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2570 Riverway Drive Conroe, TX 77304

3 Beds 2 Baths 1,695 sqft Built 2016

$235,000

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $138.64
  • 3 Days on Market
  • MLS # : 48873922
  • Updated Date : 01/16/2021 at 07:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,695 sqft
  • Baths : 2 full
Listing Agent

Re/max The Woodlands & Spring

Listing Agent's Description

Adorable one story home in Woodhaven Forest! Beautiful curb appeal with brick exterior and covered front porch. Open and airy with high ceilings, a neutral paint palette, carpet and tile flooring, crown moulding and plenty of windows bringing natural light inside. Open concept island kitchen with granite counters, stainless steel appliances, gas cooktop and breakfast bar that overlooks the breakfast nook and den with gas log fireplace and door leading to the fenced yard and covered patio; formal dining and study with French doors; owner's retreat and two spacious secondary bedrooms; two car attached garage too.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • Houston metro employment growth is at 1.8% and predicted to grow to 2.7% in 2019-20 (USMayors.org, 2018)

PRICE & RENT TRENDS

Zip Code: 77304

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $107k305k

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

Zip Code: 77304

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8932063

* 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
Cryar Intermediate School Primary Regular 606 37 5
Peet Junior High School Middle Regular 1,211 79 6
Conroe High School High Regular 3,480 215 4

Cryar Intermediate School

  • Education Level: Primary
  • # of students: 606
  • # of teachers: 37
5
GreatSchools Rating

Peet Junior High School

  • Education Level: Middle
  • # of students: 1,211
  • # of teachers: 79
6
GreatSchools Rating

Conroe High School

  • Education Level: High
  • # of students: 3,480
  • # of teachers: 215
4
GreatSchools Rating
 

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

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$816
Property Tax -$457
Property Insurance -$125
HOA -$30
Property Management Fees -$99
CASH FLOW
$104

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

$1,630

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.9%
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

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$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.

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$9,822

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,729

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,630
1$1,6302$1,6503$1,7754$1,8005$1,950
$1,950
RENT COMPS ANALYSIS
  • 2570 Riverway Drive Conroe, TX 1
    • 3 beds 2 baths ∙ 1,695 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,695 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.96
    •  
  • 407 Oak Chase Drive Conroe, TX 2
    • 3 beds 2 baths ∙ 1,538 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,538 Sqft ∙ Built 2014
    LEASED 11/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.07
    •  
  • 2522 Wood Park Boulevard Conroe, TX 3
    • 3 beds 2 baths ∙ 1,876 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,876 Sqft ∙ Built 2016
    LEASED 12/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.95
    •  
  • 2247 Oak Rise Drive Conroe, TX 4
    • 3 beds 2 baths ∙ 1,742 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,742 Sqft ∙ Built 2009
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.03
    •  
  • 419 Oak Chase Drive Conroe, TX 5
    • 3 beds 2 baths ∙ 1,894 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,894 Sqft ∙ Built 2013
    LEASED 11/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.03
    •  
PROPERTY LISTING DETAILS
Michael Seder
1.281.602.8820
Re/max The Woodlands & Spring
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 48873922
Last Updated: 01/16/2021
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