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16902 Canyon Ridge Drive Spring, TX 77379

4 Beds 3 Baths 2,705 sqft Built 1995

$282,900

List Price

$2,090

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $104.58
  • 6 Days on Market
  • MLS # : 16747307
  • Updated Date : 01/08/2021 at 09:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,705 sqft
  • Baths : 2 full , 1 half
Listing Agent

Bhgre Gary Greene

Listing Agent's Description

Beautiful 4 bedroom 2.5 bath home located in popular Champion Springs, with green belts on one side and the back. This home is located on an oversized lot, and comes with your very own pool, and is also the perfect location for commuters nearby to 249, IH 45, and Grand Parkway. The home features dramatic 16ft ceilings, crown molding, granite, fresh paint throughout; and a floor plan that can be adapted to fit any needs. Located in Klein ISD, this home stayed high and dry during Harvey and is the perfect one for you! Don't let this amazing home and opportunity to relax poolside in your backyard next summer pass you by!

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: Champion Springs

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Champion Springs

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10722063

* 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
Krahn Elementary School Primary Regular 741 48 8
Kleb Intermediate School Middle Regular 1,396 76 6
Klein Cain High School High Regular NA

Krahn Elementary School

  • Education Level: Primary
  • # of students: 741
  • # of teachers: 48
8
GreatSchools Rating

Kleb Intermediate School

  • Education Level: Middle
  • # of students: 1,396
  • # of teachers: 76
6
GreatSchools Rating

Klein Cain High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$254,610$311,190$282,900

PURCHASE PRICE

$1,881$2,299$2,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,090
EXPENSES Loan Payment -$983
Property Tax -$594
Property Insurance -$210
HOA -$50
Property Management Fees -$99
CASH FLOW
$155

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.

$282,900

PROJECTED PRICE

$2,090

PROJECTED RENT

0.74%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 5.5%
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$900k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$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$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$80,719

INVESTMENT

$80,719

Down Payment
$70,725
Rehab Estimate
$5,750
Closing Costs
$4,244

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$983

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $70,725
Loan Amount $212,175
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$12,134

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,090

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,887

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,745
1$1,7452$1,8003$1,9004$2,0855$2,090
$2,090
RENT COMPS ANALYSIS
  • 16902 Canyon Ridge Drive Spring, TX 5
    • 4 beds 3 baths ∙ 2,705 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,705 Sqft ∙ Built 1995
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $0.77
    •  
  • 17018 River Willow Drive Spring, TX 1
    • 5 beds 4 baths ∙ 2,684 Sqft ∙ Built 1989 5 beds 4 baths ∙ 2,684 Sqft ∙ Built 1989
    property image
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.65
    •  
  • 8903 Cypress Square Drive Spring, TX 2
    • 4 beds 3 baths ∙ 2,743 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,743 Sqft ∙ Built 1996
    property image
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.66
    •  
  • 8819 Village Hills Drive Spring, TX 3
    • 5 beds 4 baths ∙ 2,728 Sqft ∙ Built 1991 5 beds 4 baths ∙ 2,728 Sqft ∙ Built 1991
    property image
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.70
    •  
  • 17026 River Willow Drive Spring, TX 4
    • 5 beds 4 baths ∙ 2,684 Sqft ∙ Built 1990 5 beds 4 baths ∙ 2,684 Sqft ∙ Built 1990
    property image
    LEASED 10/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,085
    • $0.78
    •  
PROPERTY LISTING DETAILS
Eric Moon
1.512.773.9747
Bhgre Gary Greene
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 16747307
Last Updated: 01/08/2021
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