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22914 Palomino Creek Court Tomball, TX 77375

5 Beds 3 Baths 2,618 sqft Built 2003

$195,000

List Price

$1,930

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $74.48
  • 2 Days on Market
  • MLS # : 64999112
  • Updated Date : 03/13/2021 at 17:01
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,618 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Signature

Listing Agent's Description

Great Opportunity to make this your custom home. Home was completely dried out and remediated from busted pipes during the freeze and will need to be put back together to your liking. Don’t miss out on this 4/5 bedroom home with 2.5 baths, Open living to family room, secondary bedroom down or study, whatever you wish to fit your style of living. Home is located on a cul-de-sac lot. Nice storage building in back for yard tool.

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: Creekside Place

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Creekside Place

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10622063

* 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
Schultz Elementary School Primary Regular 923 60 7
Hildebrandt Intermediate School Middle Regular 1,136 69 7
Klein Oak High School High Regular 3,883 230 7

Schultz Elementary School

  • Education Level: Primary
  • # of students: 923
  • # of teachers: 60
7
GreatSchools Rating

Hildebrandt Intermediate School

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

Klein Oak High School

  • Education Level: High
  • # of students: 3,883
  • # of teachers: 230
7
GreatSchools Rating
 

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

PURCHASE PRICE

$1,737$2,123$1,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,930
EXPENSES Loan Payment -$677
Property Tax -$546
Property Insurance -$199
HOA -$42
Property Management Fees -$99
CASH FLOW
$366

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

$1,930

PROJECTED RENT

0.99%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 6.2%
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

PROJECTED ANNUAL CASH FLOW

11530$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

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 40% 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

9.58

YEARS SAVED

$27,286

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,930

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $2,068

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,930
1$1,9302$1,9503$1,9604$1,9955$2,200
$2,200
RENT COMPS ANALYSIS
  • 22914 Palomino Creek Court Tomball, TX 1
    • 5 beds 3 baths ∙ 2,618 Sqft ∙ Built 2003 5 beds 3 baths ∙ 2,618 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,930
    • $0.74
    •  
  • 8819 Willow Wilde Drive Tomball, TX 2
    • 4 beds 3 baths ∙ 2,749 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,749 Sqft ∙ Built 2003
    LEASED 12/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.71
    •  
  • 23723 Lucas Creek Drive Spring, TX 3
    • 4 beds 3 baths ∙ 2,518 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,518 Sqft ∙ Built 2014
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,960
    • $0.78
    •  
  • 7002 Edwanna Lane Spring, TX 4
    • 4 beds 3 baths ∙ 2,488 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,488 Sqft ∙ Built 2015
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.80
    •  
  • 23707 Bernshausen Drive Spring, TX 5
    • 4 beds 3 baths ∙ 2,537 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,537 Sqft ∙ Built 2014
    LEASED 05/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.87
    •  
PROPERTY LISTING DETAILS
Traye Wise
1.713.907.4233
Re/max Signature
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 64999112
Last Updated: 03/13/2021
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