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22043 Rivermead Drive Katy, TX 77449

4 Beds 2 Baths 1,649 sqft Built 1983

$189,900

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $115.16
  • 3 Days on Market
  • MLS # : 31202094
  • Updated Date : 02/06/2021 at 17:43
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,649 sqft
  • Baths : 2 full
Listing Agent

Exp Realty, Llc

Listing Agent's Description

The wait is OVER!!! Welcome to the lovely 1-story open concept & updated home, with 4 Bedrooms plus a Formal Dining, conveniently located in a highly demand KATY ISD. Well-maintained home with a high ceiling living room and a bright kitchen with recent updated 42” cabinets, Stainless-steel appliances and Granite countertop. Formal dining can also be used as an Office. Safe, quiet & friendly neighborhood in Westland Creek Village. The house comes with a BONUS sunroom with great potentials. Large backyard is perfect for any family & friend gatherings. No backyard neighbors offers so much privacy to any family. HIGHLY DEMAND location with only a few minutes to I-10 & 99, close to different schools, many major markets, HMART Katy and restaurants. NOT in a flood zone, LOW HOA, LOW TAXES. Don’t miss out this opportunity, it is a MUST SEE!!!

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: Westland Creek Village

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $85k301k

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

Neighborhood: Westland Creek Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500160017001800Rent in $7771867

* 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 Unknown 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
 

$170,910$208,890$189,900

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$660
Property Tax -$481
Property Insurance -$139
HOA -$38
Property Management Fees -$99
CASH FLOW
$74

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.

$189,900

PROJECTED PRICE

$1,490

PROJECTED RENT

0.78%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.7%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$56,074

INVESTMENT

$56,074

Down Payment
$47,475
Rehab Estimate
$5,750
Closing Costs
$2,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$660

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $47,475
Loan Amount $142,425
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$5,854

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,587

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4903$1,5254$1,6005$1,600
$1,600
RENT COMPS ANALYSIS
  • 22043 Rivermead Drive Katy, TX 2
    • 4 beds 2 baths ∙ 1,649 Sqft ∙ Built 1983 4 beds 2 baths ∙ 1,649 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.90
    •  
  • 3623 Rolling Springs Lane Katy, TX 1
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2001
    LEASED 09/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.97
    •  
  • 21819 Silverbrook Lane Katy, TX 3
    • 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 2003
    LEASED 11/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.98
    •  
  • 22003 Manor Estates Drive Katy, TX 4
    • 3 beds 2 baths ∙ 1,692 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,692 Sqft ∙ Built 1981
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.95
    •  
  • 22106 Pearl Lake Drive Katy, TX 5
    • 3 beds 2 baths ∙ 1,692 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,692 Sqft ∙ Built 1981
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.95
    •  
PROPERTY LISTING DETAILS
May Pham
1.832.907.7799
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 #: 31202094
Last Updated: 02/06/2021
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