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29334 Legends Meade Drive Spring, TX 77386

3 Beds 2 Baths 2,038 sqft Built 2011

$220,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2011
  • Price/Sqft : $107.95
  • 3 Days on Market
  • MLS # : 27179703
  • Updated Date : 02/06/2021 at 14:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,038 sqft
  • Baths : 2 full
Listing Agent

Connect Realty

Listing Agent's Description

Well maintained home close to everything. Easy access to the Hardy Toll Road and Interstate 45 and 99 very close to the New ExxonMobil Campus. You don't have to do much in this house. Just to move in. The amenities in the community consist of a swimming pool, three parks, and landscape reserves. This is an awesome location for anyone wanting to live in The Woodlands Area. The study could be converted to a 4th bedroom. Casa bien mantenida cerca de todo. Fácil acceso a Hardy Toll Road y a las carreteras interestatales 45 y 99. Cerca del nuevo campus de ExxonMobil. No tienes que hacer mucho en esta casa. Solo mudarse. Las comodidades de la comunidad consisten en una piscina, tres parques y reservas paisajísticas. Esta es una ubicación increíble para quienes deseen vivir en The Woodlands Area. El estudio se podría convertir en un cuarto dormitorio.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Legends Run

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $100k305k

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

Neighborhood: Legends Run

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8762063

* 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
York Junior High School Middle Regular 1,002 58 8
Oak Ridge High School High Regular 3,637 202 8
York Junior High School Middle Unknown NA

York Junior High School

  • Education Level: Middle
  • # of students: 1,002
  • # of teachers: 58
8
GreatSchools Rating

Oak Ridge High School

  • Education Level: High
  • # of students: 3,637
  • # of teachers: 202
8
GreatSchools Rating

York Junior High School

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

$198,000$242,000$220,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$764
Property Tax -$558
Property Insurance -$145
HOA -$38
Property Management Fees -$99
CASH FLOW
$147

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.

$220,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.80%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 5.4%
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

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$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$764

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$10,089

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,671

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6003$1,6004$1,7005$1,750
$1,750
RENT COMPS ANALYSIS
  • 29334 Legends Meade Drive Spring, TX 5
    • 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 2011 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 2011
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.86
    •  
  • 29214 Legends Valley Drive Spring, TX 1
    • 3 beds 2 baths ∙ 1,862 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,862 Sqft ∙ Built 2008
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.86
    •  
  • 29419 Fox River Drive Spring, TX 2
    • 3 beds 3 baths ∙ 2,081 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,081 Sqft ∙ Built 2002
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.77
    •  
  • 3034 E Legends Bend Drive Spring, TX 3
    • 3 beds 3 baths ∙ 1,848 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,848 Sqft ∙ Built 2003
    LEASED 12/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.87
    •  
  • 2707 Fox View Circle Spring, TX 4
    • 4 beds 3 baths ∙ 2,190 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,190 Sqft ∙ Built 1998
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.78
    •  
PROPERTY LISTING DETAILS
Ingrid Davilla
1.713.409.0918
Connect Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 27179703
Last Updated: 02/06/2021
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