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3026 Lemmingham Drive Spring, TX 77388

3 Beds 2 Baths 2,540 sqft Built 2005

$249,900

List Price

$1,890

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $98.39
  • 3 Days on Market
  • MLS # : 81032780
  • Updated Date : 02/13/2021 at 10:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,540 sqft
  • Baths : 2 full
Listing Agent

Exp Realty, Llc

Listing Agent's Description

Beautiful 1-story home in Middlecreek Village. High ceilings, large family with corner fireplace, open kitchen w 42'' cabinets, Corian countertops, tile backsplash, and recessed lighting. Master suite, with sloped ceilings, en suite bath with double sinks, garden tub and separate shower. Two spacious secondary bedrooms plus a flexroom/study, and spacious screened in back patio with fan and great backyard. Recent roof and vinyl plank flooring. Quick access to I-45, restaurants & shopping! Don't miss out on this one!

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

Zip Code: 77388

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Zip Code: 77388

ZipNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10632063

* 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
Haude Elementary School Primary Regular 698 43 7
Strack Intermediate School Middle Regular 1,196 73 7
Klein Collins High School High Regular 3,580 201 6

Haude Elementary School

  • Education Level: Primary
  • # of students: 698
  • # of teachers: 43
7
GreatSchools Rating

Strack Intermediate School

  • Education Level: Middle
  • # of students: 1,196
  • # of teachers: 73
7
GreatSchools Rating

Klein Collins High School

  • Education Level: High
  • # of students: 3,580
  • # of teachers: 201
6
GreatSchools Rating
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,701$2,079$1,890

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,890
EXPENSES Loan Payment -$868
Property Tax -$567
Property Insurance -$199
HOA -$38
Property Management Fees -$99
CASH FLOW
$119

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.

$249,900

PROJECTED PRICE

$1,890

PROJECTED RENT

0.76%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.8%
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-$4.0k-$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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$8,887

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,890

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $1,949

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,890
1$1,8902$1,9003$1,9254$2,0005$2,200
$2,200
RENT COMPS ANALYSIS
  • 3026 Lemmingham Drive Spring, TX 1
    • 3 beds 2 baths ∙ 2,540 Sqft ∙ Built 2005 3 beds 2 baths ∙ 2,540 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $0.74
    •  
  • 20342 Little Wing Drive Spring, TX 2
    • 4 beds 2 baths ∙ 2,619 Sqft ∙ Built 2010 4 beds 2 baths ∙ 2,619 Sqft ∙ Built 2010
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.73
    •  
  • 19922 Doversgreen Lane Spring, TX 3
    • 4 beds 3 baths ∙ 2,696 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,696 Sqft ∙ Built 2004
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $0.71
    •  
  • 20326 Little Wing Dr Drive Spring, TX 4
    • 4 beds 3 baths ∙ 2,494 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,494 Sqft ∙ Built 2010
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.80
    •  
  • 3003 Lemmingham Drive Spring, TX 5
    • 4 beds 3 baths ∙ 2,641 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,641 Sqft ∙ Built 2010
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.83
    •  
PROPERTY LISTING DETAILS
Stacy Dodson
1.713.817.3903
Exp Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 81032780
Last Updated: 02/13/2021
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