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331 Black Walnut Court Conroe, TX 77304

3 Beds 2 Baths 2,070 sqft Built 2020

INVESTimate

$275,256

List Price

$1,810

$1,629 - $1,991

Rent Est.

$288,688  ( +4.88%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $132.97
  • 6 Days on Market
  • MLS # : 62884244
  • Updated Date : 08/22/2020 at 13:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,070 sqft
  • Baths : 2 full
Listing Agent

Re/max Universal

Listing Agent's Description

LOW TAXES!!! Country Living in Lilliput Farms with easy access to Houston!!! Beautiful brick 3 Bedroom, 2 Bath, with a 2 Car Garage. This floor plan boast a SPACIOUS OPEN CONCEPT FLOOR PLAN and HIGH CEILINGS with the Family Room, Kitchen, Breakfast Room, Dining Room, Study/Flex Room, and 3 Bedrooms with 2 full Baths. Tile in the living areas and Carpet in the bedrooms. You will love the Kitchen with lots of cabinets and granite countertops with under the cabinet lighting, black appliances, and even a USB outlet. Comes with COVERED PATIO and fenced backyard. Recessed lighting throughout the home. COST AND ENERGY EFFICIENCY FEATURES: 16 Seer HVAC System, Honeywell Wifi Programmable Thermostat, Pex Manabloc Plumbing System, Radiant Barrier, Rheem® Tankless Gas Water Heater and Vinyl Double Pane Low E Windows that open to the inside of the home for cleaning. Planned amenities of the community include tranquil walking trails, a tennis court, a playground, and a lake.

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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: 77304

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $107k305k

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

Zip Code: 77304

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8932063

* 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
Giesinger Elementary School Primary Regular 509 32 7
Peet Junior High School Middle Regular 1,211 79 6
Conroe High School High Regular 3,480 215 4

Giesinger Elementary School

  • Education Level: Primary
  • # of students: 509
  • # of teachers: 32
7
GreatSchools Rating

Peet Junior High School

  • Education Level: Middle
  • # of students: 1,211
  • # of teachers: 79
6
GreatSchools Rating

Conroe High School

  • Education Level: High
  • # of students: 3,480
  • # of teachers: 215
4
GreatSchools Rating
 

$247,730$302,782$275,256

PURCHASE PRICE

$1,629$1,991$1,810

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,810
EXPENSES Loan Payment -$1,016
Property Tax -$535
Property Insurance -$147
HOA -$50
Property Management Fees -$99
CASH FLOW
-$36

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$275,256

PROJECTED PRICE

$1,810

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.88%
Maintenance Year (1-5) 3.00%
Vacancy 9.28%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,943

INVESTMENT

$74,943

Down Payment
$68,814
Rehab Estimate
$2,000
Closing Costs
$4,129

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,016

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,814
Loan Amount $206,442
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$4,493

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,810

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,837

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,8103$2,0004$2,0005$2,200
$2,200
RENT COMPS ANALYSIS
  • 331 Black Walnut Court Conroe, TX 2
    • 3 beds 2 baths ∙ 2,070 Sqft ∙ Built 2020 3 beds 2 baths ∙ 2,070 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,810
    • $0.87
    •  
  • 12118 La Salle Oaks Conroe, TX 1
    • 3 beds 2 baths ∙ 1,747 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,747 Sqft ∙ Built 2002
    property image
    LEASED 09/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.94
    •  
  • 2538 Holly Laurel Manor Conroe, TX 3
    • 4 beds 3 baths ∙ 2,371 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,371 Sqft ∙ Built 2019
    property image
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.84
    •  
  • 2607 Kimberly Dawn Drive Conroe, TX 4
    • 3 beds 3 baths ∙ 2,353 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,353 Sqft ∙ Built 2004
    property image
    LEASED 07/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.85
    •  
  • 1718 Wandering Hills Road Conroe, TX 5
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2018
    property image
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.92
    •  
PROPERTY LISTING DETAILS
Matthew Guzman
1.281.973.5799
Re/max Universal
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 62884244
Last Updated: 08/22/2020
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