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23 Spurwood Court The Woodlands, TX 77381

3 Beds 3 Baths 2,242 sqft Built 1980

$350,000

List Price

$2,220

$2K - $2.4K

Rent Est.

PROPERTY INFO

February 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $156.11
  • 6 Days on Market
  • MLS # : 77208111
  • Updated Date : 02/04/2021 at 15:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,242 sqft
  • Baths : 2 full , 1 half
Listing Agent

Abby Realty

Listing Agent's Description

Location! Location! Location! Don't miss this charming and beautifully updated home in the heart of Panther Creek, just steps from Sally K Ride! With modern finishes and updated touches throughout, this home renovation is sophisticated yet casually elegant. Designer light fixtures and recessed lighting add a custom touch while the abundance of windows flood the home with natural light throughout the day. Marble countertops and an oversized shower add to the spa like feel of the primary bath while the stainless appliances and oversized single bowl sink accent the upgraded countertops and travertine backsplash beautifully in the fabulous chefs kitchen. The home is set deep on an oversized homesite full of mature trees and lush landscaping with no rear neighbors as it backs to the walking trail with direct gated access. Enjoy peaceful evenings on the large outdoor deck while taking in the privacy and beauty of the property! Minutes from all that The Woodlands has to offer!

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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: Panther Creek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $113k368k

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

Neighborhood: Panther Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900200021002200Rent in $10722236

* 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
Collins Intermediate School Primary Regular 674 36 10
Collins Intermediate School Middle Regular 674 36 10
The Woodlands College Park High School High Regular 2,794 161 9

Collins Intermediate School

  • Education Level: Primary
  • # of students: 674
  • # of teachers: 36
10
GreatSchools Rating

Collins Intermediate School

  • Education Level: Middle
  • # of students: 674
  • # of teachers: 36
10
GreatSchools Rating

The Woodlands College Park High School

  • Education Level: High
  • # of students: 2,794
  • # of teachers: 161
9
GreatSchools Rating
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,998$2,442$2,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,220
EXPENSES Loan Payment -$1,216
Property Tax -$647
Property Insurance -$157
Property Management Fees -$99
CASH FLOW
$102

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.

$350,000

PROJECTED PRICE

$2,220

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.3%
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-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,216

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$12,742

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,220

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $2,225

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$2,125
1$2,1252$2,1503$2,2004$2,2205$2,250
$2,250
RENT COMPS ANALYSIS
  • 23 Spurwood Court The Woodlands, TX 4
    • 3 beds 3 baths ∙ 2,242 Sqft ∙ Built 1980 3 beds 3 baths ∙ 2,242 Sqft ∙ Built 1980
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,220
    • $0.99
    •  
  • 108 E Lakeridge Drive Spring, TX 1
    • 3 beds 3 baths ∙ 2,354 Sqft ∙ Built 1993 3 beds 3 baths ∙ 2,354 Sqft ∙ Built 1993
    property image
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,125
    • $0.90
    •  
  • 22 N Havenridge Drive Drive The Woodlands, TX 2
    • 3 beds 3 baths ∙ 2,192 Sqft ∙ Built 1981 3 beds 3 baths ∙ 2,192 Sqft ∙ Built 1981
    property image
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.98
    •  
  • 2 Meadow Star Court The Woodlands, TX 3
    • 3 beds 2 baths ∙ 2,212 Sqft ∙ Built 1982 3 beds 2 baths ∙ 2,212 Sqft ∙ Built 1982
    property image
    LEASED 01/26/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.99
    •  
  • 36 Woodelves Place The Woodlands, TX 5
    • 4 beds 2 baths ∙ 2,050 Sqft ∙ Built 1983 4 beds 2 baths ∙ 2,050 Sqft ∙ Built 1983
    property image
    LEASED 12/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.10
    •  
PROPERTY LISTING DETAILS
Bobbilynn Boudreaux
1.832.326.0915
Abby Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 77208111
Last Updated: 02/04/2021
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