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2409 Goodrich Street Pearland, TX 77581

3 Beds 2 Baths 1,438 sqft Built 1982

INVESTimate

$199,000

List Price

$1,450

$1,305 - $1,595

Rent Est.

$214,204  ( +7.64%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1982
  • Price/Sqft : $138.39
  • 6 Days on Market
  • MLS # : 88874397
  • Updated Date : 08/21/2020 at 09:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,438 sqft
  • Baths : 2 full
Listing Agent

Realty Associates

Listing Agent's Description

HOME NEVER FLOODED! Nice home on HUGE lot in a well-kept, established neighborhood in the heart of Pearland. NO BACK NEIGHBORS/NO DIRECT FRONT NEIGHBORS. Split floor plan home. Both Front yard and backyard feature pecan trees, backyard also has grape vines, and a storage shed. Front storm windows. Granite countertops. AC replaced in 2018. Recent water heater. NO HOA! NO MUD, LOW TAXES. ZONED TO THE EXEMPLARY PEARLAND ISD

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: Pearland

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Pearland

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10352063

* 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
Leon Sablatura Middle School Primary Regular 805 45 8
Pearland Jr High West Middle Regular 848 49 9
Pearland High School High Regular 2,920 177 7

Leon Sablatura Middle School

  • Education Level: Primary
  • # of students: 805
  • # of teachers: 45
8
GreatSchools Rating

Pearland Jr High West

  • Education Level: Middle
  • # of students: 848
  • # of teachers: 49
9
GreatSchools Rating

Pearland High School

  • Education Level: High
  • # of students: 2,920
  • # of teachers: 177
7
GreatSchools Rating
 

$179,100$218,900$199,000

PURCHASE PRICE

$1,305$1,595$1,450

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-$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$500k$600k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$734
Property Tax -$447
Property Insurance -$124
Property Management Fees -$99
CASH FLOW
$45

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.

$199,000

PROJECTED PRICE

$1,450

PROJECTED RENT

0.73%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 7.64%
Maintenance Year (1-5) 8.00%
Vacancy 9.28%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,485

INVESTMENT

$58,485

Down Payment
$49,750
Rehab Estimate
$5,750
Closing Costs
$2,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$734

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,750
Loan Amount $149,250
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$6,408

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,481

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4503$1,5754$1,6955$1,700
$1,700
RENT COMPS ANALYSIS
  • 2409 Goodrich Street Pearland, TX 2
    • 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 1982
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.01
    •  
  • 2314 Anthony Lane Pearland, TX 1
    • 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 1979
    LEASED 09/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.96
    •  
  • 2304 Anthony Lane Pearland, TX 3
    • 3 beds 2 baths ∙ 1,532 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,532 Sqft ∙ Built 1979
    LEASED 08/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $1.03
    •  
  • 5209 Halbert Drive Pearland, TX 4
    • 3 beds 2 baths ∙ 1,561 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,561 Sqft ∙ Built 1971
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.09
    •  
  • 2311 Willow Boulevard Pearland, TX 5
    • 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 1967
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.04
    •  
PROPERTY LISTING DETAILS
N. Roxanne Silva
1.281.415.2013
Realty Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 88874397
Last Updated: 08/21/2020
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