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2822 Morton Cove Lane Katy, TX 77449

3 Beds 2 Baths 1,579 sqft Built 2005

$149,900

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $94.93
  • 5 Days on Market
  • MLS # : 43515714
  • Updated Date : 11/12/2020 at 05:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,579 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

This is your chance to get a great deal on a fantastic home in Morton Ranch subdivision / Katy ISD. Beautiful 1-story 3 bedrooms, 2 baths: ready to move in. Very well-maintained. New windows double pane throughout the house. Formal dinner or flex room, living room area with open concept to the kitchen with breakfast bar and dining room. Plenty of natural light. The principal bedroom features a tub w/shower and a large walk-in closet. Ceiling fans in all bedrooms. Laminate and tile. NO CARPET! Walking distance to subdivision pool, walking paths & playground. Minutes to Grand Parkway, I10 - Energy Corridor, City Center, and Town & County. This house is ready for you to make it your new home. Hurry! Make an appointment to come see it soon - it won't last long!

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

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
 

$134,910$164,890$149,900

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$553
Property Tax -$380
Property Insurance -$134
HOA -$48
Property Management Fees -$99
CASH FLOW
$216

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.

$149,900

PROJECTED PRICE

$1,430

PROJECTED RENT

0.95%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.6%
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$100k$200k$300k$400k$500k

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$45,474

INVESTMENT

$45,474

Down Payment
$37,475
Rehab Estimate
$5,750
Closing Costs
$2,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$553

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $37,475
Loan Amount $112,425
See What Happens When You Reinvest Cash Flow

8.33

YEARS SAVED

$18,890

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,488

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,430
1$1,4302$1,4503$1,5004$1,5505$1,550
$1,550
RENT COMPS ANALYSIS
  • 2822 Morton Cove Lane Katy, TX 1
    • 3 beds 2 baths ∙ 1,579 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,579 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $0.91
    •  
  • 2719 Mustang Hill Lane Katy, TX 2
    • 3 beds 2 baths ∙ 1,405 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,405 Sqft ∙ Built 2009
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.03
    •  
  • 2718 Mustang Hill Lane Katy, TX 3
    • 3 beds 2 baths ∙ 1,693 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,693 Sqft ∙ Built 2009
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.89
    •  
  • 22010 Guston Hall Lane Katy, TX 4
    • 3 beds 2 baths ∙ 1,673 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,673 Sqft ∙ Built 2008
    LEASED 10/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.93
    •  
  • 21366 Beacon Springs Lane Katy, TX 5
    • 3 beds 2 baths ∙ 1,693 Sqft ∙ Built 2010 3 beds 2 baths ∙ 1,693 Sqft ∙ Built 2010
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.92
    •  
PROPERTY LISTING DETAILS
Emiliano Lupi
1.832.851.8485
Keller Williams Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 43515714
Last Updated: 11/12/2020
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