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20223 Pittsford Drive Katy, TX 77450

4 Beds 3 Baths 2,304 sqft Built 1982

INVESTimate

$259,900

List Price

$2,000

$1,800 - $2,200

Rent Est.

$274,195  ( +5.50%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1982
  • Price/Sqft : $112.80
  • 10 Days on Market
  • MLS # : 38300400
  • Updated Date : 08/18/2020 at 10:13
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,304 sqft
  • Baths : 2 full , 1 half
Listing Agent

Bhgre Gary Greene

Listing Agent's Description

Fantastic move in ready home in highly sought after Nottingham country in award winning Katy ISD. Home has been well maintained with many new upgrades to include high efficient AC and Heating unit 1.5 years, New tankless water heater 1 year, whole house has been re-piped with PEX flexible piping 1 year, entire interior has been newly painted with Millennial Grey, exterior recently painted in last 1.5 years, All toilets have been replaced. Downstairs has tile and laminate wood floors with carpet in upstairs. Beautiful gas fireplace in Living room with built ins on both sides. Separate dining room and breakfast room off of kitchen. Many upgrades like Granite counter tops in Kitchen and bath rooms, Crown Molding downstairs. Easy access to I-10 to energy corridor and downtown and close to 99 with easy access to Sugarland. Lots of shopping, restaurants, entertainment with grocery stores close by. Neighborhood amenities include pool with clubhouse and 5 acre park with soccer and hiking.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Nottingham Country

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $113k352k

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

Neighborhood: Nottingham Country

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000210022002300Rent in $10372340

* 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
Memorial Parkway Junior High School Primary Regular 878 54 8
Memorial Parkway Junior High School Middle Regular 878 54 8
Taylor High School High Regular 2,943 156 9

Memorial Parkway Junior High School

  • Education Level: Primary
  • # of students: 878
  • # of teachers: 54
8
GreatSchools Rating

Memorial Parkway Junior High School

  • Education Level: Middle
  • # of students: 878
  • # of teachers: 54
8
GreatSchools Rating

Taylor High School

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

$233,910$285,890$259,900

PURCHASE PRICE

$1,800$2,200$2,000

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

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 $2,000
EXPENSES Loan Payment -$959
Property Tax -$559
Property Insurance -$183
HOA -$17
Property Management Fees -$99
CASH FLOW
$183

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.

$259,900

PROJECTED PRICE

$2,000

PROJECTED RENT

0.77%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 5.50%
Maintenance Year (1-5) 8.00%
Vacancy 9.28%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$17,620

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $2,062

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$2,0003$2,0504$2,2005$2,250
$2,250
RENT COMPS ANALYSIS
  • 20223 Pittsford Drive Katy, TX 2
    • 4 beds 3 baths ∙ 2,304 Sqft ∙ Built 1982 4 beds 3 baths ∙ 2,304 Sqft ∙ Built 1982
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.87
    •  
  • 1407 Crossfield Drive Katy, TX 1
    • 3 beds 2 baths ∙ 2,140 Sqft ∙ Built 1978 3 beds 2 baths ∙ 2,140 Sqft ∙ Built 1978
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.79
    •  
  • 907 Chippenham Drive Katy, TX 3
    • 3 beds 2 baths ∙ 2,212 Sqft ∙ Built 1999 3 beds 2 baths ∙ 2,212 Sqft ∙ Built 1999
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.93
    •  
  • 1155 Dominion Drive Katy, TX 4
    • 4 beds 4 baths ∙ 2,440 Sqft ∙ Built 1988 4 beds 4 baths ∙ 2,440 Sqft ∙ Built 1988
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.90
    •  
  • 20323 Monkswood Drive Katy, TX 5
    • 4 beds 4 baths ∙ 2,336 Sqft ∙ Built 1978 4 beds 4 baths ∙ 2,336 Sqft ∙ Built 1978
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.96
    •  
PROPERTY LISTING DETAILS
Kevin Hansel
1.281.216.9444
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 #: 38300400
Last Updated: 08/18/2020
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