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184 April Cove Cove Montgomery, TX 77356

4 Beds 3 Baths 2,722 sqft Built 1984

$295,000

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 1984
  • Price/Sqft : $108.38
  • 4 Days on Market
  • MLS # : 85422896
  • Updated Date : 11/05/2020 at 14:42
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,722 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Not one detail has been overlooked on this stunning remodel ! This home is located in the gated community of April Sound, directly on the golf course, mere moments away from the waters of Lake Conroe. Remodel includes all new appliances in chefs kitchen, oven, cooktop, and wall mounted microwave. Stunning granite with new backsplash and 42" cabinets. New paint covers every inch of the interior of the home. New tile and laminate hardwood flooring makes up the living room and common areas. Plush new carpeting in all the bedrooms. New roof and water heater. Wait there's more, how about a wet bar with wine frig., new garage door and openers, new exterior lighting, completely new hardie plank siding. All the bathrooms have been totally redesigned and upgraded. The master bath is a dream like spa retreat with a huge garden tub. New A/C's air handler & condenser. Now that all the hard work has been done, all you have to do is move in, kick back, relax and enjoy your brand new forever home !

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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: April Sound

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: April Sound

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10722163

* 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
Stewart Creek Elementary School Primary Regular 777 46 7
Oak Hills Junior High School Middle Regular NA
Lake Creek High School High Regular NA

Stewart Creek Elementary School

  • Education Level: Primary
  • # of students: 777
  • # of teachers: 46
7
GreatSchools Rating

Oak Hills Junior High School

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

Lake Creek High School

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

$265,500$324,500$295,000

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 -$1,088
Property Tax -$588
Property Insurance -$184
HOA -$70
Property Management Fees -$99
CASH FLOW
$80

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.

$295,000

PROJECTED PRICE

$2,110

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 3.7%
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-$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$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,088

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$10,301

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
  • $0.78

    LIST RENT PER SQFT
  • $2,252

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,8503$2,1104$2,2505$2,900
$2,900
RENT COMPS ANALYSIS
  • 184 April Cove Cove Montgomery, TX 3
    • 4 beds 3 baths ∙ 2,722 Sqft ∙ Built 1984 4 beds 3 baths ∙ 2,722 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $0.78
    •  
  • 116 Clear Springs Drive Montgomery, TX 1
    • 3 beds 3 baths ∙ 2,588 Sqft ∙ Built 1995 3 beds 3 baths ∙ 2,588 Sqft ∙ Built 1995
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.71
    •  
  • 157 April Cove Conroe, TX 2
    • 3 beds 3 baths ∙ 2,610 Sqft ∙ Built 1992 3 beds 3 baths ∙ 2,610 Sqft ∙ Built 1992
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.71
    •  
  • 9235 Deepwater Drive Montgomery, TX 4
    • 4 beds 3 baths ∙ 2,530 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,530 Sqft ∙ Built 1986
    LEASED 12/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.89
    •  
  • 14 Waters Edge Street Conroe, TX 5
    • 3 beds 3 baths ∙ 2,905 Sqft ∙ Built 1980 3 beds 3 baths ∙ 2,905 Sqft ∙ Built 1980
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.00
    •  
PROPERTY LISTING DETAILS
Weaver Wiggins
1.936.203.5118
Coldwell Banker Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 85422896
Last Updated: 11/05/2020
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