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24806 Tribeca Lane Katy, TX 77493

3 Beds 2 Baths 1,748 sqft Built 2011

$220,000

List Price

$1,780

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2011
  • Price/Sqft : $125.86
  • 3 Days on Market
  • MLS # : 33204634
  • Updated Date : 11/27/2020 at 22:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,748 sqft
  • Baths : 2 full
Listing Agent

Homesmart Fine Properties

Listing Agent's Description

Welcome to 24806 Tribeca Lane! This amazing 1 story well maintained home offers boasts of fresh new updates. Featuring fresh paint throughout, new carpet in all bedrooms, new dark wood flooring & new stainless steel appliances. This beautiful home offers an open concept with tons of natural light. Enjoy the peaceful back patio offering no back neighbors. This lovely home is located easily to shopping, dining & entertainment! Schedule your private tour today!

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: Lakecrest

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Lakecrest

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $10002063

* 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
Katy Junior High School Middle Regular 1,288 86 7
Morton Ranch High School High Regular 3,378 201 6

King Elementary School

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

Katy Junior High School

  • Education Level: Middle
  • # of students: 1,288
  • # of teachers: 86
7
GreatSchools Rating

Morton Ranch High School

  • Education Level: High
  • # of students: 3,378
  • # of teachers: 201
6
GreatSchools Rating
 

$198,000$242,000$220,000

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$812
Property Tax -$484
Property Insurance -$145
HOA -$48
Property Management Fees -$99
CASH FLOW
$192

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.

$220,000

PROJECTED PRICE

$1,780

PROJECTED RENT

0.81%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.7%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$812

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

6.17

YEARS SAVED

$17,420

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $1,774

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7803$1,8254$1,8505$1,850
$1,850
RENT COMPS ANALYSIS
  • 24806 Tribeca Lane Katy, TX 2
    • 3 beds 2 baths ∙ 1,748 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,748 Sqft ∙ Built 2011
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $1.02
    •  
  • 1931 Boren Drive Katy, TX 1
    • 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 2009
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.06
    •  
  • 24722 Tribeca Lane Katy, TX 3
    • 3 beds 2 baths ∙ 1,843 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,843 Sqft ∙ Built 2011
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $0.99
    •  
  • 24414 Pepperrell Place Street Katy, TX 4
    • 3 beds 2 baths ∙ 1,847 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,847 Sqft ∙ Built 2003
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.00
    •  
  • 24911 Tribeca Lane Katy, TX 5
    • 3 beds 2 baths ∙ 1,834 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,834 Sqft ∙ Built 2011
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.01
    •  
PROPERTY LISTING DETAILS
Niedra Vela
1.832.576.0499
Homesmart Fine Properties
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 33204634
Last Updated: 11/27/2020
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