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2706 Cortlandt Street Houston, TX 77008

3 Beds 4 Baths 2,500 sqft Built 2013

$455,000

List Price

$2,980

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $182.00
  • 2 Days on Market
  • MLS # : 55681364
  • Updated Date : 01/16/2021 at 12:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,500 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams Platinum

Listing Agent's Description

Stunning New Orleans inspired City Home situated in the Heart of the Heights' exciting Lifestyle & Convenient Living*walkability*shopability*eatability* Definitely a Foodie Paradise.Stylish multiple covered Balconies complete this gorgeous New Orleans's Elevation for Aesthetics & Functionality.Wrought iron decorative gate accents the home to finish off this gorgeous look.Polished Travertine entry, w/ bedroom & full bath to the left that could be used as a dedicated office.Gleaming wood stairs and wood floors thru-out home are just some of the luxurious finishes...High ceilings,crown molding,abundant natural light,private balconies on the 2nd & 3rd floors,spacious Chef's Island kitchen w/upgraded granite counters,42" walnut cabinets w/under mounted lighting,stainless steel appliances,spacious Master w/vaulted ceilings & Spa Like En Suite w/stunning polished travertine tile and counters, large game room off the spacious,scenic rooftop Terrace with a view perfect for entertaining!

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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: Sunset Heights

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $99k467k

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

Neighborhood: Sunset Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900200021002200Rent in $9692254

* 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
 

$409,500$500,500$455,000

PURCHASE PRICE

$2,682$3,278$2,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,980
EXPENSES Loan Payment -$1,580
Property Tax -$959
Property Insurance -$196
Property Management Fees -$99
CASH FLOW
$145

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.

$455,000

PROJECTED PRICE

$2,980

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 4.3%
Maintenance Year (1-5) 8.00%
Vacancy 8.80%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$126,325

INVESTMENT

$126,325

Down Payment
$113,750
Rehab Estimate
$5,750
Closing Costs
$6,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,580

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $113,750
Loan Amount $341,250
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$17,229

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,980

    LIST RENT
  • $1.19

    LIST RENT PER SQFT
  • $3,275

    COMP ESTIMATED VALUE
  • $1.31

    COMP AVG. RENT PER SQFT
Comps Range
$2,980
1$2,9802$3,1003$3,2004$3,5005$3,600
$3,600
RENT COMPS ANALYSIS
  • 2706 Cortlandt Street Houston, TX 1
    • 3 beds 4 baths ∙ 2,500 Sqft ∙ Built 2013 3 beds 4 baths ∙ 2,500 Sqft ∙ Built 2013
    • Rent
    • Rent Per SQFT
    •  
    • $2,980
    • $1.19
    •  
  • 700 E 20th Street Houston, TX 2
    • 3 beds 2 baths ∙ 2,358 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,358 Sqft ∙ Built 2005
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.31
    •  
  • 213 W 26th Street Houston, TX 3
    • 3 beds 3 baths ∙ 2,524 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,524 Sqft ∙ Built 2015
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.27
    •  
  • 436 W 24th Street Houston, TX 4
    • 3 beds 4 baths ∙ 2,665 Sqft ∙ Built 2014 3 beds 4 baths ∙ 2,665 Sqft ∙ Built 2014
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.31
    •  
  • 907 E 25th Street Houston, TX 5
    • 3 beds 3 baths ∙ 2,659 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,659 Sqft ∙ Built 2015
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $1.35
    •  
PROPERTY LISTING DETAILS
Annie Farmer
1.832.564.5694
Keller Williams Platinum
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 55681364
Last Updated: 01/16/2021
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