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244 W 28th Street Houston, TX 77008

3 Beds 4 Baths 2,212 sqft Built 2016

$390,000

List Price

$2,590

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

February 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $176.31
  • 5 Days on Market
  • MLS # : 16330474
  • Updated Date : 02/03/2021 at 09:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,212 sqft
  • Baths : 3 full , 1 half
Listing Agent

Kelly Simon Properties

Listing Agent's Description

A standout Heights townhome for its unusually large living spaces, this Craftsman-inspired three-story includes three generous bedroom-bath suites with walk-in closets, ceiling fans; and a roomy half bath tucked into a stairway landing. Full baths feature granite or marble counters; the primary bath boasts a large step-in shower with a bench, dual heads and separate tub. Open-plan spotlights a gourmet kitchen with a dramatic marble-top island; black granite counters and horizontal mosaic backsplash, double reach-in pantry, soft-close drawers and brushed nickel chandelier. A suite of stainless-steel appliances showcases the 5-burner gas range with griddle. Step-off balcony. Full-size laundry. Solid, red oak hardwoods and marble-look tile floors in shared spaces and baths; tone-on-tone neutral carpet in bedrooms. Wrought-iron fenced corner home with artificial turf in eight-unit community. Video doorbell, alarm, surround sound wiring in the living room and primary suite. Two-car garage.

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: Greater Heights

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $99k495k

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

Neighborhood: Greater Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $9692561

* 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
Helms Elementary School Primary Magnet 513 29 4
Hamilton Middle School Middle Magnet 1,248 64 6
Reagan High School High Magnet 2,230 112 4

Helms Elementary School

  • Education Level: Primary
  • # of students: 513
  • # of teachers: 29
4
GreatSchools Rating

Hamilton Middle School

  • Education Level: Middle
  • # of students: 1,248
  • # of teachers: 64
6
GreatSchools Rating

Reagan High School

  • Education Level: High
  • # of students: 2,230
  • # of teachers: 112
4
GreatSchools Rating
 

$351,000$429,000$390,000

PURCHASE PRICE

$2,331$2,849$2,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,590
EXPENSES Loan Payment -$1,355
Property Tax -$822
Property Insurance -$177
Property Management Fees -$99
CASH FLOW
$137

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.

$390,000

PROJECTED PRICE

$2,590

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 5.6%
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$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$109,100

INVESTMENT

$109,100

Down Payment
$97,500
Rehab Estimate
$5,750
Closing Costs
$5,850

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,355

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $97,500
Loan Amount $292,500
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$14,205

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,590

    LIST RENT
  • $1.17

    LIST RENT PER SQFT
  • $2,560

    COMP ESTIMATED VALUE
  • $1.16

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,2503$2,4454$2,5905$3,000
$3,000
RENT COMPS ANALYSIS
  • 244 W 28th Street Houston, TX 4
    • 3 beds 4 baths ∙ 2,212 Sqft ∙ Built 2016 3 beds 4 baths ∙ 2,212 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,590
    • $1.17
    •  
  • 2705 Rutland Street Houston, TX 1
    • 3 beds 3 baths ∙ 2,035 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,035 Sqft ∙ Built 2007
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.03
    •  
  • 427 W 26th Street Houston, TX 2
    • 3 beds 3 baths ∙ 2,097 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,097 Sqft ∙ Built 2007
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.07
    •  
  • 318 W 28th Street Houston, TX 3
    • 3 beds 3 baths ∙ 2,094 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,094 Sqft ∙ Built 2008
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,445
    • $1.17
    •  
  • 221 E 27th Street Houston, TX 5
    • 3 beds 4 baths ∙ 2,209 Sqft ∙ Built 2017 3 beds 4 baths ∙ 2,209 Sqft ∙ Built 2017
    LEASED 12/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.36
    •  
PROPERTY LISTING DETAILS
Jennifer Vickers
1.713.240.9671
Kelly Simon Properties
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 16330474
Last Updated: 02/03/2021
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