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22073 Ringwood Court Porter, TX 77365

4 Beds 3 Baths 2,255 sqft Built 1996

$219,000

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $97.12
  • 2 Days on Market
  • MLS # : 87141842
  • Updated Date : 11/28/2020 at 14:51
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,255 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty One Group, Experience

Listing Agent's Description

Light and bright home with fresh paint and carpet throughout, minutes from 59 & 99, parks, dining, and more! Welcoming entry boasts high ceilings and opens to a spacious great room, which features a chair rail accent, and accesses the backyard through glass French doors. Through the great room, the sunny kitchen provides a generous walk-in pantry, kitchen peninsula and breakfast bar, and opens to the eat-in breakfast room. All bedrooms are conveniently located upstairs, along with a roomy, bonus/flex room, ideal for relaxing and entertaining. The mature landscaping and fully fenced backyard provides a private oasis with plenty of recreational options, including a swing set and refreshing swimming pool!

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: Cumberland

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $100k254k

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

Neighborhood: Cumberland

NeighborhoodNIR Market*CityMarket2010Year20002019 Q28009001000110012001300140015001600Rent in $7881692

* 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
Robert Crippen Elementary School Primary Regular 840 49 3
White Oak Middle School Middle Regular 784 53 4
Porter High School High Regular 1,677 118 4

Robert Crippen Elementary School

  • Education Level: Primary
  • # of students: 840
  • # of teachers: 49
3
GreatSchools Rating

White Oak Middle School

  • Education Level: Middle
  • # of students: 784
  • # of teachers: 53
4
GreatSchools Rating

Porter High School

  • Education Level: High
  • # of students: 1,677
  • # of teachers: 118
4
GreatSchools Rating
 

$197,100$240,900$219,000

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$808
Property Tax -$439
Property Insurance -$157
HOA -$38
Property Management Fees -$99
CASH FLOW
$139

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.

$219,000

PROJECTED PRICE

$1,680

PROJECTED RENT

0.77%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.6%
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$800k

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$63,785

INVESTMENT

$63,785

Down Payment
$54,750
Rehab Estimate
$5,750
Closing Costs
$3,285

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$808

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $54,750
Loan Amount $164,250
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$14,772

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,838

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,6253$1,6804$1,7505$1,900
$1,900
RENT COMPS ANALYSIS
  • 22073 Ringwood Court Porter, TX 3
    • 4 beds 3 baths ∙ 2,255 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,255 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.75
    •  
  • 21693 Tan Oak Court Porter, TX 1
    • 4 beds 3 baths ∙ 1,913 Sqft ∙ Built 1986 4 beds 3 baths ∙ 1,913 Sqft ∙ Built 1986
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.78
    •  
  • 21617 Horseshoe Drive Porter, TX 2
    • 4 beds 2 baths ∙ 2,032 Sqft ∙ Built 2006 4 beds 2 baths ∙ 2,032 Sqft ∙ Built 2006
    LEASED 07/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.80
    •  
  • 18120 Red Pine Court Porter, TX 4
    • 4 beds 3 baths ∙ 2,218 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,218 Sqft ∙ Built 1999
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.79
    •  
  • 19025 Lazy Lane Porter, TX 5
    • 3 beds 2 baths ∙ 2,125 Sqft ∙ Built 1979 3 beds 2 baths ∙ 2,125 Sqft ∙ Built 1979
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.89
    •  
PROPERTY LISTING DETAILS
Kyler Ferris
1.512.573.6990
Realty One Group, Experience
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 87141842
Last Updated: 11/28/2020
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