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28715 Hidden Cove Drive Magnolia, TX 77354

3 Beds 2 Baths 1,605 sqft Built 2005

$226,000

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $140.81
  • 2 Days on Market
  • MLS # : 85780080
  • Updated Date : 12/05/2020 at 11:39
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,605 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Welcome home! Charming home featuring 3 bedrooms, 2 bathrooms, and a relaxing backyard! 2 secondary bedrooms located at the front of the home. Can be used as a study or both as bedrooms. Spacious primary bedroom with en-suite primary bathroom. Primary bathroom features large soaking tub, dual sinks, separate shower, and walk-in closet! Large kitchen features stainless steel appliances, lots of cabinet space, and opens to the living room. Formal dining room located just off the kitchen makes entertaining guests or cooking dinner for the family even easier! Spend you afternoons lounging in the open living room with a cozy fireplace. The spacious backyard features a covered back patio! Minutes from FM 2978 and Tomball Tollway/249. Dining, shopping, and entertainment nearby! Zoned to Magnolia ISD! New water heater and light switches installed in 2020.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Hidden Lake Estates

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $105k303k

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

Neighborhood: Hidden Lake Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9121901

* 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
Cedric C. Smith Elementary School Primary Regular 739 45 7
Bear Branch Junior High School Middle Regular 977 51 7
Magnolia High School High Regular 1,794 118 7

Cedric C. Smith Elementary School

  • Education Level: Primary
  • # of students: 739
  • # of teachers: 45
7
GreatSchools Rating

Bear Branch Junior High School

  • Education Level: Middle
  • # of students: 977
  • # of teachers: 51
7
GreatSchools Rating

Magnolia High School

  • Education Level: High
  • # of students: 1,794
  • # of teachers: 118
7
GreatSchools Rating
 

$203,400$248,600$226,000

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$834
Property Tax -$398
Property Insurance -$120
HOA -$38
Property Management Fees -$99
CASH FLOW
$62

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.

$226,000

PROJECTED PRICE

$1,550

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.8%
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$600k$700k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,640

INVESTMENT

$65,640

Down Payment
$56,500
Rehab Estimate
$5,750
Closing Costs
$3,390

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$834

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,500
Loan Amount $169,500
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$10,269

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,653

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,5503$1,5754$1,9005$1,950
$1,950
RENT COMPS ANALYSIS
  • 28715 Hidden Cove Drive Magnolia, TX 2
    • 3 beds 2 baths ∙ 1,605 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,605 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.97
    •  
  • 9218 Hidden Lake Magnolia, TX 1
    • 3 beds 2 baths ∙ 1,610 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,610 Sqft ∙ Built 2005
    property image
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.96
    •  
  • 28822 Hidden Cove Drive Magnolia, TX 3
    • 3 beds 2 baths ∙ 1,585 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,585 Sqft ∙ Built 2006
    property image
    LEASED 06/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.99
    •  
  • 28910 Hidden Lake Magnolia, TX 4
    • 3 beds 2 baths ∙ 1,693 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,693 Sqft ∙ Built 2014
    property image
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.12
    •  
  • 163 Black Swan Place The Woodlands, TX 5
    • 3 beds 2 baths ∙ 1,858 Sqft ∙ Built 2010 3 beds 2 baths ∙ 1,858 Sqft ∙ Built 2010
    property image
    LEASED 08/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.05
    •  
PROPERTY LISTING DETAILS
Teresa Sartin
1.281.825.7745
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 #: 85780080
Last Updated: 12/05/2020
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