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20007 Polly Creek Way Katy, TX 77450

4 Beds 3 Baths 2,400 sqft Built 1994

$289,000

List Price

$2,030

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $120.42
  • 7 Days on Market
  • MLS # : 83909361
  • Updated Date : 01/09/2021 at 10:12
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,400 sqft
  • Baths : 2 full , 1 half
Listing Agent

Real Living Karapasha Realty

Listing Agent's Description

No Flooding per sellers. Location, Location! Located on the curve of a culdesac with no back neighbors. This Charming home is ready for immediate occupancy. New carpeting just installed pre-listing & some fresh paint. Updated kitchen with quartz counters, subway tile backsplash and SS appliances. Some updated lighting. Study or formal living area with wall of built ins and a cozy fireplace. Large family rm with large windows overlooking the peaceful backyard. Built ins and fireplace create an inviting space. The master is located upstairs with a luxurious master bath. Recent tile in master bath and secondary bath. The 3rd floor is an awesome 4th bedroom or gameroom. Walking distance to the elementary school and parks. George bush park entrance just a few blocks away. Nottingham park just across street from the neighborhood. Excellent schools, easy access to major roads, shopping, churches etc. This home has it all. Pool sized yard with pretty brick back fence. Pride of ownership!

SEE MORE

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: University Park West

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $113k349k

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

Neighborhood: University Park West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000210022002300Rent in $10372368

* 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
Pattison Elementary School Primary Regular 825 53 10
Mcmeans Junior High School Middle Regular 1,081 66 9
Taylor High School High Regular 2,943 156 9

Pattison Elementary School

  • Education Level: Primary
  • # of students: 825
  • # of teachers: 53
10
GreatSchools Rating

Mcmeans Junior High School

  • Education Level: Middle
  • # of students: 1,081
  • # of teachers: 66
9
GreatSchools Rating

Taylor High School

  • Education Level: High
  • # of students: 2,943
  • # of teachers: 156
9
GreatSchools Rating
 

$260,100$317,900$289,000

PURCHASE PRICE

$1,827$2,233$2,030

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,030
EXPENSES Loan Payment -$1,004
Property Tax -$624
Property Insurance -$189
HOA -$83
Property Management Fees -$99
CASH FLOW
$31

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.

$289,000

PROJECTED PRICE

$2,030

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.0%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$82,335

INVESTMENT

$82,335

Down Payment
$72,250
Rehab Estimate
$5,750
Closing Costs
$4,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,004

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,250
Loan Amount $216,750
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$5,004

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,030

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,004

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9003$1,9754$1,9955$2,030
$2,030
RENT COMPS ANALYSIS
  • 20007 Polly Creek Way Katy, TX 5
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 1994
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $0.85
    •  
  • 2002 Highland Bay Court Katy, TX 1
    • 4 beds 3 baths ∙ 2,278 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,278 Sqft ∙ Built 1999
    property image
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.83
    •  
  • 1906 Emerald Green Drive Houston, TX 2
    • 3 beds 3 baths ∙ 2,306 Sqft ∙ Built 1992 3 beds 3 baths ∙ 2,306 Sqft ∙ Built 1992
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.82
    •  
  • 1810 Fantasy Woods Drive Houston, TX 3
    • 3 beds 2 baths ∙ 2,283 Sqft ∙ Built 1994 3 beds 2 baths ∙ 2,283 Sqft ∙ Built 1994
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.87
    •  
  • 1711 Penmark Lane Katy, TX 4
    • 4 beds 4 baths ∙ 2,431 Sqft ∙ Built 2002 4 beds 4 baths ∙ 2,431 Sqft ∙ Built 2002
    property image
    LEASED 05/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.82
    •  
PROPERTY LISTING DETAILS
Karen Karapasha
1.281.944.3640
Real Living Karapasha Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 83909361
Last Updated: 01/09/2021
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