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21450 Park Orchard Drive Katy, TX 77450

3 Beds 2 Baths 1,525 sqft Built 1983

$195,000

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $127.87
  • 3 Days on Market
  • MLS # : 88782833
  • Updated Date : 01/08/2021 at 12:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,525 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Premier Realty

Listing Agent's Description

Welcome home to this meticulously cared for home in one of the more established neighborhoods in Katy Memorial Parkway. This 3 bedroom 2 bath property is a GEM and will make its next home owner a proud owner. Located on a corner lot and quiet street, with big trees and close proximity to schools, restaurants and shopping, this is the ideal spot. Entry into a dining room, one bedroom down as well as one full bathroom. Open kitchen with tall wooden cabinets, silestone counter tops and touches of brilliance and excellence. Main bedroom upstairs along with one other bedroom and another full bathroom with deep tub/shower combo. NO CARPET on the first floor and well maintained flooring throughout. Nice lot size with patio decking and great area to make memories for a lifetime. Make your appointment quickly as this home will be gone within days.

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: Memorial Parkway

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Memorial Parkway

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9442063

* 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
Hayes Elementary School Primary Regular 701 48 8
Memorial Parkway Junior High School Middle Regular 878 54 8
Taylor High School High Regular 2,943 156 9

Hayes Elementary School

  • Education Level: Primary
  • # of students: 701
  • # of teachers: 48
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
 

$175,500$214,500$195,000

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$677
Property Tax -$433
Property Insurance -$130
HOA -$31
Property Management Fees -$99
CASH FLOW
$129

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.

$195,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.77%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 6.8%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$57,425

INVESTMENT

$57,425

Down Payment
$48,750
Rehab Estimate
$5,750
Closing Costs
$2,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$677

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $48,750
Loan Amount $146,250
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$9,793

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,502

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5003$1,5004$1,5005$1,500
$1,500
RENT COMPS ANALYSIS
  • 21450 Park Orchard Drive Katy, TX 5
    • 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1983
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.98
    •  
  • 1250 Summer Park Lane Katy, TX 1
    • 3 beds 2 baths ∙ 1,410 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,410 Sqft ∙ Built 1981
    property image
    LEASED 11/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.03
    •  
  • 21474 Park Mill Lane Katy, TX 2
    • 3 beds 2 baths ∙ 1,581 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,581 Sqft ∙ Built 1984
    property image
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.95
    •  
  • 21259 Park Bluff Drive Katy, TX 3
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1986
    property image
    LEASED 02/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.03
    •  
  • 21471 Park Timbers Lane Katy, TX 4
    • 3 beds 3 baths ∙ 1,620 Sqft ∙ Built 1983 3 beds 3 baths ∙ 1,620 Sqft ∙ Built 1983
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.93
    •  
PROPERTY LISTING DETAILS
Paul Crandall
1.832.483.4743
Keller Williams Premier Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 88782833
Last Updated: 01/08/2021
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