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22703 Spatswood Lane Katy, TX 77449

4 Beds 3 Baths 2,319 sqft Built 1983

$282,000

List Price

$2,040

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $121.60
  • 4 Days on Market
  • MLS # : 18128001
  • Updated Date : 01/14/2021 at 11:50
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,319 sqft
  • Baths : 2 full , 1 half
Listing Agent

Century 21 Western Realty

Listing Agent's Description

Welcome home!! Recently updated in several areas of the home. All updates were done while home was vacant, so all this NEW can be just yours!! New carpet was done in October 2020. Paint in bathrooms and bedrooms done in July 2020. Granite countertops in all bathrooms and kitchen done in October 2020. Kitchen backsplash done is November 2020. All new faucets also done in November 2020. Detached garage in the "back" of home, has electronic gate with a large driveway that is perfect for guests or extra family cars but what a great space for the children to play safely! Elementary school is located directly across the street! If you have school age children, this is so Corner lot, right across from the Elementary School.

SEE MORE

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: Williamsburg Settlement

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Williamsburg Settlement

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $10002063

* 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
Winborn Elementary School Primary Regular 761 58 5
Morton Ranch Junior High School Middle Regular 1,190 82 6
Morton Ranch High School High Regular 3,378 201 6

Winborn Elementary School

  • Education Level: Primary
  • # of students: 761
  • # of teachers: 58
5
GreatSchools Rating

Morton Ranch Junior High School

  • Education Level: Middle
  • # of students: 1,190
  • # of teachers: 82
6
GreatSchools Rating

Morton Ranch High School

  • Education Level: High
  • # of students: 3,378
  • # of teachers: 201
6
GreatSchools Rating
 

$253,800$310,200$282,000

PURCHASE PRICE

$1,836$2,244$2,040

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,040
EXPENSES Loan Payment -$979
Property Tax -$660
Property Insurance -$184
HOA -$60
Property Management Fees -$99
CASH FLOW
$58

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.

$282,000

PROJECTED PRICE

$2,040

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 6.9%
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

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$80,480

INVESTMENT

$80,480

Down Payment
$70,500
Rehab Estimate
$5,750
Closing Costs
$4,230

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$979

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $70,500
Loan Amount $211,500
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$5,786

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,040

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $2,023

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9503$2,0404$2,0505$2,075
$2,075
RENT COMPS ANALYSIS
  • 22703 Spatswood Lane Katy, TX 3
    • 4 beds 3 baths ∙ 2,319 Sqft ∙ Built 1983 4 beds 3 baths ∙ 2,319 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $2,040
    • $0.88
    •  
  • 1702 Calveryman Lane Katy, TX 1
    • 3 beds 3 baths ∙ 2,225 Sqft ∙ Built 1982 3 beds 3 baths ∙ 2,225 Sqft ∙ Built 1982
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.85
    •  
  • 22223 Prince George Street Katy, TX 2
    • 4 beds 3 baths ∙ 2,161 Sqft ∙ Built 1978 4 beds 3 baths ∙ 2,161 Sqft ∙ Built 1978
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.90
    •  
  • 22463 Bucktrout Lane Katy, TX 4
    • 4 beds 2 baths ∙ 2,357 Sqft ∙ Built 1983 4 beds 2 baths ∙ 2,357 Sqft ∙ Built 1983
    LEASED 09/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.87
    •  
  • 1706 Calveryman Lane Katy, TX 5
    • 4 beds 3 baths ∙ 2,381 Sqft ∙ Built 1982 4 beds 3 baths ∙ 2,381 Sqft ∙ Built 1982
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,075
    • $0.87
    •  
PROPERTY LISTING DETAILS
Kelly Encalade
1.832.302.2675
Century 21 Western Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 18128001
Last Updated: 01/14/2021
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