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22719 Tara Way Drive Katy, TX 77449

3 Beds 2 Baths 1,348 sqft Built 1999

$195,000

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $144.66
  • 3 Days on Market
  • MLS # : 46070131
  • Updated Date : 03/13/2021 at 12:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,348 sqft
  • Baths : 2 full
Listing Agent

Century 21 Western Realty

Listing Agent's Description

This is an updated one-story home located close to everything with easy access to both 99 and I-10. Walking distance to the subdivision park and pool. No flooding or water damage ever! Clean and move-in-ready. The interior has been freshly painted with a lovely gray on the walls and classic white on the ceilings including doors and trim work, even the attached garage interior has a fresh coat of paint. Great back yard with majestic oak shade trees. Carpeting and vinyl plank flooring in the wet areas installed 2021. The roof was replaced in 2019, HVAC replaced 2019, hot water tank replaced in 2019, microwave replaced in 2020. This is a great home that has been loved and well cared for by the original owners.

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: Williamschase

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $105k301k

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

Neighborhood: Williamschase

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8961867

* 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
 

$175,500$214,500$195,000

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$677
Property Tax -$439
Property Insurance -$118
HOA -$39
Property Management Fees -$99
CASH FLOW
$57

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.

$195,000

PROJECTED PRICE

$1,430

PROJECTED RENT

0.73%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 9.2%
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$57,425

INVESTMENT

$57,425

Down Payment
$48,750
Rehab Estimate
$5,750
Closing Costs
$2,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$677

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $48,750
Loan Amount $146,250
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$5,861

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $1,335

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4303$1,4954$1,4955$1,599
$1,599
RENT COMPS ANALYSIS
  • 22719 Tara Way Drive Katy, TX 2
    • 3 beds 2 baths ∙ 1,348 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,348 Sqft ∙ Built 1999
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $1.06
    •  
  • 22710 Williamschase Drive Katy, TX 1
    • 3 beds 2 baths ∙ 1,466 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,466 Sqft ∙ Built 1993
    property image
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.95
    •  
  • 22714 Powell House Lane Katy, TX 3
    • 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 1983 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 1983
    property image
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.97
    •  
  • 2658 Anthony Hay Lane Katy, TX 4
    • 3 beds 2 baths ∙ 1,490 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,490 Sqft ∙ Built 1983
    property image
    LEASED 01/02/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.00
    •  
  • 22822 Brafferton Lane Katy, TX 5
    • 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 1983 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 1983
    property image
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $1.04
    •  
PROPERTY LISTING DETAILS
Katherine Stenson
1.281.728.3948
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 #: 46070131
Last Updated: 03/13/2021
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