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23002 Benbury Dr Katy, TX 77450

3 Beds 3 Baths 2,452 sqft Built 1983

INVESTimate

$243,900

List Price

$1,870

$1,683 - $2,057

Rent Est.

$250,924  ( +2.88%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1983
  • Price/Sqft : $99.47
  • 2 Days on Market
  • MLS # : 31366668
  • Updated Date : 08/25/2020 at 12:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,452 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Cinco Ranch

Listing Agent's Description

AMAZING 3/4 BEDROOM 1 STORY NESTLED BY BEAUTIFUL MATURE TREES & EXTENSIVE LANDSCAPING * LOVELY LEAD GLASS FRONT DOOR WELCOMES FAMILY & FRIENDS! * ELEGANT FORMAL DINING IS GREAT FOR THE UPCOMING HOLIDAYS * FABULOUS KITCHEN WITH BUILT-IN APPLIANCES, CORIAN COUNTER TOPS, TILE BACKSPLASH & FLOOR, WALK-IN PANTRY PLUS PLENTY OF CABINET SPACE * NICE BREAKFAST AREA WITH BREAKFAST BAR, WET BAR & EXTRA CABINET SPACE * GAME/FLEX ROOM OFF BREAKFAST AREA WITH WALL OF WINDOWS * SPACIOUS FAMILY ROOM WITH CORNER GAS LOG FIREPLACE, HIGH CEILING AND A GREAT PLACE FOR RELAXING * PRIMARY SUITE OFFERS QUIET EVENING & ADJOINING BATH HAS BIG GARDEN TUB/SHOWER, CUSTOM BUILT-INS, HIS/HER CLOSETS + NICE VANITY AREA * GORGEOUS BACK YARD WITH DECK * LARGE TREES * SPRINKLER SYSTEM * WATER SOFTENER, ROOF (1 YR) * "DON'T MISS OUT ON THIS ONE!"

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

Neighborhood: Governors Place

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k316k

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

Neighborhood: Governors Place

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10372063

* 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
West Memorial Elementary School Primary Regular 816 55 7
West Memorial Junior High School Middle Regular 756 53 6
Katy High School High Regular 3,065 176 7

West Memorial Elementary School

  • Education Level: Primary
  • # of students: 816
  • # of teachers: 55
7
GreatSchools Rating

West Memorial Junior High School

  • Education Level: Middle
  • # of students: 756
  • # of teachers: 53
6
GreatSchools Rating

Katy High School

  • Education Level: High
  • # of students: 3,065
  • # of teachers: 176
7
GreatSchools Rating
 

$219,510$268,290$243,900

PURCHASE PRICE

$1,683$2,057$1,870

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,870
EXPENSES Loan Payment -$900
Property Tax -$532
Property Insurance -$193
HOA -$51
Property Management Fees -$99
CASH FLOW
$96

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.

$243,900

PROJECTED PRICE

$1,870

PROJECTED RENT

0.77%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 2.88%
Maintenance Year (1-5) 8.00%
Vacancy 9.28%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,384

INVESTMENT

$70,384

Down Payment
$60,975
Rehab Estimate
$5,750
Closing Costs
$3,659

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$900

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $60,975
Loan Amount $182,925
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$9,447

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,870

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,906

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,8503$1,8504$1,8705$1,895
$1,895
RENT COMPS ANALYSIS
  • 23002 Benbury Dr Katy, TX 4
    • 3 beds 3 baths ∙ 2,452 Sqft ∙ Built 1983 3 beds 3 baths ∙ 2,452 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,870
    • $0.76
    •  
  • 1123 Cascade Creek Drive Katy, TX 1
    • 4 beds 3 baths ∙ 2,388 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,388 Sqft ∙ Built 1989
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.75
    •  
  • 807 Sierra Lake Drive Katy, TX 2
    • 4 beds 3 baths ∙ 2,376 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,376 Sqft ∙ Built 1991
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.78
    •  
  • 1106 Canyon Heights Court Katy, TX 3
    • 3 beds 2 baths ∙ 2,385 Sqft ∙ Built 1993 3 beds 2 baths ∙ 2,385 Sqft ∙ Built 1993
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.78
    •  
  • 522 Earls Court Drive Katy, TX 5
    • 4 beds 3 baths ∙ 2,361 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,361 Sqft ∙ Built 1991
    LEASED 08/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.80
    •  
PROPERTY LISTING DETAILS
Rick Martinez
1.281.646.2143
Re/max Cinco Ranch
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 31366668
Last Updated: 08/25/2020
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