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24510 Drakefield Court Katy, TX 77494

4 Beds 3 Baths 2,381 sqft Built 2002

$297,000

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $124.74
  • 4 Days on Market
  • MLS # : 76082146
  • Updated Date : 03/19/2021 at 13:45
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,381 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

NEVER FLOODED, LOCATION, LOCATION, LOCATION. This beautiful, hard to find 4 bedroom, 2.5 bath and a study. on a CUL DE SAC is located within walking distance from Cinco Ranch Highschool and La Centerra Shopping center. Granite Kitchen countertops with stainless steel appliances. Laminate Flooring installed in 2019, AC exterior unit replaced 2019, Water Heater Replaced 2019. Beautiful Plantation shutters downstairs. Study with French Doors ideal for home office or kids study area. Extra large laundry room with built in shelves. Huge backyard with 4 mature magnolia trees. Neighborhood includes 12 pools, lakes and trails. Award Winning Katy ISD Schools, Quick Access to 99, I-10, and West Park Toll Way.

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: Cinco Ranch West

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $113k547k

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

Neighborhood: Cinco Ranch West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600280030003200Rent in $10373320

* 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
Griffin Elementary School Primary Regular 933 53 10
Cinco Ranch Junior High School Middle Regular 1,241 74 9
Cinco Ranch High School High Regular 3,171 174 9

Griffin Elementary School

  • Education Level: Primary
  • # of students: 933
  • # of teachers: 53
10
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
 

$267,300$326,700$297,000

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$1,032
Property Tax -$611
Property Insurance -$165
HOA -$93
Property Management Fees -$99
CASH FLOW
$111

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 18% of earned rent to cover both maintenance and periods of vacancy.

$297,000

PROJECTED PRICE

$2,110

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.61%
Appreciation Year (1-5) 3.1%
Maintenance Year (1-5) 8.00%
Vacancy 10.23%
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

PROJECTED ANNUAL CASH FLOW

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

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$84,455

INVESTMENT

$84,455

Down Payment
$74,250
Rehab Estimate
$5,750
Closing Costs
$4,455

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,032

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,250
Loan Amount $222,750
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$7,251

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $2,119

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9503$2,1104$2,2505$2,300
$2,300
RENT COMPS ANALYSIS
  • 24510 Drakefield Court Katy, TX 3
    • 4 beds 3 baths ∙ 2,381 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,381 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $0.89
    •  
  • 24023 Northshire Lane Katy, TX 1
    • 3 beds 2 baths ∙ 2,225 Sqft ∙ Built 2002 3 beds 2 baths ∙ 2,225 Sqft ∙ Built 2002
    LEASED 08/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.85
    •  
  • 24111 Northshire Lane Katy, TX 2
    • 4 beds 3 baths ∙ 2,222 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,222 Sqft ∙ Built 2001
    LEASED 05/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.88
    •  
  • 23915 Bonnamere Lane Katy, TX 4
    • 4 beds 3 baths ∙ 2,476 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,476 Sqft ∙ Built 2001
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.91
    •  
  • 2911 Ledgeside Court Katy, TX 5
    • 4 beds 3 baths ∙ 2,510 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,510 Sqft ∙ Built 2002
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.92
    •  
PROPERTY LISTING DETAILS
Brenda Ramirez Vidaurri
1.713.392.5234
Coldwell Banker Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 76082146
Last Updated: 03/19/2021
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