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2618 Sockeye Drive Houston, TX 77045

3 Beds 2 Baths 1,544 sqft Built 2008

$180,000

List Price

$1,410

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $116.58
  • 2 Days on Market
  • MLS # : 83196901
  • Updated Date : 01/02/2021 at 16:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,544 sqft
  • Baths : 2 full
Listing Agent

Re/max Eastside

Listing Agent's Description

New in W Orem Place! Immaculate 3 bedroom/2 full bath/2 car attached garage. Open concept living areas. Very spacious living room and kitchen. Breakfast bar and separate dining room. Kitchen has loads of cabinet and counter space. Backyard features an additional area perfect for entertaining. This well-maintained home nestled in a lovely neighborhood just south of the 610 Loop. Close proximity to all major freeways being less than 20 minutes from Downtown Houston and the Medical Center.

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: West Orem Place

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k222k

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

Neighborhood: West Orem Place

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8381677

* 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
Petersen Elementary School Primary Regular 640 34 3
Dowling Middle School Middle Magnet 1,200 67 2
Madison High School High Magnet 1,833 107 2

Petersen Elementary School

  • Education Level: Primary
  • # of students: 640
  • # of teachers: 34
3
GreatSchools Rating

Dowling Middle School

  • Education Level: Middle
  • # of students: 1,200
  • # of teachers: 67
2
GreatSchools Rating

Madison High School

  • Education Level: High
  • # of students: 1,833
  • # of teachers: 107
2
GreatSchools Rating
 

$162,000$198,000$180,000

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$664
Property Tax -$380
Property Insurance -$132
HOA -$21
Property Management Fees -$99
CASH FLOW
$115

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$180,000

PROJECTED PRICE

$1,410

PROJECTED RENT

0.78%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.99%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
Vacancy 8.01%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

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$53,450

INVESTMENT

$53,450

Down Payment
$45,000
Rehab Estimate
$5,750
Closing Costs
$2,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$664

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $45,000
Loan Amount $135,000
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$13,296

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,424

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,410
1$1,4102$1,4753$1,4754$1,5005$1,500
$1,500
RENT COMPS ANALYSIS
  • 2618 Sockeye Drive Houston, TX 1
    • 3 beds 2 baths ∙ 1,544 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,544 Sqft ∙ Built 2008
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $0.91
    •  
  • 2635 Steelhead Drive Houston, TX 2
    • 3 beds 3 baths ∙ 1,669 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,669 Sqft ∙ Built 2009
    property image
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.88
    •  
  • 1706 Ramsay Way Houston, TX 3
    • 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,510 Sqft ∙ Built 2014
    property image
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.98
    •  
  • 2719 Meiko Drive Houston, TX 4
    • 3 beds 3 baths ∙ 1,680 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,680 Sqft ∙ Built 2005
    property image
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.89
    •  
  • 2642 Steelhead Drive Houston, TX 5
    • 4 beds 2 baths ∙ 1,603 Sqft ∙ Built 2009 4 beds 2 baths ∙ 1,603 Sqft ∙ Built 2009
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.94
    •  
PROPERTY LISTING DETAILS
Christine Shepherd
1.281.830.3948
Re/max Eastside
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 83196901
Last Updated: 01/02/2021
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