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3303 Cherrybark Oak Drive Houston, TX 77082

4 Beds 3 Baths 2,534 sqft Built 1998

$253,400

List Price

$1,820

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $100.00
  • 2 Days on Market
  • MLS # : 50978381
  • Updated Date : 07/12/2021 at 22:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,534 sqft
  • Baths : 2 full , 1 half
Listing Agent

Jen Palmer Properties

Listing Agent's Description

2-story home in an established neighborhood conveniently located near Highway 6, Westpark Tollway, and I-10. High ceiling foyer opens to formal living and dining. Island kitchen with granite countertops adjacent to breakfast and family room. Spacious primary bedroom en suite includes a large tub, separate shower, double sinks, and a walk-in closet. 3 additional bedrooms, a bathroom, and a game room are also on the 2nd floor. Fully fenced backyard with a oversized covered patio ready for your enjoyment! If room sizes are important, please field verify.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Oak Park Ridge

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $74k264k

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

Neighborhood: Oak Park Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9101735

* 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
Holmquist Elementary School Primary Regular 1,198 77 4
Albright Middle School Middle Regular 1,267 87 6
Hastings High School High Regular 3,890 260 4

Holmquist Elementary School

  • Education Level: Primary
  • # of students: 1,198
  • # of teachers: 77
4
GreatSchools Rating

Albright Middle School

  • Education Level: Middle
  • # of students: 1,267
  • # of teachers: 87
6
GreatSchools Rating

Hastings High School

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

$228,060$278,740$253,400

PURCHASE PRICE

$1,638$2,002$1,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,820
EXPENSES Loan Payment -$880
Property Tax -$552
Property Insurance -$198
HOA -$40
Property Management Fees -$99
CASH FLOW
$51

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$253,400

PROJECTED PRICE

$1,820

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.99%
Appreciation Year (1-5) 6.6%
Maintenance Year (1-5) 8.00%
Vacancy 8.01%
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$800k

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$72,901

INVESTMENT

$72,901

Down Payment
$63,350
Rehab Estimate
$5,750
Closing Costs
$3,801

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$880

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $63,350
Loan Amount $190,050
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$7,331

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,820

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $1,837

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7503$1,8204$1,8505$1,900
$1,900
RENT COMPS ANALYSIS
  • 3303 Cherrybark Oak Drive Houston, TX 3
    • 4 beds 3 baths ∙ 2,534 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,534 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,820
    • $0.72
    •  
  • 15011 Changing Oak Ridge Court Houston, TX 1
    • 4 beds 3 baths ∙ 2,491 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,491 Sqft ∙ Built 2000
    property image
    LEASED 06/11/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.68
    •  
  • 15007 Sapling Oak Court Houston, TX 2
    • 4 beds 3 baths ∙ 2,412 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,412 Sqft ∙ Built 1999
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.73
    •  
  • 3210 Cherrybark Oak Drive Houston, TX 4
    • 4 beds 3 baths ∙ 2,562 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,562 Sqft ∙ Built 1998
    property image
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.72
    •  
  • 15306 Gatesbury Drive Houston, TX 5
    • 4 beds 3 baths ∙ 2,467 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,467 Sqft ∙ Built 1995
    property image
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.77
    •  
PROPERTY LISTING DETAILS
Tiffany Jen
1.713.498.1330
Jen Palmer Properties
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 50978381
Last Updated: 07/12/2021
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