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3266 Enchanted Hollow Lane Spring, TX 77388

3 Beds 2 Baths 1,768 sqft Built 2002

INVESTimate

$149,000

List Price

$1,480

$1,332 - $1,628

Rent Est.

$156,137  ( +4.79%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 2002
  • Price/Sqft : $84.28
  • 4 Days on Market
  • MLS # : 48103174
  • Updated Date : 08/25/2020 at 15:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,768 sqft
  • Baths : 2 full
Listing Agent

Re/max Northwest, Realtors

Listing Agent's Description

BEING SOLD AS-IS. Handyman special/investor!!!!! Roof 3 years old with transferable warranty. Hot water heater replaced in 2014. A/C was replaced in 2012. Stainless stove will be replaced with new self cleaning stainless stove Prior to closing. Laminate wood flooring in Living area and all bedrooms. Tile in the kitchen and breakfast area. Laminate wood in the formal dining area. Utility is in-house. We will be showing this property and excepting offers until Friday, August 28 at 5 PM. Time is of the essence. NOTE ITEMS THAT ARE NEEDED: replace front and back doors, interior paint throughout, address kitchen cabinets, update master bathroom, some woodwork to baseboards to be replaced around backdoor etc.

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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

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
Kreinhop Elementary School Primary Regular 881 58 6
Schindewolf Intermediate School Middle Regular 1,321 78 6
Klein Collins High School High Regular 3,580 201 6

Kreinhop Elementary School

  • Education Level: Primary
  • # of students: 881
  • # of teachers: 58
6
GreatSchools Rating

Schindewolf Intermediate School

  • Education Level: Middle
  • # of students: 1,321
  • # of teachers: 78
6
GreatSchools Rating

Klein Collins High School

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

$134,100$163,900$149,000

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k$300k$350k$400k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$550
Property Tax -$452
Property Insurance -$147
HOA -$40
Property Management Fees -$99
CASH FLOW
$193

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.

$149,000

PROJECTED PRICE

$1,480

PROJECTED RENT

0.99%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.79%
Maintenance Year (1-5) 8.00%
Vacancy 9.28%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$45,235

INVESTMENT

$45,235

Down Payment
$37,250
Rehab Estimate
$5,750
Closing Costs
$2,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$550

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $37,250
Loan Amount $111,750
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$13,585

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,560

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,425
1$1,4252$1,4753$1,4804$1,5905$1,650
$1,650
RENT COMPS ANALYSIS
  • 3266 Enchanted Hollow Lane Spring, TX 3
    • 3 beds 2 baths ∙ 1,768 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,768 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.84
    •  
  • 3259 Enchanted Hollow Lane Spring, TX 1
    • 3 beds 2 baths ∙ 1,611 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,611 Sqft ∙ Built 2001
    property image
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.88
    •  
  • 3234 Crestbridge Lane Spring, TX 2
    • 3 beds 2 baths ∙ 1,580 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,580 Sqft ∙ Built 2001
    property image
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.93
    •  
  • 20635 Spring Bluff Lane Spring, TX 4
    • 4 beds 2 baths ∙ 1,836 Sqft ∙ Built 2002 4 beds 2 baths ∙ 1,836 Sqft ∙ Built 2002
    property image
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.87
    •  
  • 3238 Stoneydale Lane Spring, TX 5
    • 4 beds 2 baths ∙ 1,936 Sqft ∙ Built 2000 4 beds 2 baths ∙ 1,936 Sqft ∙ Built 2000
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.85
    •  
PROPERTY LISTING DETAILS
Tamela Waltz
1.713.628.9479
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 #: 48103174
Last Updated: 08/25/2020
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