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20318 Cannaberry Way Spring, TX 77388

4 Beds 3 Baths 2,651 sqft Built 1986

$220,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $82.99
  • 3 Days on Market
  • MLS # : 70918225
  • Updated Date : 01/30/2021 at 13:17
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,651 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Platinum

Listing Agent's Description

Create lasting memories with this beautiful home in the idyllic community of Oaks Devonshire. Boasting a recently replaced HVAC, a living room with a brick fireplace and wainscoting, a dining room, and family room, this 4-bedroom, 2.5-bathroom property is exactly what you’ve been searching for. Take your culinary abilities to new heights in the incredible island kitchen, complete with a gas cooktop and breakfast bar. Unwind in the spa-like primary suite, complete with a walk-in closet, dual vanities, a whirlpool tub, and separate shower. Spend a nice afternoon relaxing beside the pool under the shade of the towering palm trees in the spacious backyard. Community comforts include a clubhouse, pool, sports fields and courts, a park, trails, and more! Located near I-45 and the Grand Parkway, residents enjoy easy access to The Woodlands and Tomball. Old Town Spring is less than 4 miles away! Schools are zoned to Klein ISD. Don’t wait – call today!

SEE MORE

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

Zip Code: 77388

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Zip Code: 77388

ZipNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10632063

* 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
Lemm Elementary School Primary Regular 588 38 7
Strack Intermediate School Middle Regular 1,196 73 7
Klein Collins High School High Regular 3,580 201 6

Lemm Elementary School

  • Education Level: Primary
  • # of students: 588
  • # of teachers: 38
7
GreatSchools Rating

Strack Intermediate School

  • Education Level: Middle
  • # of students: 1,196
  • # of teachers: 73
7
GreatSchools Rating

Klein Collins High School

  • Education Level: High
  • # of students: 3,580
  • # of teachers: 201
6
GreatSchools Rating
 

$198,000$242,000$220,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$764
Property Tax -$500
Property Insurance -$206
Property Management Fees -$99
CASH FLOW
$181

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.

$220,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.80%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.8%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$764

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$13,155

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $1,743

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7003$1,7504$1,9455$2,000
$2,000
RENT COMPS ANALYSIS
  • 20318 Cannaberry Way Spring, TX 3
    • 4 beds 3 baths ∙ 2,651 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,651 Sqft ∙ Built 1986
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.66
    •  
  • 3227 Nickwill Way Spring, TX 1
    • 4 beds 3 baths ∙ 2,761 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,761 Sqft ∙ Built 2004
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.61
    •  
  • 19731 Teller Boulevard Spring, TX 2
    • 4 beds 3 baths ∙ 2,850 Sqft ∙ Built 1983 4 beds 3 baths ∙ 2,850 Sqft ∙ Built 1983
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.60
    •  
  • 20403 Louetta Crossing Drive Spring, TX 4
    • 4 beds 3 baths ∙ 2,751 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,751 Sqft ∙ Built 2005
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.71
    •  
  • 2915 Blue Fovant Court Spring, TX 5
    • 4 beds 3 baths ∙ 2,814 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,814 Sqft ∙ Built 2003
    LEASED 02/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.71
    •  
PROPERTY LISTING DETAILS
Lance Loken
1.281.861.4624
Keller Williams Platinum
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 70918225
Last Updated: 01/30/2021
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