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258 W 28th Street Houston, TX 77008

3 Beds 4 Baths 2,213 sqft Built 2017

$400,000

List Price

$2,550

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

January 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $180.75
  • 5 Days on Market
  • MLS # : 2363954
  • Updated Date : 01/13/2021 at 07:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,213 sqft
  • Baths : 3 full , 1 half
Listing Agent

Compass Re Texas, Llc

Listing Agent's Description

Nestled in the heart of the Heights, this gorgeous 3 story home sits on a premium corner lot. A beautiful foyer opens to the 1st floor featuring a large bedroom with en-suite bath that could easily double as a study/gameroom. A patio & private side yard are accessible from the 1st floor as is the attached, 2 car garage. The 2nd floor features soaring ceilings & a wonderful open floorplan with great room, dining, kitchen and French doors opening onto a balcony for fantastic indoor/outdoor living. The chef's kitchen features custom cabinets, large island, ss appliances, & granite countertops. An upgraded dry bar including wine fridge is located in the dining room. The huge primary bedroom & luxurious en-suite bath are located on the 3rd floor along with another secondary bedroom with en-suite bath & laundry room. Fantastic location…5 minute walk to Heights Hike/Bike Trail & easy walk to popular shopping & dining on 19th St, Heights Waterworks & neighborhood events like White Linen Night.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • Houston metro contributes to 29.5% of Texas state economy i.e. Gross State Product (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
Helms Elementary School Primary Magnet 513 29 4
Hamilton Middle School Middle Magnet 1,248 64 6
Reagan High School High Magnet 2,230 112 4

Helms Elementary School

  • Education Level: Primary
  • # of students: 513
  • # of teachers: 29
4
GreatSchools Rating

Hamilton Middle School

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

Reagan High School

  • Education Level: High
  • # of students: 2,230
  • # of teachers: 112
4
GreatSchools Rating
 

$360,000$440,000$400,000

PURCHASE PRICE

$2,295$2,805$2,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,550
EXPENSES Loan Payment -$1,389
Property Tax -$866
Property Insurance -$177
Property Management Fees -$99
CASH FLOW
$19

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.

$400,000

PROJECTED PRICE

$2,550

PROJECTED RENT

0.64%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,750

INVESTMENT

$111,750

Down Payment
$100,000
Rehab Estimate
$5,750
Closing Costs
$6,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,389

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $100,000
Loan Amount $300,000
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$7,502

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,550

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $2,562

    COMP ESTIMATED VALUE
  • $1.16

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,2503$2,4454$2,5505$3,000
$3,000
RENT COMPS ANALYSIS
  • 258 W 28th Street Houston, TX 4
    • 3 beds 4 baths ∙ 2,213 Sqft ∙ Built 2017 3 beds 4 baths ∙ 2,213 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.15
    •  
  • 2705 Rutland Street Houston, TX 1
    • 3 beds 3 baths ∙ 2,035 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,035 Sqft ∙ Built 2007
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.03
    •  
  • 427 W 26th Street Houston, TX 2
    • 3 beds 3 baths ∙ 2,097 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,097 Sqft ∙ Built 2007
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.07
    •  
  • 318 W 28th Street Houston, TX 3
    • 3 beds 3 baths ∙ 2,094 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,094 Sqft ∙ Built 2008
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,445
    • $1.17
    •  
  • 221 E 27th Street Houston, TX 5
    • 3 beds 4 baths ∙ 2,209 Sqft ∙ Built 2017 3 beds 4 baths ∙ 2,209 Sqft ∙ Built 2017
    LEASED 12/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.36
    •  
PROPERTY LISTING DETAILS
Emily Braud
1.225.335.2877
Compass Re Texas, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 2363954
Last Updated: 01/13/2021
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