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26002 Overlake Drive Spring, TX 77380

4 Beds 3 Baths 2,673 sqft Built 2000

$325,000

List Price

$2,150

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $121.59
  • 3 Days on Market
  • MLS # : 35580928
  • Updated Date : 02/26/2021 at 16:56
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,673 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

STUNNING HOME IN A PRIME LOCATION WITH NO REAR NEIGHBORS! JUST MINUTES TO THE WOODLANDS TOWN CENTER, WATERWAY AND I-45. WOODLANDS SCHOOLS! GRANITE COUNTERS IN KITCHEN AND BATHROOMS. LARGE GAME ROOM UPSTAIRS (POOL TABLE STAYS). BOTH A/C'S JUST REPLACED WITH NEW TRANE UNITS. LARGE COVERED PATIO AND WINDOWS GALORE.

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

Neighborhood: Grogan's Mill

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Grogan's Mill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10722063

* 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
Lamar Elementary School Primary Regular 713 41 7
Knox Junior High School Middle Regular 1,252 71 9
The Woodlands College Park High School High Regular 2,794 161 9

Lamar Elementary School

  • Education Level: Primary
  • # of students: 713
  • # of teachers: 41
7
GreatSchools Rating

Knox Junior High School

  • Education Level: Middle
  • # of students: 1,252
  • # of teachers: 71
9
GreatSchools Rating

The Woodlands College Park High School

  • Education Level: High
  • # of students: 2,794
  • # of teachers: 161
9
GreatSchools Rating
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,935$2,365$2,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,150
EXPENSES Loan Payment -$1,129
Property Tax -$594
Property Insurance -$181
Property Management Fees -$99
CASH FLOW
$146

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.

$325,000

PROJECTED PRICE

$2,150

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.3%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,129

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$14,860

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,150

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $2,158

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,0953$2,0954$2,1005$2,150
$2,150
RENT COMPS ANALYSIS
  • 26002 Overlake Drive Spring, TX 5
    • 4 beds 3 baths ∙ 2,673 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,673 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.80
    •  
  • 418 Spindle Ridge Drive Spring, TX 1
    • 4 beds 3 baths ∙ 2,548 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,548 Sqft ∙ Built 2006
    LEASED 02/24/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.77
    •  
  • 503 Glenwood Ridge Drive Spring, TX 2
    • 4 beds 3 baths ∙ 2,487 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,487 Sqft ∙ Built 2011
    LEASED 12/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.84
    •  
  • 414 Carson Ridge Drive Spring, TX 3
    • 5 beds 4 baths ∙ 2,726 Sqft ∙ Built 2009 5 beds 4 baths ∙ 2,726 Sqft ∙ Built 2009
    LEASED 11/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.77
    •  
  • 25818 Overlake Drive Spring, TX 4
    • 3 beds 3 baths ∙ 2,480 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,480 Sqft ∙ Built 1998
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.85
    •  
PROPERTY LISTING DETAILS
Kevin Skipworth
1.832.367.5253
Coldwell Banker Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 35580928
Last Updated: 02/26/2021
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