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258 Adobe Terrace Conroe, TX 77316

3 Beds 2 Baths 1,729 sqft Built 2003

INVESTimate

$199,000

List Price

$1,600

$1,440 - $1,760

Rent Est.

$212,253  ( +6.66%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2003
  • Price/Sqft : $115.10
  • 6 Days on Market
  • MLS # : 28054469
  • Updated Date : 08/22/2020 at 19:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,729 sqft
  • Baths : 2 full
Listing Agent

Area Pro Group South Lake

Listing Agent's Description

One Story home in quaint neighborhood close to everything! Just across the street from several waterfront restaurants, public Lake Conroe park access, & shopping. Such a great floorplan, nice large living area with wood flooring, lots of windows for natural light, corner fireplace, all open to the kitchen which has an island, newer stainless appliances, lots of cabinet space & refrigerator included. This home has 3 bedrooms plus a study, which could be a fourth bedroom if needed. Split plan with master on one side & bedrooms on the other. Entire house has fresh paint. Home is all wheelchair accessible, master tub was taken out and made for a disabled access. back yard has covered patio & storage building for all of your yard equipment. This is a one not to miss!

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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

Neighborhood: Tejascreek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $101k298k

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

Neighborhood: Tejascreek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500160017001800190020002100Rent in $7742163

* 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
Stewart Elementary Primary Unknown 423 31 8
Stewart Elementary Middle Unknown 423 31 8
Conroe High School High Regular 3,480 215 4

Stewart Elementary

  • Education Level: Primary
  • # of students: 423
  • # of teachers: 31
8
GreatSchools Rating

Stewart Elementary

  • Education Level: Middle
  • # of students: 423
  • # of teachers: 31
8
GreatSchools Rating

Conroe High School

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

$179,100$218,900$199,000

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$734
Property Tax -$387
Property Insurance -$127
HOA -$31
Property Management Fees -$99
CASH FLOW
$222

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.

$199,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.80%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 6.66%
Maintenance Year (1-5) 8.00%
Vacancy 8.80%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,485

INVESTMENT

$58,485

Down Payment
$49,750
Rehab Estimate
$5,750
Closing Costs
$2,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$734

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,750
Loan Amount $149,250
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$22,879

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,634

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,475
1$1,4752$1,4753$1,5954$1,6005$1,600
$1,600
RENT COMPS ANALYSIS
  • 258 Adobe Terrace Conroe, TX 5
    • 3 beds 2 baths ∙ 1,729 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,729 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.93
    •  
  • 256 Indian Falls Montgomery, TX 1
    • 3 beds 2 baths ∙ 1,575 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,575 Sqft ∙ Built 2001
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.94
    •  
  • 252 Indian Falls Montgomery, TX 2
    • 3 beds 2 baths ∙ 1,511 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,511 Sqft ∙ Built 2003
    LEASED 08/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.98
    •  
  • 228 Sunset Path Conroe, TX 3
    • 4 beds 3 baths ∙ 1,876 Sqft ∙ Built 2004 4 beds 3 baths ∙ 1,876 Sqft ∙ Built 2004
    LEASED 09/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.85
    •  
  • 104 Lullabye Lane Conroe, TX 4
    • 3 beds 2 baths ∙ 1,588 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,588 Sqft ∙ Built 2007
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.01
    •  
PROPERTY LISTING DETAILS
Melissa Carnine
1.713.962.3568
Area Pro Group South Lake
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 28054469
Last Updated: 08/22/2020
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