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16411 Willowbank Drive Tomball, TX 77377

3 Beds 3 Baths 2,658 sqft Built 1989

$274,900

List Price

$2,020

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

December 08, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $103.42
  • 6 Days on Market
  • MLS # : 70139621
  • Updated Date : 12/08/2020 at 11:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,658 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Stately Brick Home with 2 Story Entry in Lakewood Forest with Pool & Spa. Lots of updates including upgraded Double Pane Windows, Exterior Siding, 1 A/C replaced in 2017, Evaporator Coil in 2019 & Nest Thermostat. Water Heater replaced in 2016. Upgraded Crown Molding & Remodeled 1/2 bath. Large Kitchen with Granite Counters Tops, recent Can Lighting, Corner Sink with Window, Gas Cooktop & Double Ovens. Washer, Dryer and Refrigerator will stay. Home features 3 bedrooms and the upstairs Game Room could be converted to a 4th bedroom. The upstairs Game Room is currently used as a Study. The downstairs Formal Living would make for a very spacious Study as well. Large Formal Dining Room, Huge Family Room with Wet Bar/Wine Fridge & built-ins. Very little carpet. Hardwood / slate and tile downstairs. Comes with a 1 Year Home Warranty!

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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: Lakewood Forest West

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Lakewood Forest West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10722113

* 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
Northpointe Intermediate School Primary Regular 1,012 58 9
Northpointe Intermediate School Middle Regular 1,012 58 9
Tomball Memorial High School High Regular 1,942 103 9

Northpointe Intermediate School

  • Education Level: Primary
  • # of students: 1,012
  • # of teachers: 58
9
GreatSchools Rating

Northpointe Intermediate School

  • Education Level: Middle
  • # of students: 1,012
  • # of teachers: 58
9
GreatSchools Rating

Tomball Memorial High School

  • Education Level: High
  • # of students: 1,942
  • # of teachers: 103
9
GreatSchools Rating
 

$247,410$302,390$274,900

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$1,014
Property Tax -$595
Property Insurance -$202
HOA -$54
Property Management Fees -$99
CASH FLOW
$55

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.

$274,900

PROJECTED PRICE

$2,020

PROJECTED RENT

0.73%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 7.1%
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$100k$200k$300k$400k$500k$600k$700k$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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,599

INVESTMENT

$78,599

Down Payment
$68,725
Rehab Estimate
$5,750
Closing Costs
$4,124

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,014

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,725
Loan Amount $206,175
See What Happens When You Reinvest Cash Flow

2.83

YEARS SAVED

$7,548

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $2,067

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,9203$2,0004$2,0205$2,075
$2,075
RENT COMPS ANALYSIS
  • 16411 Willowbank Drive Tomball, TX 4
    • 3 beds 3 baths ∙ 2,658 Sqft ∙ Built 1989 3 beds 3 baths ∙ 2,658 Sqft ∙ Built 1989
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $0.76
    •  
  • 16426 Avenfield Road Tomball, TX 1
    • 3 beds 2 baths ∙ 2,341 Sqft ∙ Built 1993 3 beds 2 baths ∙ 2,341 Sqft ∙ Built 1993
    property image
    LEASED 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.77
    •  
  • 16411 Avenplace Road Tomball, TX 2
    • 4 beds 4 baths ∙ 2,414 Sqft ∙ Built 1991 4 beds 4 baths ∙ 2,414 Sqft ∙ Built 1991
    property image
    LEASED 04/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $0.80
    •  
  • 14906 N Eldridge Parkway Houston, TX 3
    • 4 beds 3 baths ∙ 2,596 Sqft ∙ Built 1980 4 beds 3 baths ∙ 2,596 Sqft ∙ Built 1980
    property image
    LEASED 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.77
    •  
  • 16319 Willowpark Drive Tomball, TX 5
    • 4 beds 3 baths ∙ 2,692 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,692 Sqft ∙ Built 1989
    property image
    LEASED 05/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,075
    • $0.77
    •  
PROPERTY LISTING DETAILS
Chris Domangue
1.281.924.4240
Coldwell Banker Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 70139621
Last Updated: 12/08/2020
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