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1838 Ripple Creek Drive Missouri City, TX 77489

3 Beds 2 Baths 1,601 sqft Built 1980

$189,000

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $118.05
  • 7 Days on Market
  • MLS # : 62364128
  • Updated Date : 01/14/2021 at 23:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,601 sqft
  • Baths : 2 full
Listing Agent

Realm Real Estate Professional

Listing Agent's Description

You cannot afford to miss this gem of a home.Beautiful 3 bedroom home in Missouri City with a large kitchen.Large Living room with recent laminate flooring.Large master bedroom.You cannot afford to let this slip away from you.The property is tenant occupied so please contact me so showing arrangements can be made.This is not a flood area Never flood during Harvey.

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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: Quail Green West

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $74k274k

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

Neighborhood: Quail Green West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9031788

* 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
E A. Jones Elementary School Primary Regular 616 48 3
Missouri City Middle School Middle Regular 1,116 79 3
Marshall High School High Regular 1,242 93 2

E A. Jones Elementary School

  • Education Level: Primary
  • # of students: 616
  • # of teachers: 48
3
GreatSchools Rating

Missouri City Middle School

  • Education Level: Middle
  • # of students: 1,116
  • # of teachers: 79
3
GreatSchools Rating

Marshall High School

  • Education Level: High
  • # of students: 1,242
  • # of teachers: 93
2
GreatSchools Rating
 

$170,100$207,900$189,000

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$656
Property Tax -$519
Property Insurance -$120
HOA -$25
Property Management Fees -$99
CASH FLOW
$81

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$189,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.79%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.99%
Appreciation Year (1-5) 8.7%
Maintenance Year (1-5) 8.00%
Vacancy 8.01%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$55,835

INVESTMENT

$55,835

Down Payment
$47,250
Rehab Estimate
$5,750
Closing Costs
$2,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$656

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $47,250
Loan Amount $141,750
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$7,304

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,509

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,4453$1,4994$1,5005$1,500
$1,500
RENT COMPS ANALYSIS
  • 1838 Ripple Creek Drive Missouri City, TX 5
    • 3 beds 2 baths ∙ 1,601 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,601 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.94
    •  
  • 2021 Village Park Drive Missouri City, TX 1
    • 3 beds 2 baths ∙ 1,469 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,469 Sqft ∙ Built 1986
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.88
    •  
  • 2016 Hickory Glen Drive Missouri City, TX 2
    • 3 beds 2 baths ∙ 1,488 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,488 Sqft ∙ Built 1985
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,445
    • $0.97
    •  
  • 1671 Meadow Green Drive Missouri City, TX 3
    • 3 beds 2 baths ∙ 1,601 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,601 Sqft ∙ Built 1981
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $0.94
    •  
  • 2015 Quail Valley East Drive Missouri City, TX 4
    • 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1976
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.98
    •  
PROPERTY LISTING DETAILS
Trenton Lewin
1.281.685.1878
Realm Real Estate Professional
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 62364128
Last Updated: 01/14/2021
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