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185 Monterrey Road Montgomery, TX 77356

3 Beds 3 Baths 2,246 sqft Built 1994

INVESTimate

$279,900

List Price

$2,130

$1,917 - $2,343

Rent Est.

$288,857  ( +3.20%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1994
  • Price/Sqft : $124.62
  • 6 Days on Market
  • MLS # : 51336421
  • Updated Date : 08/24/2020 at 14:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,246 sqft
  • Baths : 2 full , 1 half
Listing Agent

Bhgre Gary Greene

Listing Agent's Description

Beautiful quality one-story home in the prestigious gated golf community of Bentwater! Open floor plan w/ spacious rooms. Nestled amongst the trees on Weiskopf #2 w/ views of the golf course & 2nd tee box. Living room boasts of tall ceilings and bright windows, wood floors & 3 sided fireplace. Kitchen w/ open tiled island, double ovens, pull out drawers & oversized pantry. Accommodating formal dining room & cozy breakfast rooms just off the living room. Split floorplan w/ private Master BR & Bath boasting of a walk-in shower, tub & double sinks. Large secondary BR with walk-up Study/craft Room. Br3 or Study just to the right of the front door. Peaceful screened porch perfect for relaxing & entertaining. Roof updated approx. 2009; A/C updated approx. 2013. Enjoy life, like you're on a vacation with access to the country club, THREE 18-hole championship golf courses, the yacht club, sports club, 24 hr manned gate. Comes w/social membership. Montgomery ISD!

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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: Bentwater

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400kPrice in $113k439k

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

Neighborhood: Bentwater

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $10722960

* 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
Montgomery Elementary School Primary Regular 765 49 6
Montgomery Junior High School Middle Regular 1,276 74 7
Montgomery High School High Regular 2,362 153 7

Montgomery Elementary School

  • Education Level: Primary
  • # of students: 765
  • # of teachers: 49
6
GreatSchools Rating

Montgomery Junior High School

  • Education Level: Middle
  • # of students: 1,276
  • # of teachers: 74
7
GreatSchools Rating

Montgomery High School

  • Education Level: High
  • # of students: 2,362
  • # of teachers: 153
7
GreatSchools Rating
 

$251,910$307,890$279,900

PURCHASE PRICE

$1,917$2,343$2,130

RENT

DOWN PAYMENT
FINANCING

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$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,130
EXPENSES Loan Payment -$1,033
Property Tax -$543
Property Insurance -$157
HOA -$91
Property Management Fees -$99
CASH FLOW
$208

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.

$279,900

PROJECTED PRICE

$2,130

PROJECTED RENT

0.76%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 3.20%
Maintenance Year (1-5) 8.00%
Vacancy 9.28%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,924

INVESTMENT

$79,924

Down Payment
$69,975
Rehab Estimate
$5,750
Closing Costs
$4,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $69,975
Loan Amount $209,925
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$20,423

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,130

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $2,005

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$1,9753$1,9754$2,1005$2,130
$2,130
RENT COMPS ANALYSIS
  • 185 Monterrey Road Montgomery, TX 5
    • 3 beds 3 baths ∙ 2,246 Sqft ∙ Built 1994 3 beds 3 baths ∙ 2,246 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $2,130
    • $0.95
    •  
  • 197 Monterrey Road Montgomery, TX 1
    • 3 beds 3 baths ∙ 2,278 Sqft ∙ Built 1997 3 beds 3 baths ∙ 2,278 Sqft ∙ Built 1997
    LEASED 08/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.86
    •  
  • 230 Ruskin Drive E Montgomery, TX 2
    • 3 beds 3 baths ∙ 2,258 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,258 Sqft ∙ Built 2004
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.87
    •  
  • 20 Marina Way Montgomery, TX 3
    • 3 beds 3 baths ∙ 2,180 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,180 Sqft ∙ Built 2005
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.91
    •  
  • 34 Stanford Montgomery, TX 4
    • 3 beds 2 baths ∙ 2,257 Sqft ∙ Built 1999 3 beds 2 baths ∙ 2,257 Sqft ∙ Built 1999
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.93
    •  
PROPERTY LISTING DETAILS
Sarah Conway
1.936.494.9999
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 #: 51336421
Last Updated: 08/24/2020
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