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23111 Red River Drive Katy, TX 77450

3 Beds 3 Baths 2,248 sqft Built 1989

$264,000

List Price

$1,850

$1.7K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $117.44
  • 3 Days on Market
  • MLS # : 10615291
  • Updated Date : 03/26/2021 at 17:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,248 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty, Llc

Listing Agent's Description

Do not miss your chance to own this gorgeous, updated home in the coveted Governors Place zoned to award winning Katy ISD schools. This 3/2.5/2 has 2,248 SF of living space. Downstairs you will find a formal living room and dining room combo, and an updated kitchen that opens to the secondary living space / family room. The downstairs interior laundry room also serves as entry to the garage. Upstairs you will find a flex space, two secondary bedrooms, and a large primary suite with an ensuite bathroom. This large backyard oasis has a huge patio and plenty of room for entertaining. Gazebo canopy stays. Two car garage with automatic garage door opener. No carpet. Upgraded front entry door.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Cimarron Elementary School Primary Regular 664 47 7
West Memorial Junior High School Middle Regular 756 53 6
Katy High School High Regular 3,065 176 7

Cimarron Elementary School

  • Education Level: Primary
  • # of students: 664
  • # of teachers: 47
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
 

$237,600$290,400$264,000

PURCHASE PRICE

$1,665$2,035$1,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,850
EXPENSES Loan Payment -$917
Property Tax -$576
Property Insurance -$179
HOA -$51
Property Management Fees -$99
CASH FLOW
$29

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.

$264,000

PROJECTED PRICE

$1,850

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 2.9%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,710

INVESTMENT

$75,710

Down Payment
$66,000
Rehab Estimate
$5,750
Closing Costs
$3,960

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$917

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $66,000
Loan Amount $198,000
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$4,710

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,850

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,860

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7953$1,8504$1,8505$1,950
$1,950
RENT COMPS ANALYSIS
  • 23111 Red River Drive Katy, TX 4
    • 3 beds 3 baths ∙ 2,248 Sqft ∙ Built 1989 3 beds 3 baths ∙ 2,248 Sqft ∙ Built 1989
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.82
    •  
  • 23035 Palm Trail Drive Katy, TX 1
    • 4 beds 2 baths ∙ 2,235 Sqft ∙ Built 1998 4 beds 2 baths ∙ 2,235 Sqft ∙ Built 1998
    property image
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.76
    •  
  • 1102 Comstock Springs Drive Katy, TX 2
    • 3 beds 2 baths ∙ 2,100 Sqft ∙ Built 1981 3 beds 2 baths ∙ 2,100 Sqft ∙ Built 1981
    property image
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.85
    •  
  • 22935 Palm Trail Drive Katy, TX 3
    • 3 beds 2 baths ∙ 2,094 Sqft ∙ Built 1997 3 beds 2 baths ∙ 2,094 Sqft ∙ Built 1997
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.88
    •  
  • 807 Sierra Lake Drive Katy, TX 5
    • 4 beds 3 baths ∙ 2,376 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,376 Sqft ∙ Built 1991
    property image
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.82
    •  
PROPERTY LISTING DETAILS
Rae Hoffman
1.832.247.0110
Exp Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 10615291
Last Updated: 03/26/2021
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