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.75
    •  
  • 2402 Buttonhill Drive Missouri City, TX 4
    • 3 beds 2 baths ∙ 1,948 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,948 Sqft ∙ Built 1983
    property image
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.81
    •  
  • 2207 Heatherwood Drive Drive Missouri City, TX 5
    • 3 beds 2 baths ∙ 1,837 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,837 Sqft ∙ Built 2000
    property image
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.87
    •  
PROPERTY LISTING DETAILS
Jerome Love
1.281.773.3084
Lhs Realty Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 94320875
Last Updated: 12/26/2020
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