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22131 Atwater Canyon Lane Katy, TX 77494

3 Beds 2 Baths 2,405 sqft Built 2002

$290,000

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $120.58
  • 4 Days on Market
  • MLS # : 15762000
  • Updated Date : 02/20/2021 at 18:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,405 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Premier Realty

Listing Agent's Description

Welcome home to this amazing opportunity for one lucky buyer…NO BACK NEIGHBORS. This spacious one-story home is located in one of the more sought out neighborhoods in all of Katy. Grand Lakes is zoned to some of the highest rated schools in the district. Open concept with family room connected to the kitchen to be constantly connected to the conversation. Split plan with primary bedroom that offers a quiet retreat with full bath and walk-in closet. Secondary bedrooms offer great space as well as on open area that can be used as a reading area or entertainment space. Great location to Westpark tollway and the Grand parkway as well as no rear neighbors, this home will not last long. Make your appointment today so you can create your own memories in this home.

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: Grand Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $113k417k

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

Neighborhood: Grand Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $10372851

* 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
Alexander Elementary School Primary Regular 1,040 71 10
Beckendorff Junior High School Middle Regular 1,697 89 10
Seven Lakes High School High Regular 3,463 186 10

Alexander Elementary School

  • Education Level: Primary
  • # of students: 1,040
  • # of teachers: 71
10
GreatSchools Rating

Beckendorff Junior High School

  • Education Level: Middle
  • # of students: 1,697
  • # of teachers: 89
10
GreatSchools Rating

Seven Lakes High School

  • Education Level: High
  • # of students: 3,463
  • # of teachers: 186
10
GreatSchools Rating
 

$261,000$319,000$290,000

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,007
Property Tax -$576
Property Insurance -$166
HOA -$94
Property Management Fees -$99
CASH FLOW
$39

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.

$290,000

PROJECTED PRICE

$1,980

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 0.7%
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-$4.0k-$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$82,600

INVESTMENT

$82,600

Down Payment
$72,500
Rehab Estimate
$5,750
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,007

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,500
Loan Amount $217,500
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$5,900

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $2,026

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$1,9603$1,9804$2,0005$2,200
$2,200
RENT COMPS ANALYSIS
  • 22131 Atwater Canyon Lane Katy, TX 3
    • 3 beds 2 baths ∙ 2,405 Sqft ∙ Built 2002 3 beds 2 baths ∙ 2,405 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $0.82
    •  
  • 6206 Sandy Sage Court Katy, TX 1
    • 3 beds 2 baths ∙ 2,299 Sqft ∙ Built 2003 3 beds 2 baths ∙ 2,299 Sqft ∙ Built 2003
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.85
    •  
  • 6211 Suncrest Court Katy, TX 2
    • 4 beds 2 baths ∙ 2,254 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,254 Sqft ∙ Built 2001
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,960
    • $0.87
    •  
  • 22127 Atwater Canyon Lane Katy, TX 4
    • 4 beds 3 baths ∙ 2,576 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,576 Sqft ∙ Built 2003
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.78
    •  
  • 6215 Suncrest Court Katy, TX 5
    • 4 beds 3 baths ∙ 2,518 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,518 Sqft ∙ Built 2002
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.87
    •  
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 #: 15762000
Last Updated: 02/20/2021
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