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24702 Lakecrest Creek Drive Katy, TX 77493

4 Beds 3 Baths 2,806 sqft Built 2010

INVESTimate

$235,000

List Price

$1,900

$1,710 - $2,090

Rent Est.

$251,074  ( +6.84%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2010
  • Price/Sqft : $83.75
  • 9 Days on Market
  • MLS # : 60627578
  • Updated Date : 08/21/2020 at 10:29
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,806 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Great Katy schools.One of largest homes in neighborhood. Open with a lot of natural light. Granite countertops, large backyard, large owners retreat. Perfect!

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

Zip Code: 77493

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $105k301k

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

Zip Code: 77493

ZipNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800Rent in $9801867

* 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
King Elementary School Primary Regular 1,290 85 6
Stockdick Junior High Middle Regular NA
Paetow High School High Regular NA

King Elementary School

  • Education Level: Primary
  • # of students: 1,290
  • # of teachers: 85
6
GreatSchools Rating

Stockdick Junior High

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Paetow High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

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-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$867
Property Tax -$566
Property Insurance -$217
HOA -$21
Property Management Fees -$99
CASH FLOW
$130

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.

$235,000

PROJECTED PRICE

$1,900

PROJECTED RENT

0.81%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 6.84%
Maintenance Year (1-5) 8.00%
Vacancy 8.80%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$867

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$12,082

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $2,006

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9003$1,9954$2,0005$2,000
$2,000
RENT COMPS ANALYSIS
  • 24702 Lakecrest Creek Drive Katy, TX 2
    • 4 beds 3 baths ∙ 2,806 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,806 Sqft ∙ Built 2010
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.68
    •  
  • 24902 Lakecrest Park Drive Katy, TX 1
    • 3 beds 3 baths ∙ 2,618 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,618 Sqft ∙ Built 2014
    property image
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.73
    •  
  • 24327 Ayscough Lane Katy, TX 3
    • 4 beds 3 baths ∙ 2,702 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,702 Sqft ∙ Built 2005
    property image
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.74
    •  
  • 24627 Forest Canopy Drive Katy, TX 4
    • 4 beds 4 baths ∙ 2,933 Sqft ∙ Built 2014 4 beds 4 baths ∙ 2,933 Sqft ∙ Built 2014
    property image
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.68
    •  
  • 24606 Forest Canopy Drive Katy, TX 5
    • 4 beds 4 baths ∙ 2,800 Sqft ∙ Built 2015 4 beds 4 baths ∙ 2,800 Sqft ∙ Built 2015
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.71
    •  
PROPERTY LISTING DETAILS
Kay Shea
1.713.252.7078
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 #: 60627578
Last Updated: 08/21/2020
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