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245 Lake Estates Drive Montgomery, TX 77356

4 Beds 4 Baths 2,774 sqft Built 2007

$289,500

List Price

$2,190

$2K - $2.4K

Rent Est.

PROPERTY INFO

February 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $104.36
  • 4 Days on Market
  • MLS # : 27871239
  • Updated Date : 02/12/2021 at 19:34
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,774 sqft
  • Baths : 3 full , 1 half
Listing Agent

Abby Realty

Listing Agent's Description

Spacious and bright 4 bedroom, 3.5 bath was remodeled in 2016, fresh paint 2020. Granite countertops provide ample workspace in kitchen with mosaic tile backsplash and stainless appliances (new oven/stove to be delivered week of 2/16/2021) Baths have granite countertops and porcelain tile with custom tile surrounds. Master bath has a frameless glass shower enclosure and whirlpool tub Wood blinds throughout. Whole yard sprinkler system. Painted garage floor, plus new garage door opener (2021). Walden has wonderful outdoor amenities! Residents have full access to a great Racquet & Tennis Center, Fitness Center, Boat Ramps, Area Pools, Parks and Hike & Bike Trails. The Walden Golf Course and Country Club, in addition to the Walden Yacht Club and Marina are mere minutes away from your new home! No Showings Until Saturday 2/13/2021

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: Walden

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Walden

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10232163

* 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
Madeley Ranch Elementary School Primary Regular 594 37 7
Montgomery Junior High School Middle Regular 1,276 74 7
Montgomery High School High Regular 2,362 153 7

Madeley Ranch Elementary School

  • Education Level: Primary
  • # of students: 594
  • # of teachers: 37
7
GreatSchools Rating

Montgomery Junior High School

  • Education Level: Middle
  • # of students: 1,276
  • # of teachers: 74
7
GreatSchools Rating

Montgomery High School

  • Education Level: High
  • # of students: 2,362
  • # of teachers: 153
7
GreatSchools Rating
 

$260,550$318,450$289,500

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,006
Property Tax -$580
Property Insurance -$187
HOA -$79
Property Management Fees -$99
CASH FLOW
$239

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.

$289,500

PROJECTED PRICE

$2,190

PROJECTED RENT

0.76%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.0%
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$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,468

INVESTMENT

$82,468

Down Payment
$72,375
Rehab Estimate
$5,750
Closing Costs
$4,343

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,006

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,375
Loan Amount $217,125
See What Happens When You Reinvest Cash Flow

5.75

YEARS SAVED

$18,841

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,150

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9503$2,1904$2,2005$2,500
$2,500
RENT COMPS ANALYSIS
  • 245 Lake Estates Drive Montgomery, TX 3
    • 4 beds 4 baths ∙ 2,774 Sqft ∙ Built 2007 4 beds 4 baths ∙ 2,774 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $0.79
    •  
  • 3234 Golfcrest Montgomery, TX 1
    • 3 beds 3 baths ∙ 2,445 Sqft ∙ Built 1995 3 beds 3 baths ∙ 2,445 Sqft ∙ Built 1995
    LEASED 08/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.78
    •  
  • 3829 Evergreen Way Montgomery, TX 2
    • 4 beds 3 baths ∙ 2,686 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,686 Sqft ∙ Built 2002
    LEASED 12/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.73
    •  
  • 3801 Happy Hollow Drive Montgomery, TX 4
    • 4 beds 4 baths ∙ 2,874 Sqft ∙ Built 2016 4 beds 4 baths ∙ 2,874 Sqft ∙ Built 2016
    LEASED 08/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.77
    •  
  • 13646 Leafy Arbor Drive Montgomery, TX 5
    • 3 beds 3 baths ∙ 3,059 Sqft ∙ Built 1996 3 beds 3 baths ∙ 3,059 Sqft ∙ Built 1996
    LEASED 12/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.82
    •  
PROPERTY LISTING DETAILS
Scott Vann
1.713.253.4262
Abby Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 27871239
Last Updated: 02/12/2021
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