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24023 Landing Way Drive Spring, TX 77373

3 Beds 2 Baths 1,229 sqft Built 1982

$147,000

List Price

$1,200

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1982
  • Price/Sqft : $119.61
  • 2 Days on Market
  • MLS # : 24450908
  • Updated Date : 01/30/2021 at 19:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,229 sqft
  • Baths : 2 full
Listing Agent

Martha Turner Sotheby's

Listing Agent's Description

Incredible opportunity for a charming newly updated one-story home with 3 bedrooms, 2 baths and 2 car garage. This home features an open floor plan with flow into the kitchen and dining area. The primary bedroom offers a private exit to the large back yard. The sellers have recently replaced all outside siding, garage door with electric garage door opener, sliding glass doors, front door and installed all new energy efficient windows through out. This home won't last long. Bring your buyers and investors. Must see to appreciate all of the care and craftsmanship.

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: North Spring

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $74k270k

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

Neighborhood: North Spring

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8421932

* 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
Smith Elementary School Primary Regular 602 44 6
Rickey C. Bailey Middle School Middle Regular 1,238 72 4
Spring High School High Regular 3,339 173 3

Smith Elementary School

  • Education Level: Primary
  • # of students: 602
  • # of teachers: 44
6
GreatSchools Rating

Rickey C. Bailey Middle School

  • Education Level: Middle
  • # of students: 1,238
  • # of teachers: 72
4
GreatSchools Rating

Spring High School

  • Education Level: High
  • # of students: 3,339
  • # of teachers: 173
3
GreatSchools Rating
 

$132,300$161,700$147,000

PURCHASE PRICE

$1,080$1,320$1,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,200
EXPENSES Loan Payment -$511
Property Tax -$375
Property Insurance -$110
HOA -$18
Property Management Fees -$99
CASH FLOW
$87

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$147,000

PROJECTED PRICE

$1,200

PROJECTED RENT

0.82%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.99%
Appreciation Year (1-5) 7.0%
Maintenance Year (1-5) 8.00%
Vacancy 8.01%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$44,705

INVESTMENT

$44,705

Down Payment
$36,750
Rehab Estimate
$5,750
Closing Costs
$2,205

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$511

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $36,750
Loan Amount $110,250
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$7,528

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,200

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,192

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,2003$1,2504$1,3955$1,400
$1,400
RENT COMPS ANALYSIS
  • 24023 Landing Way Drive Spring, TX 2
    • 3 beds 2 baths ∙ 1,229 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,229 Sqft ∙ Built 1982
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.98
    •  
  • 26739 Cypresswood Spring, TX 1
    • 3 beds 2 baths ∙ 1,207 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,207 Sqft ∙ Built 1980
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.91
    •  
  • 24010 Lone Elm Drive Spring, TX 3
    • 3 beds 2 baths ∙ 1,269 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,269 Sqft ∙ Built 1979
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.99
    •  
  • 24223 Landing Way Drive Spring, TX 4
    • 3 beds 2 baths ∙ 1,395 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,395 Sqft ∙ Built 1981
    LEASED 05/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.00
    •  
  • 2315 Gumspring Lane Spring, TX 5
    • 3 beds 2 baths ∙ 1,428 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,428 Sqft ∙ Built 1983
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.98
    •  
PROPERTY LISTING DETAILS
Tammy Downey
1.832.766.7866
Martha Turner Sotheby's
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 24450908
Last Updated: 01/30/2021
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