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17703 Terrawren Lane Spring, TX 77379

4 Beds 3 Baths 2,947 sqft Built 1984

$249,900

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

December 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $84.80
  • 2 Days on Market
  • MLS # : 81105348
  • Updated Date : 12/26/2020 at 11:53
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,947 sqft
  • Baths : 2 full , 1 half
Listing Agent

Bhgre Gary Greene

Listing Agent's Description

Terranova West, known for large homesites. tree lined streets and custom built homes. This beautifully landscaped front lawn, fresh exterior paint and updated front door say "Welcome"! Classic white kitchen includes large island, breakfast bar, recipe desk, box window seat and an abundance of cabinetry. Built-in bookshelves offer function and design to the primary bath, family room and game room. First-floor master boasts his/hers closets, crown molding and an updated bath showcasing recent updates to the shower, granite tops, faucets, mirrors and tub surround. A large gameroom with built-ins, 3 bedrooms and bath await upstairs. Updated granite tops, faucet, sink, mirror in the powder bath. Nicely sized backyard and an extended covered back patio. ROOF and PEX re-pipe in 2019. Crown molding throughout, fresh neutral interior paint, tres ceilings and new engineered wood flooring in the dining room. New carpet coming to master, along with carpet stretching scheduled for upstairs.

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: Terranova West

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Terranova West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10722101

* 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
Benfer Elementary School Primary Regular 784 50 6
Strack Intermediate School Middle Regular 1,196 73 7
Klein High School High Regular 3,885 228 6

Benfer Elementary School

  • Education Level: Primary
  • # of students: 784
  • # of teachers: 50
6
GreatSchools Rating

Strack Intermediate School

  • Education Level: Middle
  • # of students: 1,196
  • # of teachers: 73
7
GreatSchools Rating

Klein High School

  • Education Level: High
  • # of students: 3,885
  • # of teachers: 228
6
GreatSchools Rating
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$922
Property Tax -$604
Property Insurance -$226
HOA -$68
Property Management Fees -$99
CASH FLOW
$192

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.

$249,900

PROJECTED PRICE

$2,110

PROJECTED RENT

0.84%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 5.3%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

4.92

YEARS SAVED

$15,056

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $2,100

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$2,1103$2,2004$2,2005$2,200
$2,200
RENT COMPS ANALYSIS
  • 17703 Terrawren Lane Spring, TX 2
    • 4 beds 3 baths ∙ 2,947 Sqft ∙ Built 1984 4 beds 3 baths ∙ 2,947 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $0.72
    •  
  • 17815 Fireside Drive Spring, TX 1
    • 4 beds 3 baths ∙ 2,823 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,823 Sqft ∙ Built 1986
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.67
    •  
  • 16022 Fawn Vista Houston, TX 3
    • 3 beds 4 baths ∙ 3,090 Sqft ∙ Built 1995 3 beds 4 baths ∙ 3,090 Sqft ∙ Built 1995
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.71
    •  
  • 6627 Trebeck Lane Spring, TX 4
    • 3 beds 3 baths ∙ 2,888 Sqft ∙ Built 1982 3 beds 3 baths ∙ 2,888 Sqft ∙ Built 1982
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.76
    •  
  • 6334 Borg Breakpoint Drive Spring, TX 5
    • 4 beds 3 baths ∙ 3,109 Sqft ∙ Built 2003 4 beds 3 baths ∙ 3,109 Sqft ∙ Built 2003
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.71
    •  
PROPERTY LISTING DETAILS
Mardon Hickford
1.832.768.1626
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 #: 81105348
Last Updated: 12/26/2020
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