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29711 Meridian Hill Drive Spring, TX 77386

3 Beds 3 Baths 1,828 sqft Built 2006

$215,000

List Price

$1,640

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $117.61
  • 4 Days on Market
  • MLS # : 14204139
  • Updated Date : 01/22/2021 at 13:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,828 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Northwest, Realtors

Listing Agent's Description

Welcome to your new home! Wonderful 3 bedroom two and one half bath house located in a secure subdivision with manned entry gate**Granite**Kitchen opens to a large family room**Recent flooring and paint**Refrigerator, washer/dryer**Partially covered patio with ceiling fan ready for your next BBQ**Subdivision has 2 pools, tennis courts, and recreation center**Located near The Woodlands, Exxon Mobil campus, awesome restaurants and entertainment!! !Must see to appreciate! Never flooded.

SEE MORE

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: Canyon Lakes at Legends Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Canyon Lakes at Legends Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10722063

* 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
Birnham Woods Elementary School Primary Regular 940 52 10
Cox Intermediate School Middle Regular 1,093 60 9
Oak Ridge High School High Regular 3,637 202 8

Birnham Woods Elementary School

  • Education Level: Primary
  • # of students: 940
  • # of teachers: 52
10
GreatSchools Rating

Cox Intermediate School

  • Education Level: Middle
  • # of students: 1,093
  • # of teachers: 60
9
GreatSchools Rating

Oak Ridge High School

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

$193,500$236,500$215,000

PURCHASE PRICE

$1,476$1,804$1,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,640
EXPENSES Loan Payment -$747
Property Tax -$508
Property Insurance -$133
HOA -$75
Property Management Fees -$99
CASH FLOW
$79

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.

$215,000

PROJECTED PRICE

$1,640

PROJECTED RENT

0.76%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.6%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$62,725

INVESTMENT

$62,725

Down Payment
$53,750
Rehab Estimate
$5,750
Closing Costs
$3,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$747

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$5,896

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,640

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,641

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,575
1$1,5752$1,6003$1,6404$1,6505$1,650
$1,650
RENT COMPS ANALYSIS
  • 29711 Meridian Hill Drive Spring, TX 3
    • 3 beds 3 baths ∙ 1,828 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,828 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $0.90
    •  
  • 3628 Cedar Flats Lane Spring, TX 1
    • 3 beds 3 baths ∙ 1,828 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,828 Sqft ∙ Built 2006
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.86
    •  
  • 29919 Hanover Hollow Ln Spring, TX 2
    • 3 beds 2 baths ∙ 1,705 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,705 Sqft ∙ Built 2004
    LEASED 09/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.94
    •  
  • 30211 Mesa Valley Drive Spring, TX 4
    • 3 beds 2 baths ∙ 1,781 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,781 Sqft ∙ Built 2005
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.93
    •  
  • 30222 Mesa Valley Drive Spring, TX 5
    • 3 beds 2 baths ∙ 1,925 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,925 Sqft ∙ Built 2006
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.86
    •  
PROPERTY LISTING DETAILS
Martin Rogers
1.713.819.1815
Re/max Northwest, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 14204139
Last Updated: 01/22/2021
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