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28810 Hidden Lake Magnolia, TX 77354

3 Beds 2 Baths 1,652 sqft Built 2014

$230,000

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 10, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $139.23
  • 4 Days on Market
  • MLS # : 44986366
  • Updated Date : 12/10/2020 at 16:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,652 sqft
  • Baths : 2 full
Listing Agent

Re/max The Woodlands & Spring

Listing Agent's Description

Beautiful one-story by Lee Custom Homes with excellent curb appeal and great location in the back of the Woodlands off FM 2978 in the quaint Hidden Lake Estates community! Spacious, open floor plan is flooded w-natural light. Chef’s kitchen features gas range and double oven, abundant cabinetry, walk-in pantry & granite countertops that open to the breakfast nook w-access to the backyard. Homeowners’ retreat has separate tub, shower & walk-in closet with built-in shelving and shoe rack. Two other sizable bedrooms split from the master provide maximum privacy. Flexible formal dining can be used as a study or home office space. Nice-sized, fenced backyard with gorgeous fountain view of the lake. Community playground. Don’t miss this gem of a home minutes from shopping and dining!

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

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
 

$207,000$253,000$230,000

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$849
Property Tax -$405
Property Insurance -$123
Property Management Fees -$99
CASH FLOW
$115

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.

$230,000

PROJECTED PRICE

$1,590

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$12k

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$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$849

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$15,261

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,586

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,5903$1,6954$1,6955$1,835
$1,835
RENT COMPS ANALYSIS
  • 28810 Hidden Lake Magnolia, TX 2
    • 3 beds 2 baths ∙ 1,652 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,652 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.96
    •  
  • 9218 Hidden Lake Magnolia, TX 1
    • 3 beds 2 baths ∙ 1,610 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,610 Sqft ∙ Built 2005
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.96
    •  
  • 28727 Hidden Lake Magnolia, TX 3
    • 3 beds 2 baths ∙ 1,802 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,802 Sqft ∙ Built 2003
    LEASED 12/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.94
    •  
  • 28819 Hidden Cove Drive Magnolia, TX 4
    • 3 beds 2 baths ∙ 1,837 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,837 Sqft ∙ Built 2005
    LEASED 11/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.92
    •  
  • 28607 Hidden Lake Magnolia, TX 5
    • 3 beds 2 baths ∙ 1,804 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,804 Sqft ∙ Built 2004
    LEASED 12/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,835
    • $1.02
    •  
PROPERTY LISTING DETAILS
Zach Richmond
1.972.824.0002
Re/max The Woodlands & Spring
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 44986366
Last Updated: 12/10/2020
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