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25222 Spring Iris Lane Katy, TX 77494

3 Beds 2 Baths 1,634 sqft Built 2005

$260,000

List Price

$1,730

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $159.12
  • 1 Days on Market
  • MLS # : 2428101
  • Updated Date : 07/13/2021 at 12:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,634 sqft
  • Baths : 2 full
Listing Agent

Champions Real Estate Group

Listing Agent's Description

3 Bedroom 2 bath home. Open floor plan. Large family room with corner fire place. Master with spacious walk-in closet. Cover back patio. Washer and dryer included. Zoned to great schools. Won't last long. Come and make this your dream home.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Parkway Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $113k359k

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

Neighborhood: Parkway Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9822063

* 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
Rylander Elementary School Primary Regular 1,339 81 9
Cinco Ranch Junior High School Middle Regular 1,241 74 9
Cinco Ranch High School High Regular 3,171 174 9

Rylander Elementary School

  • Education Level: Primary
  • # of students: 1,339
  • # of teachers: 81
9
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
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,557$1,903$1,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,730
EXPENSES Loan Payment -$903
Property Tax -$451
Property Insurance -$121
HOA -$50
Property Management Fees -$99
CASH FLOW
$106

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.

$260,000

PROJECTED PRICE

$1,730

PROJECTED RENT

0.67%

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$11,053

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,730

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $1,740

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,575
1$1,5752$1,6953$1,7304$1,7505$1,850
$1,850
RENT COMPS ANALYSIS
  • 25222 Spring Iris Lane Katy, TX 3
    • 3 beds 2 baths ∙ 1,634 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,634 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $1.06
    •  
  • 25238 Sterling Cloud Lane Katy, TX 1
    • 3 beds 2 baths ∙ 1,529 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,529 Sqft ∙ Built 2004
    property image
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $1.03
    •  
  • 2706 Sable Ridge Lane Katy, TX 2
    • 3 beds 2 baths ∙ 1,529 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,529 Sqft ∙ Built 2005
    property image
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.11
    •  
  • 2710 Empire Oaks Lane Katy, TX 4
    • 3 beds 2 baths ∙ 1,634 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,634 Sqft ∙ Built 2005
    property image
    LEASED 05/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.07
    •  
  • 25222 Sterling Cloud Lane Katy, TX 5
    • 4 beds 2 baths ∙ 1,761 Sqft ∙ Built 2004 4 beds 2 baths ∙ 1,761 Sqft ∙ Built 2004
    property image
    LEASED 06/11/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.05
    •  
PROPERTY LISTING DETAILS
Binbin Wu
1.281.827.8188
Champions Real Estate Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 2428101
Last Updated: 07/13/2021
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