Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

2402 Morgan Ridge Lane Spring, TX 77386

4 Beds 2 Baths 2,007 sqft Built 2011

$245,000

List Price

$1,870

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2011
  • Price/Sqft : $122.07
  • 4 Days on Market
  • MLS # : 9848105
  • Updated Date : 01/23/2021 at 13:01
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,007 sqft
  • Baths : 2 full
Listing Agent

The Somerlyn Group

Listing Agent's Description

Picture perfect 1 story with extensive upgrades in an incredible neighborhood with 10 miles of walking trails and just a minute away to the recent Grand Pkwy HEB & great new restaurants! Super close to The Woodlands, The Spring Creek Nature Center, fishing, and much more amenities. Home has been meticulously cared for with a great open floor plan, large gourmet island kitchen with stainless steel appliances, granite counters, & tons of cabinets. Includes a formal dining that can be a great flex space for a study or game room since the breakfast room is large enough for a formal dining table. Primary suite is huge and tucked away with a gorgeous en-suite with double vanities, garden tub, separate shower, and a great walk-in closet. Backyard features a covered patio with stained concrete flooring and a fruitful lemon tree. Attic has an extended decking that was added to boast even more storage. Never flooded and energy efficient with low utilities. This is a must see!!

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: Spring Trails

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k314k

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

Neighborhood: Spring Trails

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10722096

* 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
Broadway Elementary School Primary Regular 974 55 9
Cox Intermediate School Middle Regular 1,093 60 9
Grand Oaks High School High Unknown NA

Broadway Elementary School

  • Education Level: Primary
  • # of students: 974
  • # of teachers: 55
9
GreatSchools Rating

Cox Intermediate School

  • Education Level: Middle
  • # of students: 1,093
  • # of teachers: 60
9
GreatSchools Rating

Grand Oaks High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$220,500$269,500$245,000

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,870
EXPENSES Loan Payment -$851
Property Tax -$575
Property Insurance -$143
HOA -$60
Property Management Fees -$99
CASH FLOW
$142

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.

$245,000

PROJECTED PRICE

$1,870

PROJECTED RENT

0.76%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 3.1%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$851

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$10,517

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
  • $0.93

    LIST RENT PER SQFT
  • $1,872

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7503$1,8404$1,8705$1,900
$1,900
RENT COMPS ANALYSIS
  • 2402 Morgan Ridge Lane Spring, TX 4
    • 4 beds 2 baths ∙ 2,007 Sqft ∙ Built 2011 4 beds 2 baths ∙ 2,007 Sqft ∙ Built 2011
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,870
    • $0.93
    •  
  • 2315 Keegan Hollow Lane Spring, TX 1
    • 4 beds 2 baths ∙ 1,855 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,855 Sqft ∙ Built 2006
    property image
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.94
    •  
  • 2326 Morgan Ridge Lane Spring, TX 2
    • 3 beds 2 baths ∙ 1,816 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,816 Sqft ∙ Built 2005
    property image
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.96
    •  
  • 1426 Kallie Hills Lane Spring, TX 3
    • 3 beds 2 baths ∙ 1,980 Sqft ∙ Built 2010 3 beds 2 baths ∙ 1,980 Sqft ∙ Built 2010
    property image
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.93
    •  
  • 2443 Morgan Ridge Lane Spring, TX 5
    • 4 beds 3 baths ∙ 2,109 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,109 Sqft ∙ Built 2006
    property image
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.90
    •  
PROPERTY LISTING DETAILS
Somer Padilla
1.281.257.8029
The Somerlyn Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 9848105
Last Updated: 01/23/2021
BESbswy