Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3023 Clear Water Park Drive Katy, TX 77450

4 Beds 3 Baths 2,934 sqft Built 1991

$367,500

List Price

$2,560

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

February 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $125.26
  • 5 Days on Market
  • MLS # : 76452308
  • Updated Date : 02/05/2021 at 13:42
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,934 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hathaway Homeservice

Listing Agent's Description

Beautiful Cinco Ranch home on a cul-de-sac of a tree-lined park like street. Four bedroom home with master down and three bedrooms (all with walk-in closets) upstairs. Also downstairs are a dining room and a private study with beautiful built-ins. The chef's delight island kitchen features stainless steel appliances, double ovens, cooktop, PLENTY of granite work surface area, and a window at the sink providing natural light. Spacious master bedroom with a bay window overlooking the private backyard also has two closets. Master bath has a jetted tub, slate shower, and granite counter-tops. Upstairs bath and downstairs guest bath also have granite counter-tops. Fresh interior paint in January 2021 makes this home easy to move into! Also recently replaced were the water heater (8/20)some HVAC components(8/17). Why have a car? -All of these are within a 3/4 mile walk: Cinco Ranch Beach Club & tennis courts, lakes, trails, Kroger anchored shopping center, Walgreens,more shops & restaurants.

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: North Lake Village at Cinco Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $113k547k

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

Neighborhood: North Lake Village at Cinco Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600280030003200Rent in $10373378

* 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
Williams Elementary School Primary Regular 705 46 9
Beck Junior High School Middle Regular 1,063 64 9
Cinco Ranch High School High Regular 3,171 174 9

Williams Elementary School

  • Education Level: Primary
  • # of students: 705
  • # of teachers: 46
9
GreatSchools Rating

Beck Junior High School

  • Education Level: Middle
  • # of students: 1,063
  • # of teachers: 64
9
GreatSchools Rating

Cinco Ranch High School

  • Education Level: High
  • # of students: 3,171
  • # of teachers: 174
9
GreatSchools Rating
 

$330,750$404,250$367,500

PURCHASE PRICE

$2,304$2,816$2,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,560
EXPENSES Loan Payment -$1,276
Property Tax -$789
Property Insurance -$196
HOA -$93
Property Management Fees -$99
CASH FLOW
$106

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 18% of earned rent to cover both maintenance and periods of vacancy.

$367,500

PROJECTED PRICE

$2,560

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.61%
Appreciation Year (1-5) 3.6%
Maintenance Year (1-5) 8.00%
Vacancy 10.23%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$103,138

INVESTMENT

$103,138

Down Payment
$91,875
Rehab Estimate
$5,750
Closing Costs
$5,513

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,276

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $91,875
Loan Amount $275,625
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$7,411

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,560

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $2,567

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,5603$2,6004$2,6505$2,650
$2,650
RENT COMPS ANALYSIS
  • 3023 Clear Water Park Drive Katy, TX 2
    • 4 beds 3 baths ∙ 2,934 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,934 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $2,560
    • $0.87
    •  
  • 3210 Clear Water Park Drive Katy, TX 1
    • 4 beds 3 baths ∙ 2,753 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,753 Sqft ∙ Built 1992
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.84
    •  
  • 2215 Merrill Hills Circle Katy, TX 3
    • 4 beds 3 baths ∙ 3,011 Sqft ∙ Built 1998 4 beds 3 baths ∙ 3,011 Sqft ∙ Built 1998
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.86
    •  
  • 23206 Cinco Park Place Court Katy, TX 4
    • 4 beds 3 baths ∙ 2,866 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,866 Sqft ∙ Built 1991
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.92
    •  
  • 3322 South Lake Village Drive Katy, TX 5
    • 4 beds 4 baths ∙ 3,023 Sqft ∙ Built 1990 4 beds 4 baths ∙ 3,023 Sqft ∙ Built 1990
    LEASED 10/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.88
    •  
PROPERTY LISTING DETAILS
Dion Deichert
1.281.686.4806
Berkshire Hathaway Homeservice
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 76452308
Last Updated: 02/05/2021
BESbswy