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17506 Driftwood Prairie Lane Houston, TX 77095

4 Beds 3 Baths 2,826 sqft Built 2006

$282,000

List Price

$2,180

$2K - $2.4K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $99.79
  • 4 Days on Market
  • MLS # : 41362947
  • Updated Date : 11/13/2020 at 08:39
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,826 sqft
  • Baths : 2 full , 1 half
Listing Agent

Bhgre Gary Greene

Listing Agent's Description

Beautiful 4 bedroom 3 bathroom home located in the highly sought after Cy-fair ISD in Canyon Lakes at Stonegate. The island kitchen offers granite countertops, with lots of storage that opens to the oversize family room. High ceilings, tile floors, a gas fireplace, and lots of natural light help to make this a great gathering room for family and guest The large primary bedroom has high ceilings which opens to the primary bathroom with double sinks, a garden tub with rain block glass, separate shower and walk-in closet. The guest bedrooms are large and are located close to the guest bathrooms. The interior of the home has been recently painted, with new carpet installed.(Oct. 2020) Another feature of this home is the tandem 3 car garage and radiant attic barrier. Located near Town Lake for shopping, and dining with easy access to HYW 290 and beltway 8. This Perry home is ready for move-in for the holidays!

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: Canyon Lakes at Stonegate

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320kPrice in $99k339k

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

Neighborhood: Canyon Lakes at Stonegate

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9692063

* 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
Postma Elementary School Primary Regular 1,136 54 8
Aragon Middle School Middle Regular 1,548 84 9
Cypress Ranch High School High Regular 3,456 194 9

Postma Elementary School

  • Education Level: Primary
  • # of students: 1,136
  • # of teachers: 54
8
GreatSchools Rating

Aragon Middle School

  • Education Level: Middle
  • # of students: 1,548
  • # of teachers: 84
9
GreatSchools Rating

Cypress Ranch High School

  • Education Level: High
  • # of students: 3,456
  • # of teachers: 194
9
GreatSchools Rating
 

$253,800$310,200$282,000

PURCHASE PRICE

$1,962$2,398$2,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,180
EXPENSES Loan Payment -$1,040
Property Tax -$661
Property Insurance -$218
HOA -$52
Property Management Fees -$99
CASH FLOW
$109

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.

$282,000

PROJECTED PRICE

$2,180

PROJECTED RENT

0.77%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 6.4%
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

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$80,480

INVESTMENT

$80,480

Down Payment
$70,500
Rehab Estimate
$5,750
Closing Costs
$4,230

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,040

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $70,500
Loan Amount $211,500
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$10,292

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,180

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $2,211

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,845
1$1,8452$2,1803$2,2004$2,2005$2,395
$2,395
RENT COMPS ANALYSIS
  • 17506 Driftwood Prairie Lane Houston, TX 2
    • 4 beds 3 baths ∙ 2,826 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,826 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,180
    • $0.77
    •  
  • 17431 Prospect Meadows Drive Houston, TX 1
    • 3 beds 3 baths ∙ 2,645 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,645 Sqft ∙ Built 2003
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.70
    •  
  • 9603 Red Rugossa Drive Houston, TX 3
    • 4 beds 3 baths ∙ 2,786 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,786 Sqft ∙ Built 2004
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.79
    •  
  • 17323 Dakota Ridge Drive Houston, TX 4
    • 4 beds 3 baths ∙ 2,797 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,797 Sqft ∙ Built 2002
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.79
    •  
  • 17803 Olde Oaks Estate Court Cypress, TX 5
    • 4 beds 3 baths ∙ 2,816 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,816 Sqft ∙ Built 2019
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.85
    •  
PROPERTY LISTING DETAILS
Fay Hester
1.281.825.1429
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 #: 41362947
Last Updated: 11/13/2020
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