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2235 Diamond Crest Drive Houston, TX 77489

3 Beds 2 Baths 1,596 sqft Built 2008

$198,000

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $124.06
  • 5 Days on Market
  • MLS # : 7326606
  • Updated Date : 01/02/2021 at 14:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,596 sqft
  • Baths : 2 full
Listing Agent

Realm Real Estate Professional

Listing Agent's Description

Welcome to this beautiful open concept single story home, boasting 3 bedrooms and 2 full baths. This floor plan flows, allowing an open feel throughout. The dining room flows into kitchen, and kitchen is Open to family room. Kitchen has been dressed with SS appliances, only 1 year old. The Warm, cozy fireplace rests in the corner of this sizeable family room. Owners suite is enormous, with a sitting area the size of a small room with attached closet. The owners En-suite bath includes a whirlpool bath and spacious walk-in closets. This home has been carefully maintained by its owners; tiled wet areas and Carpet is only a year old! 2 inch blinds to keep Houston's intense heat at bay, but opens to natural light. Owner enclosed front entry, adding additional charm to this gem! Relax on your tiled front porch or entertain in your covered backyard patio NO Neighbors in front of you! Call now to schedule before this beauty is gone!

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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: Meadow Crest

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $98k274k

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

Neighborhood: Meadow Crest

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700Rent in $10011788

* 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
Hunters Glen Elementary School Primary Regular 437 33 3
Missouri City Middle School Middle Regular 1,116 79 3
Marshall High School High Regular 1,242 93 2

Hunters Glen Elementary School

  • Education Level: Primary
  • # of students: 437
  • # of teachers: 33
3
GreatSchools Rating

Missouri City Middle School

  • Education Level: Middle
  • # of students: 1,116
  • # of teachers: 79
3
GreatSchools Rating

Marshall High School

  • Education Level: High
  • # of students: 1,242
  • # of teachers: 93
2
GreatSchools Rating
 

$178,200$217,800$198,000

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$731
Property Tax -$391
Property Insurance -$119
HOA -$25
Property Management Fees -$99
CASH FLOW
$55

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.

$198,000

PROJECTED PRICE

$1,420

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 8.7%
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$600k$700k

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$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,220

INVESTMENT

$58,220

Down Payment
$49,500
Rehab Estimate
$5,750
Closing Costs
$2,970

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$731

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,500
Loan Amount $148,500
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$8,322

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,444

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,249
1$1,2492$1,3513$1,4204$1,5955$1,600
$1,600
RENT COMPS ANALYSIS
  • 2235 Diamond Crest Drive Houston, TX 3
    • 3 beds 2 baths ∙ 1,596 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,596 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.89
    •  
  • 7735 Ellis Drive Houston, TX 1
    • 4 beds 2 baths ∙ 1,343 Sqft ∙ Built 1994 4 beds 2 baths ∙ 1,343 Sqft ∙ Built 1994
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,249
    • $0.93
    •  
  • 7707 Sign Street Houston, TX 2
    • 4 beds 3 baths ∙ 1,512 Sqft ∙ Built 1995 4 beds 3 baths ∙ 1,512 Sqft ∙ Built 1995
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,351
    • $0.89
    •  
  • 914 Foxborrough Lane Missouri City, TX 4
    • 3 beds 2 baths ∙ 1,718 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,718 Sqft ∙ Built 1996
    LEASED 12/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.93
    •  
  • 2207 Heatherwood Drive Drive Missouri City, TX 5
    • 3 beds 2 baths ∙ 1,837 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,837 Sqft ∙ Built 2000
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.87
    •  
PROPERTY LISTING DETAILS
Linda Harris
1.713.447.7717
Realm Real Estate Professional
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 7326606
Last Updated: 01/02/2021
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