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16703 Ribbonridge Drive Sugar Land, TX 77498

3 Beds 2 Baths 2,081 sqft Built 1980

$239,000

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 1980
  • Price/Sqft : $114.85
  • 7 Days on Market
  • MLS # : 33742068
  • Updated Date : 11/04/2020 at 18:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,081 sqft
  • Baths : 2 full
Listing Agent

Champion Real Estate

Listing Agent's Description

Amazing one story home w/wood burning fireplace located on a premium tree lined corner lot w/sparkling pool! This well maintained home includes 3 bedrooms and 2 baths. The Garage conversion has a flex room/game room, and large storage area. Kitchen area also includes a large dining room and breakfast room! Granite countertops in kitchen, including island. All bedrooms have ceiling fans. There are two additional sheds for extra storage, sprinkler system, and large back patio perfect for entertaining! All new installed 2018-2019: Replaced all wood & siding on house/shed, paint throughout, leaf free gutters, dishwasher, water softener, water heater, A/C, roof, dishwasher, garbage disposal, alarm system-cameras. Located minutes to Sugarland, Richmond, Hwy 90, Hwy 99 and this property did NOT flood during Harvey. Must see, call to schedule today!

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: Pheasant Creek

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $93k352k

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

Neighborhood: Pheasant Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9612179

* 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
Oyster Creek Elementary School Primary Regular 775 51 8
Garcia Middle School Middle Regular 1,276 66 9
Austin High School High Regular 2,315 121 9

Oyster Creek Elementary School

  • Education Level: Primary
  • # of students: 775
  • # of teachers: 51
8
GreatSchools Rating

Garcia Middle School

  • Education Level: Middle
  • # of students: 1,276
  • # of teachers: 66
9
GreatSchools Rating

Austin High School

  • Education Level: High
  • # of students: 2,315
  • # of teachers: 121
9
GreatSchools Rating
 

$215,100$262,900$239,000

PURCHASE PRICE

$1,530$1,870$1,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,700
EXPENSES Loan Payment -$882
Property Tax -$538
Property Insurance -$147
Property Management Fees -$99
CASH FLOW
$34

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.

$239,000

PROJECTED PRICE

$1,700

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 6.0%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,085

INVESTMENT

$69,085

Down Payment
$59,750
Rehab Estimate
$5,750
Closing Costs
$3,585

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$882

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,750
Loan Amount $179,250
See What Happens When You Reinvest Cash Flow

2.83

YEARS SAVED

$6,477

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,700

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,727

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6503$1,6994$1,7005$1,700
$1,700
RENT COMPS ANALYSIS
  • 16703 Ribbonridge Drive Sugar Land, TX 5
    • 3 beds 2 baths ∙ 2,081 Sqft ∙ Built 1980 3 beds 2 baths ∙ 2,081 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.82
    •  
  • 16907 Dusty Mill Drive Sugar Land, TX 1
    • 3 beds 3 baths ∙ 2,062 Sqft ∙ Built 1991 3 beds 3 baths ∙ 2,062 Sqft ∙ Built 1991
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.80
    •  
  • 2719 Serene Place Sugar Land, TX 2
    • 3 beds 2 baths ∙ 1,926 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,926 Sqft ∙ Built 1989
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.86
    •  
  • 16622 Tranquil Drive Sugar Land, TX 3
    • 3 beds 3 baths ∙ 2,095 Sqft ∙ Built 1985 3 beds 3 baths ∙ 2,095 Sqft ∙ Built 1985
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,699
    • $0.81
    •  
  • 16827 Aprilmont Drive Sugar Land, TX 4
    • 4 beds 2 baths ∙ 1,993 Sqft ∙ Built 1980 4 beds 2 baths ∙ 1,993 Sqft ∙ Built 1980
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.85
    •  
PROPERTY LISTING DETAILS
Traci Mendoza
1.832.606.6152
Champion Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 33742068
Last Updated: 11/04/2020
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