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32923 Westwood Square West Drive Magnolia, TX 77354

5 Beds 3 Baths 2,947 sqft Built 2001

INVESTimate

$334,900

List Price

$2,280

$2,052 - $2,508

Rent Est.

$352,348  ( +5.21%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 2001
  • Price/Sqft : $113.64
  • 3 Days on Market
  • MLS # : 98279219
  • Updated Date : 08/24/2020 at 14:31
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,947 sqft
  • Baths : 3 full
Listing Agent

Re/max Legends

Listing Agent's Description

PICTURE-PERFECT FIVE BEDROOM! EXPANSIVE PARK-LIKE .54 ACRE (per MCAD) WOODED CORNER SETTING! Manicured Exterior - Wonderful Koi Pond + Soaring Mature Trees! Sought-After Interior Layout with Two Bedrooms & Baths Down! Impressive High Ceiling Foyer - Opens Onto Incredible Adjoining Formals with Arched Entryways + Tile Flooring! Delightful Kitchen: Stainless Appliances + 42" Cabinetry + Tile Floor & Backsplash! Light & Bright Breakfast Area! High Ceiling Family Room - Majestic Gas Fireplace with Stacked Stone Surround! First Floor Master Suite - Lovely Garden Bath with Dual Vanities + Big Walk-In Closet! Guest Suite/Nursery/Second Bedroom with Adjoining Full Bath Down! Versatile Gameroom/Media Room! Energy Efficient Solar Screens! Pavestone Patio Overlooks Oversized Backyard! Fantastic Community with 3 Pools, Parks, Pavilion, & Sports Courts! Zoned to Highly Acclaimed Magnolia ISD! Low HOA Fees + Low Tax Rate! Easy Access to I-45, FM 1488, FM 2978, & Popular Shops & Restaurants! WOW!

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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: Westwood North

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k313k

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

Neighborhood: Westwood North

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10272063

* 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
Bear Branch Elementary School Primary Regular 646 39 7
Bear Branch Junior High School Middle Regular 977 51 7
Magnolia High School High Regular 1,794 118 7

Bear Branch Elementary School

  • Education Level: Primary
  • # of students: 646
  • # of teachers: 39
7
GreatSchools Rating

Bear Branch Junior High School

  • Education Level: Middle
  • # of students: 977
  • # of teachers: 51
7
GreatSchools Rating

Magnolia High School

  • Education Level: High
  • # of students: 1,794
  • # of teachers: 118
7
GreatSchools Rating
 

$301,410$368,390$334,900

PURCHASE PRICE

$2,052$2,508$2,280

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,280
EXPENSES Loan Payment -$1,236
Property Tax -$590
Property Insurance -$197
HOA -$17
Property Management Fees -$99
CASH FLOW
$141

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.

$334,900

PROJECTED PRICE

$2,280

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 5.21%
Maintenance Year (1-5) 8.00%
Vacancy 9.28%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$94,499

INVESTMENT

$94,499

Down Payment
$83,725
Rehab Estimate
$5,750
Closing Costs
$5,024

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,236

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $83,725
Loan Amount $251,175
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$17,880

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,280

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $2,254

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$2,0003$2,1004$2,2805$2,698
$2,698
RENT COMPS ANALYSIS
  • 32923 Westwood Square West Drive Magnolia, TX 4
    • 5 beds 3 baths ∙ 2,947 Sqft ∙ Built 2001 5 beds 3 baths ∙ 2,947 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $2,280
    • $0.77
    •  
  • 7238 Alava Drive Magnolia, TX 1
    • 5 beds 3 baths ∙ 2,908 Sqft ∙ Built 2014 5 beds 3 baths ∙ 2,908 Sqft ∙ Built 2014
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.67
    •  
  • 32807 Oak Creek Drive Magnolia, TX 2
    • 4 beds 3 baths ∙ 2,745 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,745 Sqft ∙ Built 2004
    LEASED 04/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.73
    •  
  • 7214 Casita Drive Magnolia, TX 3
    • 4 beds 3 baths ∙ 2,894 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,894 Sqft ∙ Built 2010
    LEASED 10/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.73
    •  
  • 58 Bluff Creek Circle The Woodlands, TX 5
    • 4 beds 5 baths ∙ 2,915 Sqft ∙ Built 2002 4 beds 5 baths ∙ 2,915 Sqft ∙ Built 2002
    LEASED 08/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,698
    • $0.93
    •  
PROPERTY LISTING DETAILS
Ronnie Matthews
1.281.440.7900
Re/max Legends
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 98279219
Last Updated: 08/24/2020
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