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23707 Pennington Hills Drive Spring, TX 77389

4 Beds 4 Baths 2,630 sqft Built 2016

$275,000

List Price

$2,070

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $104.56
  • 3 Days on Market
  • MLS # : 9938246
  • Updated Date : 03/27/2021 at 22:15
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,630 sqft
  • Baths : 3 full , 1 half
Listing Agent

Cb&a, Realtors

Listing Agent's Description

PROFESSIONAL PHOTOS, details, and description COMING SOON! Showings begin on Sunday, March 28, 2021.

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

Zip Code: 77389

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $113k384k

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

Zip Code: 77389

ZipNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100220023002400Rent in $10722416

* 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
Northampton Elementary School Primary Regular 848 57 6
Hildebrandt Intermediate School Middle Regular 1,136 69 7
Klein Oak High School High Regular 3,883 230 7

Northampton Elementary School

  • Education Level: Primary
  • # of students: 848
  • # of teachers: 57
6
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
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,863$2,277$2,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,070
EXPENSES Loan Payment -$955
Property Tax -$699
Property Insurance -$205
HOA -$38
Property Management Fees -$99
CASH FLOW
$74

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.

$275,000

PROJECTED PRICE

$2,070

PROJECTED RENT

0.75%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 3.8%
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-$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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$5,828

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,070

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,019

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,925
1$1,9252$1,9603$1,9954$2,0005$2,070
$2,070
RENT COMPS ANALYSIS
  • 23707 Pennington Hills Drive Spring, TX 5
    • 4 beds 4 baths ∙ 2,630 Sqft ∙ Built 2016 4 beds 4 baths ∙ 2,630 Sqft ∙ Built 2016
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,070
    • $0.79
    •  
  • 23639 Bernshausen Drive Spring, TX 1
    • 3 beds 3 baths ∙ 2,680 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,680 Sqft ∙ Built 2013
    property image
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $0.72
    •  
  • 23723 Lucas Creek Drive Spring, TX 2
    • 4 beds 3 baths ∙ 2,518 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,518 Sqft ∙ Built 2014
    property image
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,960
    • $0.78
    •  
  • 7002 Edwanna Lane Spring, TX 3
    • 4 beds 3 baths ∙ 2,488 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,488 Sqft ∙ Built 2015
    property image
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.80
    •  
  • 23707 Walnut Maze Court Spring, TX 4
    • 3 beds 3 baths ∙ 2,602 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,602 Sqft ∙ Built 2015
    property image
    LEASED 10/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.77
    •  
PROPERTY LISTING DETAILS
Leticia Herrera
1.713.922.4640
Cb&a, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 9938246
Last Updated: 03/27/2021
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