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28848 Diamondhead Conroe, TX 77356

3 Beds 3 Baths 2,213 sqft Built 1997

$225,000

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $101.67
  • 4 Days on Market
  • MLS # : 4985422
  • Updated Date : 12/31/2020 at 13:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,213 sqft
  • Baths : 2 full , 1 half
Listing Agent

Arcadi Realty

Listing Agent's Description

Situated in the renowned lakefront subdivision of Diamondhead on Lake Conroe, this 3/2.5 home boasts an abundance of upgrades throughout such as pristine hardwood floors, oak cabinetry, a new A/C inside (June 2020), and boat parking in the back. The open concept common areas are perfect for entertaining the whole family! The bedrooms are generously sized, including the primary bedroom which features an abundance of natural lighting! Community amenities include a clubhouse, and access to the community pool and marina. This home is priced to sell and won't last long! Schedule a showing today.

SEE MORE

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

Neighborhood: Diamondhead

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Diamondhead

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10722163

* 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
Stewart Creek Elementary School Primary Regular 777 46 7
Oak Hills Junior High School Middle Regular NA
Lake Creek High School High Regular NA

Stewart Creek Elementary School

  • Education Level: Primary
  • # of students: 777
  • # of teachers: 46
7
GreatSchools Rating

Oak Hills Junior High School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Lake Creek High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$830
Property Tax -$437
Property Insurance -$155
HOA -$35
Property Management Fees -$99
CASH FLOW
$554

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.

$225,000

PROJECTED PRICE

$2,110

PROJECTED RENT

0.94%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 3.7%
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$0.0$5.0k$10k$15k$20k

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$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

13.33

YEARS SAVED

$56,677

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $2,294

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,1103$2,2004$2,500
$2,500
RENT COMPS ANALYSIS
  • 28848 Diamondhead Conroe, TX 2
    • 3 beds 3 baths ∙ 2,213 Sqft ∙ Built 1997 3 beds 3 baths ∙ 2,213 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $0.95
    •  
  • 135 Lakeside Drive Conroe, TX 1
    • 3 beds 2 baths ∙ 2,008 Sqft ∙ Built 1991 3 beds 2 baths ∙ 2,008 Sqft ∙ Built 1991
    property image
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.97
    •  
  • 3414 Wooddale Lane Montgomery, TX 3
    • 3 beds 2 baths ∙ 2,100 Sqft ∙ Built 1978 3 beds 2 baths ∙ 2,100 Sqft ∙ Built 1978
    property image
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.05
    •  
  • 118 W April Waters West Drive Conroe, TX 4
    • 3 beds 3 baths ∙ 2,293 Sqft ∙ Built 1981 3 beds 3 baths ∙ 2,293 Sqft ∙ Built 1981
    property image
    LEASED 06/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.09
    •  
PROPERTY LISTING DETAILS
Adam Olsen
1.936.689.9123
Arcadi Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 4985422
Last Updated: 12/31/2020
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