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28611 Wing Elm Drive Katy, TX 77494

3 Beds 2 Baths 2,615 sqft Built 2010

$295,000

List Price

$2,310

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2010
  • Price/Sqft : $112.81
  • 4 Days on Market
  • MLS # : 52652403
  • Updated Date : 01/14/2021 at 20:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,615 sqft
  • Baths : 2 full
Listing Agent

Re/max Signature

Listing Agent's Description

Meticulously maintained One Story David Weekely home on an oversized corner lot of a cul du sac street.This home has an inviting front porch which leads to a generous entryway with a private office and a formal dining room. The large family room is completely open to the kitchen and breakfast making this a entertainers dream. The master bedroom and bath are secluded at the rear corner of the home. The Master bath has a soaking tub and separate shower and a large master closet. The secondary bedrooms and extra room(either a bedroom if a closet is added/game room/ hobby room) are on a private hall way with the second bath. Large pass through utility gives access to the attached garage. Massive rear patio measures 28x9 opens to the rear yard which is a blank canvas for your families needs. All of this is in the KATY ISD section of Firethorne.

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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

Zip Code: 77494

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $113k403k

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

Zip Code: 77494

ZipNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400Rent in $10372506

* 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
Wolman Elementary School Primary Regular 1,212 70 NA
Woodcreek Junior High School Middle Regular 1,906 102 10
Katy High School High Regular 3,065 176 7

Wolman Elementary School

  • Education Level: Primary
  • # of students: 1,212
  • # of teachers: 70
NA
GreatSchools Rating

Woodcreek Junior High School

  • Education Level: Middle
  • # of students: 1,906
  • # of teachers: 102
10
GreatSchools Rating

Katy High School

  • Education Level: High
  • # of students: 3,065
  • # of teachers: 176
7
GreatSchools Rating
 

$265,500$324,500$295,000

PURCHASE PRICE

$2,079$2,541$2,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,310
EXPENSES Loan Payment -$1,025
Property Tax -$722
Property Insurance -$178
HOA -$67
Property Management Fees -$99
CASH FLOW
$220

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.

$295,000

PROJECTED PRICE

$2,310

PROJECTED RENT

0.78%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 2.6%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,025

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$15,645

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,310

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $2,255

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1003$2,2004$2,3105$2,395
$2,395
RENT COMPS ANALYSIS
  • 28611 Wing Elm Drive Katy, TX 4
    • 3 beds 2 baths ∙ 2,615 Sqft ∙ Built 2010 3 beds 2 baths ∙ 2,615 Sqft ∙ Built 2010
    • Rent
    • Rent Per SQFT
    •  
    • $2,310
    • $0.88
    •  
  • 2822 Fair Chase Drive Katy, TX 1
    • 4 beds 3 baths ∙ 2,439 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,439 Sqft ∙ Built 2009
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.86
    •  
  • 2907 Fair Chase Drive Katy, TX 2
    • 4 beds 3 baths ∙ 2,470 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,470 Sqft ∙ Built 2010
    LEASED 05/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.85
    •  
  • 2918 Isla Gorge Court Katy, TX 3
    • 4 beds 4 baths ∙ 2,600 Sqft ∙ Built 2015 4 beds 4 baths ∙ 2,600 Sqft ∙ Built 2015
    LEASED 11/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.85
    •  
  • 28814 Pine Grove Court Katy, TX 5
    • 4 beds 3 baths ∙ 2,706 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,706 Sqft ∙ Built 2012
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.89
    •  
PROPERTY LISTING DETAILS
Charlie Russo
1.713.851.4871
Re/max Signature
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 52652403
Last Updated: 01/14/2021
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