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21611 Manitou Falls Lane Katy, TX 77449

4 Beds 3 Baths 2,902 sqft Built 2005

$226,000

List Price

$1,900

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $77.88
  • 4 Days on Market
  • MLS # : 16183255
  • Updated Date : 01/16/2021 at 15:41
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,902 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty, Llc

Listing Agent's Description

Don't miss out on your chance to own this IMMACULATELY maintained home in Lakes of Bridgewater and zoned to the acclaimed Katy ISD. This 4 bedroom, 2.5 bathroom, 2 car garage home has lots of room to roam. Downstairs you'll find a formal dining room currently being used as a home office. The kitchen features tile flooring, a breakfast bar, lots of cabinet and counter space and opens into the breakfast room and living room featuring a fireplace with mantle. The primary bedroom has an ensuite bathroom with double sinks and a separate tub and shower. The half bath completes the first floor. Upstairs, you'll find a large game room and three large secondary bedrooms, as well as another full bathroom. Outside you'll find a backyard with no rear neighbors that features a covered patio. Air conditioning system was converted to feature two zones, with a new unit purchased 3 years ago. Water heater is less than 2 years old. Alarm system hardware is owned and included. Fridge is negotiable.

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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: Lakes of Bridgewater

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $105k301k

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

Neighborhood: Lakes of Bridgewater

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8781867

* 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
Golbow Elementary School Primary Regular 807 56 7
Mcdonald Junior High School Middle Regular 1,041 64 6
Paetow High School High Regular NA

Golbow Elementary School

  • Education Level: Primary
  • # of students: 807
  • # of teachers: 56
7
GreatSchools Rating

Mcdonald Junior High School

  • Education Level: Middle
  • # of students: 1,041
  • # of teachers: 64
6
GreatSchools Rating

Paetow High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$203,400$248,600$226,000

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$785
Property Tax -$573
Property Insurance -$223
HOA -$42
Property Management Fees -$99
CASH FLOW
$178

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.

$226,000

PROJECTED PRICE

$1,900

PROJECTED RENT

0.84%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 8.00%
Vacancy 8.80%
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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,640

INVESTMENT

$65,640

Down Payment
$56,500
Rehab Estimate
$5,750
Closing Costs
$3,390

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$785

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,500
Loan Amount $169,500
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$12,237

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.65

    LIST RENT PER SQFT
  • $1,901

    COMP ESTIMATED VALUE
  • $0.66

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,8503$1,9004$1,9955$2,000
$2,000
RENT COMPS ANALYSIS
  • 21611 Manitou Falls Lane Katy, TX 3
    • 4 beds 3 baths ∙ 2,902 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,902 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.65
    •  
  • 2719 Marble Manor Lane Katy, TX 1
    • 4 beds 3 baths ∙ 2,712 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,712 Sqft ∙ Built 2005
    property image
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.66
    •  
  • 21831 Manitou Falls Lane Katy, TX 2
    • 4 beds 3 baths ∙ 2,912 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,912 Sqft ∙ Built 2002
    property image
    LEASED 04/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.64
    •  
  • 22211 Woodseem Court Katy, TX 4
    • 4 beds 3 baths ∙ 3,085 Sqft ∙ Built 2013 4 beds 3 baths ∙ 3,085 Sqft ∙ Built 2013
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.65
    •  
  • 3019 Chesapeake Bend Lane Katy, TX 5
    • 4 beds 3 baths ∙ 2,974 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,974 Sqft ∙ Built 2006
    property image
    LEASED 12/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.67
    •  
PROPERTY LISTING DETAILS
Rae Hoffman
1.832.247.0110
Exp Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 16183255
Last Updated: 01/16/2021
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