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2707 Morninggate Court Katy, TX 77449

3 Beds 3 Baths 2,840 sqft Built 2007

INVESTimate

$189,000

List Price

$1,660

$1,494 - $1,826

Rent Est.

$203,326  ( +7.58%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2007
  • Price/Sqft : $66.55
  • 38 Days on Market
  • MLS # : 56285886
  • Updated Date : 08/25/2020 at 07:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,840 sqft
  • Baths : 2 full , 1 half
Listing Agent

Tijerina Group

Listing Agent's Description

Spacious home with a low maintenance yard. Formal dinning area, living area open to breakfast & Kitchen. Huge gameroom & all bedrooms upstairs. Master has a sitting area for nursery, reading area, or computer nook. Granite in the kitchen with tile backsplash, built in surround sound. Cul-de-sac location across from park.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 77449

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $105k301k

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

Zip Code: 77449

ZipNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8351867

* 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
Morton Ranch Elementary School Primary Regular 899 65 6
Morton Ranch Junior High School Middle Regular 1,190 82 6
Morton Ranch High School High Regular 3,378 201 6

Morton Ranch Elementary School

  • Education Level: Primary
  • # of students: 899
  • # of teachers: 65
6
GreatSchools Rating

Morton Ranch Junior High School

  • Education Level: Middle
  • # of students: 1,190
  • # of teachers: 82
6
GreatSchools Rating

Morton Ranch High School

  • Education Level: High
  • # of students: 3,378
  • # of teachers: 201
6
GreatSchools Rating
 

$170,100$207,900$189,000

PURCHASE PRICE

$1,494$1,826$1,660

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,660
EXPENSES Loan Payment -$697
Property Tax -$491
Property Insurance -$219
HOA -$38
Property Management Fees -$99
CASH FLOW
$117

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.

$189,000

PROJECTED PRICE

$1,660

PROJECTED RENT

0.88%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.58%
Maintenance Year (1-5) 8.00%
Vacancy 8.80%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$55,835

INVESTMENT

$55,835

Down Payment
$47,250
Rehab Estimate
$5,750
Closing Costs
$2,835

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$697

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $47,250
Loan Amount $141,750
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$9,002

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,660

    LIST RENT
  • $0.58

    LIST RENT PER SQFT
  • $1,732

    COMP ESTIMATED VALUE
  • $0.61

    COMP AVG. RENT PER SQFT
Comps Range
$1,660
1$1,6602$1,6953$1,8004$1,8005$1,850
$1,850
RENT COMPS ANALYSIS
  • 2707 Morninggate Court Katy, TX 1
    • 3 beds 3 baths ∙ 2,840 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,840 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $0.58
    •  
  • 2803 Mustang Hill Lane Katy, TX 2
    • 4 beds 3 baths ∙ 2,875 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,875 Sqft ∙ Built 2009
    LEASED 09/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.59
    •  
  • 3019 Chesapeake Bend Lane Katy, TX 3
    • 4 beds 3 baths ∙ 2,974 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,974 Sqft ∙ Built 2006
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.61
    •  
  • 2814 Frost Gate Court Katy, TX 4
    • 4 beds 3 baths ∙ 3,016 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,016 Sqft ∙ Built 2007
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.60
    •  
  • 21831 Manitou Falls Lane Katy, TX 5
    • 4 beds 3 baths ∙ 2,912 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,912 Sqft ∙ Built 2002
    LEASED 04/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.64
    •  
PROPERTY LISTING DETAILS
Christopher Martinez
1.281.989.9307
Tijerina Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 56285886
Last Updated: 08/25/2020
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