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22615 Cutter Mill Drive Spring, TX 77389

4 Beds 4 Baths 2,652 sqft Built 2016

$299,900

List Price

$2,420

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 2016
  • Price/Sqft : $113.08
  • 5 Days on Market
  • MLS # : 41179984
  • Updated Date : 10/31/2020 at 14:09
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,652 sqft
  • Baths : 3 full , 1 half
Listing Agent

Remington Properties

Listing Agent's Description

Move in ready! Make this one your new home in time for the holidays! Light and bright with loads of windows, high ceilings, and nice sized back yard. Primary bedroom plus both formals down, and 3 BR, 2 full BA, plus game room up. Quiet street at the back of the neighborhood for limited traffic. Highly desired Klein ISD. Neighborhood pool and club area. Easy access to major highways including 99. Close to The Woodlands for an abundance of dining, shopping, and cultural options.

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

Zip Code: 77389

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $113k384k

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

Zip Code: 77389

ZipNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100220023002400Rent in $10722416

* 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
Zwink Elementary School Primary Unknown 919 58 NA
Hildebrandt Intermediate School Middle Regular 1,136 69 7
Klein Collins High School High Regular 3,580 201 6

Zwink Elementary School

  • Education Level: Primary
  • # of students: 919
  • # of teachers: 58
NA
GreatSchools Rating

Hildebrandt Intermediate School

  • Education Level: Middle
  • # of students: 1,136
  • # of teachers: 69
7
GreatSchools Rating

Klein Collins High School

  • Education Level: High
  • # of students: 3,580
  • # of teachers: 201
6
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$2,178$2,662$2,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,420
EXPENSES Loan Payment -$1,107
Property Tax -$804
Property Insurance -$206
HOA -$75
Property Management Fees -$99
CASH FLOW
$130

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.

$299,900

PROJECTED PRICE

$2,420

PROJECTED RENT

0.81%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 3.8%
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$800k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$10,427

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,420

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $2,261

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$2,175
1$2,1752$2,2003$2,3004$2,4205$2,500
$2,500
RENT COMPS ANALYSIS
  • 22615 Cutter Mill Drive Spring, TX 4
    • 4 beds 4 baths ∙ 2,652 Sqft ∙ Built 2016 4 beds 4 baths ∙ 2,652 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,420
    • $0.91
    •  
  • 5002 Sawmill Timber Drive Spring, TX 1
    • 4 beds 3 baths ∙ 2,593 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,593 Sqft ∙ Built 2015
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,175
    • $0.84
    •  
  • 5115 Ridge Beam Lane Spring, TX 2
    • 3 beds 3 baths ∙ 2,698 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,698 Sqft ∙ Built 2013
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.82
    •  
  • 5010 Harvest Knoll Drive Spring, TX 3
    • 4 beds 3 baths ∙ 2,663 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,663 Sqft ∙ Built 2016
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.86
    •  
  • 22014 Meandering Springs Drive Spring, TX 5
    • 4 beds 3 baths ∙ 2,805 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,805 Sqft ∙ Built 2013
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.89
    •  
PROPERTY LISTING DETAILS
Debbie Donahue
Remington Properties
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 41179984
Last Updated: 10/31/2020
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