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2211 Pilgrims Bend Drive Friendswood, TX 77546

3 Beds 2 Baths 1,520 sqft Built 1984

$185,656

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $122.14
  • 4 Days on Market
  • MLS # : 87377300
  • Updated Date : 03/13/2021 at 11:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,520 sqft
  • Baths : 2 full
Listing Agent

Exceed Realty

Listing Agent's Description

This house is a light blue single family with 3 bedrooms and 2 bathrooms with a 2 car garage. The house was damaged by water due to busted water pipes during the freeze. The house will be sold as is. The owner will do NO repairs. Present measurements of each room are estimated.

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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: Heritage Park

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Heritage Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10102091

* 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
Landolt Elementary School Primary Regular 905 54 8
Westbrook Intermediate School Middle Magnet 1,069 61 10
Clear Brook High School High Regular 2,335 153 7

Landolt Elementary School

  • Education Level: Primary
  • # of students: 905
  • # of teachers: 54
8
GreatSchools Rating

Westbrook Intermediate School

  • Education Level: Middle
  • # of students: 1,069
  • # of teachers: 61
10
GreatSchools Rating

Clear Brook High School

  • Education Level: High
  • # of students: 2,335
  • # of teachers: 153
7
GreatSchools Rating
 

$167,090$204,222$185,656

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 -$645
Property Tax -$377
Property Insurance -$130
HOA -$33
Property Management Fees -$99
CASH FLOW
$206

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.

$185,656

PROJECTED PRICE

$1,490

PROJECTED RENT

0.80%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 7.4%
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$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$54,949

INVESTMENT

$54,949

Down Payment
$46,414
Rehab Estimate
$5,750
Closing Costs
$2,785

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$645

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $46,414
Loan Amount $139,242
See What Happens When You Reinvest Cash Flow

7.17

YEARS SAVED

$16,202

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
  • $0.98

    LIST RENT PER SQFT
  • $1,486

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,490
1$1,4902$1,5003$1,5054$1,6005$1,650
$1,650
RENT COMPS ANALYSIS
  • 2211 Pilgrims Bend Drive Friendswood, TX 1
    • 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 1984
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.98
    •  
  • 16927 Barkentine Lane Friendswood, TX 2
    • 3 beds 2 baths ∙ 1,560 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,560 Sqft ∙ Built 1984
    property image
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.96
    •  
  • 16738 Square Rigger Lane Friendswood, TX 3
    • 3 beds 2 baths ∙ 1,543 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,543 Sqft ∙ Built 1986
    property image
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,505
    • $0.98
    •  
  • 16923 Starboard View Drive Friendswood, TX 4
    • 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 1984
    property image
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.97
    •  
  • 16806 Square Rigger Lane Friendswood, TX 5
    • 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 1984
    property image
    LEASED 11/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.00
    •  
PROPERTY LISTING DETAILS
Naudia Thomas
1.832.891.0975
Exceed Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 87377300
Last Updated: 03/13/2021
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