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334 Elder Glen Drive Houston, TX 77598

3 Beds 2 Baths 1,628 sqft Built 1983

$219,900

List Price

$1,730

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
March 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $135.07
  • 3 Days on Market
  • MLS # : 77253711
  • Updated Date : 03/19/2021 at 14:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,628 sqft
  • Baths : 2 full
Listing Agent

Bhgre Gary Greene

Listing Agent's Description

Immaculate single-story split floor plan home in excellent condition. Featuring a vaulted ceiling in the living room, fresh paint, wired for surround sound, indoor utility room, and no back neighbors. This home is move-in ready. Call for your showing today!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Pipers Meadow

NeighborhoodNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200k210k220kPrice in $86k222k

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

Neighborhood: Pipers Meadow

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600Rent in $9141677

* 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
Whitcomb Elementary School Primary Regular 781 48 5
Clear Lake Intermediate School Middle Regular 1,001 64 6
Clear Lake High School High Regular 2,437 143 8

Whitcomb Elementary School

  • Education Level: Primary
  • # of students: 781
  • # of teachers: 48
5
GreatSchools Rating

Clear Lake Intermediate School

  • Education Level: Middle
  • # of students: 1,001
  • # of teachers: 64
6
GreatSchools Rating

Clear Lake High School

  • Education Level: High
  • # of students: 2,437
  • # of teachers: 143
8
GreatSchools Rating
 

$197,910$241,890$219,900

PURCHASE PRICE

$1,557$1,903$1,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,730
EXPENSES Loan Payment -$764
Property Tax -$464
Property Insurance -$137
HOA -$26
Property Management Fees -$99
CASH FLOW
$240

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.

$219,900

PROJECTED PRICE

$1,730

PROJECTED RENT

0.79%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.4%
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$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$64,024

INVESTMENT

$64,024

Down Payment
$54,975
Rehab Estimate
$5,750
Closing Costs
$3,299

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$764

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $54,975
Loan Amount $164,925
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$20,536

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,730

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $1,730

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6003$1,6504$1,7305$1,750
$1,750
RENT COMPS ANALYSIS
  • 334 Elder Glen Drive Houston, TX 4
    • 3 beds 2 baths ∙ 1,628 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,628 Sqft ∙ Built 1983
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $1.06
    •  
  • 16007 Pipers View Drive Houston, TX 1
    • 3 beds 2 baths ∙ 1,479 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,479 Sqft ∙ Built 1983
    property image
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.08
    •  
  • 343 Elder Vista Drive Houston, TX 2
    • 3 beds 2 baths ∙ 1,544 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,544 Sqft ∙ Built 1983
    property image
    LEASED 03/19/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.04
    •  
  • 334 Capehill Drive Houston, TX 3
    • 3 beds 2 baths ∙ 1,491 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,491 Sqft ∙ Built 1983
    property image
    LEASED 02/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.11
    •  
  • 347 Elder Vista Drive Houston, TX 5
    • 3 beds 2 baths ∙ 1,723 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,723 Sqft ∙ Built 1983
    property image
    LEASED 05/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.02
    •  
PROPERTY LISTING DETAILS
Carrie Nelson
1.281.635.8384
Bhgre Gary Greene
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 77253711
Last Updated: 03/19/2021
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