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2422 Morning Park Drive Katy, TX 77494

4 Beds 3 Baths 2,830 sqft Built 1991

$325,000

List Price

$2,420

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $114.84
  • 2 Days on Market
  • MLS # : 27968345
  • Updated Date : 03/20/2021 at 17:25
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,830 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Premier Realty

Listing Agent's Description

Welcome to this quintessential Cinco Ranch home in the heart of Greenway Village. This one story, 4 bedroom, 2.5 bath Perry Homes home sits on a large lot, has no back neighbors and is walking distance to highly ranked Fielder elementary and one of Cinco Ranch's eleven pools. Residents of Greenway Village enjoy the large open green spaces that this neighborhood is known for. Plus it's walking distance to La Centerra, Sprouts, Lifetime fitness, etc.

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: Greenway Village

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $113k395k

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

Neighborhood: Greenway Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000210022002300Rent in $10372354

* 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
Fielder Elementary School Primary Regular 1,120 69 9
Cinco Ranch Junior High School Middle Regular 1,241 74 9
Cinco Ranch High School High Regular 3,171 174 9

Fielder Elementary School

  • Education Level: Primary
  • # of students: 1,120
  • # of teachers: 69
9
GreatSchools Rating

Cinco Ranch Junior High School

  • Education Level: Middle
  • # of students: 1,241
  • # of teachers: 74
9
GreatSchools Rating

Cinco Ranch High School

  • Education Level: High
  • # of students: 3,171
  • # of teachers: 174
9
GreatSchools Rating
 

$292,500$357,500$325,000

PURCHASE PRICE

$2,178$2,662$2,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,420
EXPENSES Loan Payment -$1,129
Property Tax -$668
Property Insurance -$190
HOA -$100
Property Management Fees -$99
CASH FLOW
$234

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.

$325,000

PROJECTED PRICE

$2,420

PROJECTED RENT

0.74%

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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,129

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$18,475

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,420

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $2,639

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$2,420
1$2,4202$2,5503$2,6504$2,6505$2,700
$2,700
RENT COMPS ANALYSIS
  • 2422 Morning Park Drive Katy, TX 1
    • 4 beds 3 baths ∙ 2,830 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,830 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $2,420
    • $0.86
    •  
  • 2010 Fairbranch Court Katy, TX 2
    • 4 beds 4 baths ∙ 2,803 Sqft ∙ Built 1994 4 beds 4 baths ∙ 2,803 Sqft ∙ Built 1994
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.91
    •  
  • 23206 Cinco Park Place Court Katy, TX 3
    • 4 beds 3 baths ∙ 2,866 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,866 Sqft ∙ Built 1991
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.92
    •  
  • 3322 South Lake Village Drive Katy, TX 4
    • 4 beds 4 baths ∙ 3,023 Sqft ∙ Built 1990 4 beds 4 baths ∙ 3,023 Sqft ∙ Built 1990
    LEASED 10/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.88
    •  
  • 23107 Lodgepoint Drive Katy, TX 5
    • 4 beds 3 baths ∙ 2,638 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,638 Sqft ∙ Built 1993
    LEASED 02/17/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.02
    •  
PROPERTY LISTING DETAILS
Carey Cappis
1.281.948.9815
Keller Williams Premier Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 27968345
Last Updated: 03/20/2021
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