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3131 Meadway Drive Houston, TX 77082

3 Beds 3 Baths 2,644 sqft Built 1983

$210,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

December 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $79.43
  • 5 Days on Market
  • MLS # : 41548621
  • Updated Date : 12/23/2020 at 15:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,644 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exit Lone Star Realty

Listing Agent's Description

NO SHOWINGS FOR THIS PROPERTY UNTIL SUNDAY DEC. 27TH. SELLING AS IS...... 2 STORY HOME W/POOL. DOUBLE DOORS IN PRIMARY BEDROOM AND LIVING AREA OPEN TO THE POOL AREA. GREAT FLOOR PLAN FOR ENTERTAINING/EVENTS W/WOOD BURNING FIREPLACE. PRIVACY GATE AT ENTRY. TILE FLOORS AT FRONT ENTRY AND THROUGHOUT 1ST LEVEL OF THE HOME (WHICH INCLUDES: ENTRY, LIVING ROOM, DINING,KITCHEN/BREAKFAST AREA AND PRIMARY BEDROOM. LAMINATE FLOORS ON STAIRS AND ENTIRE 2ND LEVEL, WHICH INCLUDES: GAME ROOM AND BOTH BEDROOMS. UPSTAIRS BATHROOM IS TILED.

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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

Neighborhood: Ashford Park

NeighborhoodNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210k220k230kPrice in $99k238k

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

Neighborhood: Ashford Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001050110011501200125013001350140014501500155016001650Rent in $9611677

* 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
Budewig Intermediate School Primary Regular 1,190 79 5
O'donnell Middle School Middle Regular 1,263 91 6
Hastings High School High Regular 3,890 260 4

Budewig Intermediate School

  • Education Level: Primary
  • # of students: 1,190
  • # of teachers: 79
5
GreatSchools Rating

O'donnell Middle School

  • Education Level: Middle
  • # of students: 1,263
  • # of teachers: 91
6
GreatSchools Rating

Hastings High School

  • Education Level: High
  • # of students: 3,890
  • # of teachers: 260
4
GreatSchools Rating
 

$189,000$231,000$210,000

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 -$775
Property Tax -$446
Property Insurance -$206
HOA -$33
Property Management Fees -$99
CASH FLOW
$191

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.

$210,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.83%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.9%
Maintenance Year (1-5) 8.00%
Vacancy 8.80%
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$12k

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$61,400

INVESTMENT

$61,400

Down Payment
$52,500
Rehab Estimate
$5,750
Closing Costs
$3,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$775

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $52,500
Loan Amount $157,500
See What Happens When You Reinvest Cash Flow

6.33

YEARS SAVED

$17,697

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
  • $0.66

    LIST RENT PER SQFT
  • $1,785

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6503$1,6904$1,7505$1,800
$1,800
RENT COMPS ANALYSIS
  • 3131 Meadway Drive Houston, TX 4
    • 3 beds 3 baths ∙ 2,644 Sqft ∙ Built 1983 3 beds 3 baths ∙ 2,644 Sqft ∙ Built 1983
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.66
    •  
  • 2807 Stoney Wood Drive Houston, TX 1
    • 3 beds 3 baths ∙ 2,467 Sqft ∙ Built 1981 3 beds 3 baths ∙ 2,467 Sqft ∙ Built 1981
    property image
    LEASED 06/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.67
    •  
  • 3130 Meadway Drive Houston, TX 2
    • 4 beds 3 baths ∙ 2,527 Sqft ∙ Built 1984 4 beds 3 baths ∙ 2,527 Sqft ∙ Built 1984
    property image
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.65
    •  
  • 12706 Meadway Court Houston, TX 3
    • 4 beds 3 baths ∙ 2,527 Sqft ∙ Built 1984 4 beds 3 baths ∙ 2,527 Sqft ∙ Built 1984
    property image
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $0.67
    •  
  • 12703 Meadway Court Houston, TX 5
    • 4 beds 3 baths ∙ 2,527 Sqft ∙ Built 1984 4 beds 3 baths ∙ 2,527 Sqft ∙ Built 1984
    property image
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.71
    •  
PROPERTY LISTING DETAILS
Ruby Renae Shorts
1.512.751.0588
Exit Lone Star Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 41548621
Last Updated: 12/23/2020
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