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2511 Ohsfeldt Street Houston, TX 77008

3 Beds 4 Baths 2,189 sqft Built 2016

$414,000

List Price

$2,730

$2.5K - $3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $189.13
  • 7 Days on Market
  • MLS # : 93801582
  • Updated Date : 03/12/2021 at 23:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,189 sqft
  • Baths : 3 full , 1 half
Listing Agent

Re/max Signature

Listing Agent's Description

Ohsfeldt Reserves is a wonderful Shady Acres development with 6 freestanding units. This home has an amazing floor plan with 3 bedrooms, 2.5 baths and a stunning rooftop deck. Elegant French-style architecture with high ceilings throughout, open floor plan that is great for entertaining and wonderful designer updates throughout. The kitchen features a large island and a walk-in pantry. Spacious dining area adjacent to the family room enhanced with a gas fireplace and windows overlooking the courtyard. The master bedroom suite has a large bathroom with a stand alone shower, separate tub, double vanity, private water closet and a large walk-in closet. The home also has an amazing roof top terrace with excellent views. Conveniently located for easy access to the Galleria, Downtown, Memorial and Washington Avenue.

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: Greater Heights

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $99k495k

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

Neighborhood: Greater Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $9692561

* 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
Sinclair Elementary School Primary Magnet 534 34 6
Hamilton Middle School Middle Magnet 1,248 64 6
Waltrip High School High Magnet 1,663 94 3

Sinclair Elementary School

  • Education Level: Primary
  • # of students: 534
  • # of teachers: 34
6
GreatSchools Rating

Hamilton Middle School

  • Education Level: Middle
  • # of students: 1,248
  • # of teachers: 64
6
GreatSchools Rating

Waltrip High School

  • Education Level: High
  • # of students: 1,663
  • # of teachers: 94
3
GreatSchools Rating
 

$372,600$455,400$414,000

PURCHASE PRICE

$2,457$3,003$2,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,730
EXPENSES Loan Payment -$1,438
Property Tax -$950
Property Insurance -$175
Property Management Fees -$99
CASH FLOW
$68

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.

$414,000

PROJECTED PRICE

$2,730

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 5.6%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$115,460

INVESTMENT

$115,460

Down Payment
$103,500
Rehab Estimate
$5,750
Closing Costs
$6,210

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,438

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $103,500
Loan Amount $310,500
See What Happens When You Reinvest Cash Flow

2.75

YEARS SAVED

$9,513

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,730

    LIST RENT
  • $1.25

    LIST RENT PER SQFT
  • $2,906

    COMP ESTIMATED VALUE
  • $1.33

    COMP AVG. RENT PER SQFT
Comps Range
$2,650
1$2,6502$2,7003$2,7004$2,7305$2,850
$2,850
RENT COMPS ANALYSIS
  • 2511 Ohsfeldt Street Houston, TX 4
    • 3 beds 4 baths ∙ 2,189 Sqft ∙ Built 2016 3 beds 4 baths ∙ 2,189 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,730
    • $1.25
    •  
  • 1623 W 23rd Street Houston, TX 1
    • 3 beds 4 baths ∙ 1,996 Sqft ∙ Built 2015 3 beds 4 baths ∙ 1,996 Sqft ∙ Built 2015
    LEASED 02/23/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.33
    •  
  • 1215 W 25th Street Houston, TX 2
    • 3 beds 4 baths ∙ 2,105 Sqft ∙ Built 2013 3 beds 4 baths ∙ 2,105 Sqft ∙ Built 2013
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.28
    •  
  • 1433 W 23rd Houston, TX 3
    • 3 beds 4 baths ∙ 2,000 Sqft ∙ Built 2011 3 beds 4 baths ∙ 2,000 Sqft ∙ Built 2011
    LEASED 12/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.35
    •  
  • 2502 Bevis Street Houston, TX 5
    • 3 beds 4 baths ∙ 2,116 Sqft ∙ Built 2013 3 beds 4 baths ∙ 2,116 Sqft ∙ Built 2013
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.35
    •  
PROPERTY LISTING DETAILS
Melanie White
1.281.222.2898
Re/max Signature
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 93801582
Last Updated: 03/12/2021
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