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2506 Knollbrook Lane Spring, TX 77373

4 Beds 3 Baths 2,438 sqft Built 1983

$225,000

List Price

$1,690

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $92.29
  • 16 Days on Market
  • MLS # : 69445020
  • Updated Date : 02/05/2021 at 16:45
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,438 sqft
  • Baths : 2 full , 1 half
Listing Agent

Joyce Sterling

Listing Agent's Description

Great home, Gas fireplace and high ceilings in the living room. Master bedroom and en-suite bathroom with shower and soaking tub downstairs. Three sizeable bedrooms, 1 bath and large gameroom upstairs. Big enough backyard for entertainment and covered patio. Two large storage sheds. Both refrigerators stay. Quiet and convenient to I-45 and Grand Parkway. Make it yours 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: Lexington Woods North

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $101k270k

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

Neighborhood: Lexington Woods North

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9021932

* 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
John Winship Elementary School Primary Regular 521 35 5
Twin Creeks Middle School Middle Regular 1,000 63 6
Spring High School High Regular 3,339 173 3

John Winship Elementary School

  • Education Level: Primary
  • # of students: 521
  • # of teachers: 35
5
GreatSchools Rating

Twin Creeks Middle School

  • Education Level: Middle
  • # of students: 1,000
  • # of teachers: 63
6
GreatSchools Rating

Spring High School

  • Education Level: High
  • # of students: 3,339
  • # of teachers: 173
3
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,521$1,859$1,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,690
EXPENSES Loan Payment -$782
Property Tax -$475
Property Insurance -$192
HOA -$33
Property Management Fees -$99
CASH FLOW
$109

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.

$225,000

PROJECTED PRICE

$1,690

PROJECTED RENT

0.75%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.9%
Maintenance Year (1-5) 8.00%
Vacancy 8.80%
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

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$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$782

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$9,307

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,690

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $1,761

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,6053$1,6904$1,7255$1,800
$1,800
RENT COMPS ANALYSIS
  • 2506 Knollbrook Lane Spring, TX 3
    • 4 beds 3 baths ∙ 2,438 Sqft ∙ Built 1983 4 beds 3 baths ∙ 2,438 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $0.69
    •  
  • 25539 Sugar Valley Lane Spring, TX 1
    • 3 beds 2 baths ∙ 2,274 Sqft ∙ Built 1981 3 beds 2 baths ∙ 2,274 Sqft ∙ Built 1981
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.66
    •  
  • 25535 Chapel Ridge Lane Spring, TX 2
    • 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 1983 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 1983
    LEASED 11/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,605
    • $0.73
    •  
  • 2331 Rolling Glen Drive Spring, TX 4
    • 3 beds 2 baths ∙ 2,265 Sqft ∙ Built 1984 3 beds 2 baths ∙ 2,265 Sqft ∙ Built 1984
    LEASED 12/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.76
    •  
  • 2403 Knollbrook Lane Spring, TX 5
    • 4 beds 3 baths ∙ 2,438 Sqft ∙ Built 1983 4 beds 3 baths ∙ 2,438 Sqft ∙ Built 1983
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.74
    •  
PROPERTY LISTING DETAILS
Joyce Sterling
1.281.961.9552
Joyce Sterling
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 69445020
Last Updated: 02/05/2021
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