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2251 Pilgrims Point Drive Friendswood, TX 77546

4 Beds 3 Baths 2,746 sqft Built 1987

$279,900

List Price

$2,170

$2K - $2.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $101.93
  • 2 Days on Market
  • MLS # : 24592158
  • Updated Date : 02/27/2021 at 11:29
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,746 sqft
  • Baths : 3 full
Listing Agent

Shaw Real Estate

Listing Agent's Description

This Beautifully renovated home enjoys a large lot any many features and upgrades, including gorgeous quartz counters, custom cabinets with drawers, New lighting, paint, wood look tile flooring, and many more. Full list of upgrades available. MUST SEE to Appreciate. Very Fuctional floor plan, has everything you need. Balcony overlooks Huge Backyard with greenbelt, large raised bed garden and fruit trees.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • Houston metro employment growth is at 1.8% and predicted to grow to 2.7% in 2019-20 (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
 

$251,910$307,890$279,900

PURCHASE PRICE

$1,953$2,387$2,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,170
EXPENSES Loan Payment -$972
Property Tax -$568
Property Insurance -$213
HOA -$17
Property Management Fees -$99
CASH FLOW
$301

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.

$279,900

PROJECTED PRICE

$2,170

PROJECTED RENT

0.78%

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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,924

INVESTMENT

$79,924

Down Payment
$69,975
Rehab Estimate
$5,750
Closing Costs
$4,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$972

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $69,975
Loan Amount $209,925
See What Happens When You Reinvest Cash Flow

7.08

YEARS SAVED

$24,330

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,170

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,307

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,1503$2,1704$2,3505$2,350
$2,350
RENT COMPS ANALYSIS
  • 2251 Pilgrims Point Drive Friendswood, TX 3
    • 4 beds 3 baths ∙ 2,746 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,746 Sqft ∙ Built 1987
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,170
    • $0.79
    •  
  • 16911 Tower Ridge Friendswood, TX 1
    • 3 beds 2 baths ∙ 2,482 Sqft ∙ Built 1999 3 beds 2 baths ∙ 2,482 Sqft ∙ Built 1999
    property image
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.81
    •  
  • 2610 Ledgebrook Lane Friendswood, TX 2
    • 4 beds 3 baths ∙ 2,644 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,644 Sqft ∙ Built 2000
    property image
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.81
    •  
  • 3714 Arbor Point Lane Friendswood, TX 4
    • 4 beds 3 baths ∙ 2,751 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,751 Sqft ∙ Built 2002
    property image
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.85
    •  
  • 3506 Silouette Cove Friendswood, TX 5
    • 4 beds 3 baths ∙ 2,638 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,638 Sqft ∙ Built 2001
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.89
    •  
PROPERTY LISTING DETAILS
Jason Shaw
1.281.546.9237
Shaw Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 24592158
Last Updated: 02/27/2021
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