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2802 Lake Colony Drive Missouri City, TX 77459

4 Beds 3 Baths 2,946 sqft Built 1988

$315,000

List Price

$2,250

$2K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $106.92
  • 3 Days on Market
  • MLS # : 61013835
  • Updated Date : 03/13/2021 at 18:38
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,946 sqft
  • Baths : 2 full , 1 half
Listing Agent

Compass Re Texas, Llc

Listing Agent's Description

Gorgeous two-story home in the highly sought after Lake Colony community in Missouri City. Custom landscaping and mature trees give this home precious curb appeal. Equipped with a detached garage and additional parking to the side of the home. This home is nestled on a premium corner lot. It features a 3-side brick exterior. Wood flooring is installed in main living areas and tile on remaining areas to include the kitchen. The large kitchen opens to the family room so guests can interact while you whisk up tasty meals. The bedrooms have carpet and are located on 2nd level. The large and spacious primary suite has an en-suite study/library with built-in cabinets. Experience the large backyard with its private covered patio to enjoy relaxing evenings outdoors. The home is only minutes from the very recurring Sugar Land First Colony Mall. Lots of entertainment and restaurants only minutes away. Oyster Creek Park features walking trails and lakes. You will love this home!

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

Neighborhood: Lake Shore Harbour Village

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $113k411k

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

Neighborhood: Lake Shore Harbour Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100220023002400Rent in $10722440

* 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
Palmer Elementary School Primary Regular 590 42 6
Lake Olympia Middle School Middle Regular 1,112 71 4
Hightower High School High Regular 2,254 134 5

Palmer Elementary School

  • Education Level: Primary
  • # of students: 590
  • # of teachers: 42
6
GreatSchools Rating

Lake Olympia Middle School

  • Education Level: Middle
  • # of students: 1,112
  • # of teachers: 71
4
GreatSchools Rating

Hightower High School

  • Education Level: High
  • # of students: 2,254
  • # of teachers: 134
5
GreatSchools Rating
 

$283,500$346,500$315,000

PURCHASE PRICE

$2,025$2,475$2,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,250
EXPENSES Loan Payment -$1,094
Property Tax -$660
Property Insurance -$197
HOA -$68
Property Management Fees -$99
CASH FLOW
$133

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.

$315,000

PROJECTED PRICE

$2,250

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 3.4%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$89,225

INVESTMENT

$89,225

Down Payment
$78,750
Rehab Estimate
$5,750
Closing Costs
$4,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,094

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $78,750
Loan Amount $236,250
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$11,250

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,250

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $2,047

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$1,9953$2,2004$2,2005$2,250
$2,250
RENT COMPS ANALYSIS
  • 2802 Lake Colony Drive Missouri City, TX 5
    • 4 beds 3 baths ∙ 2,946 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,946 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.76
    •  
  • 3327 Oaklawn Place Drive Missouri City, TX 1
    • 4 beds 3 baths ∙ 2,935 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,935 Sqft ∙ Built 2006
    property image
    LEASED 12/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.66
    •  
  • 3207 Breckinridge Court Missouri City, TX 2
    • 4 beds 3 baths ∙ 2,920 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,920 Sqft ∙ Built 1991
    property image
    LEASED 11/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.68
    •  
  • 3515 Hera Drive Missouri City, TX 3
    • 4 beds 2 baths ∙ 3,037 Sqft ∙ Built 2004 4 beds 2 baths ∙ 3,037 Sqft ∙ Built 2004
    property image
    LEASED 10/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.72
    •  
  • 3318 Fountain Hills Drive Missouri City, TX 4
    • 4 beds 3 baths ∙ 3,062 Sqft ∙ Built 2004 4 beds 3 baths ∙ 3,062 Sqft ∙ Built 2004
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.72
    •  
PROPERTY LISTING DETAILS
Don Davis
1.936.494.5500
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 #: 61013835
Last Updated: 03/13/2021
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