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34 Monterrey Court Montgomery, TX 77356

3 Beds 3 Baths 2,329 sqft Built 2006

$309,900

List Price

$2,140

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

January 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $133.06
  • 6 Days on Market
  • MLS # : 97417149
  • Updated Date : 01/13/2021 at 14:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,329 sqft
  • Baths : 2 full , 1 half
Listing Agent

Savvy Way Realty, Inc.

Listing Agent's Description

This custom built home sits on a wooded cul-de-sac lot in the highly sought after community of Bentwater! Full renovation includes new engineered wood flooring, new carpet, new quartz counter tops, new floor tile, new tile in showers, tiled backsplash, new light fixtures, new plumbing fixtures and fresh paint inside and out. The kitchen is a chef’s dream with white cabinetry, stainless steel appliances, and island stove top. A stacked stone double sided fireplace is the focal point of the kitchen and breakfast room. The living room features two story vaulted ceilings and great views of the backyard. The spacious master retreat features a large bay window, tray ceilings, recessed lighting, crown molding and an ensuite master bathroom with his and her vanities, separate large soaking tub and walk in shower with frameless glass enclosure. The spacious secondary bedrooms are upstairs.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • Houston metro contributes to 29.5% of Texas state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Bentwater

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400kPrice in $113k439k

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

Neighborhood: Bentwater

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $10722960

* 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
Montgomery Elementary School Primary Regular 765 49 6
Montgomery Junior High School Middle Regular 1,276 74 7
Montgomery High School High Regular 2,362 153 7

Montgomery Elementary School

  • Education Level: Primary
  • # of students: 765
  • # of teachers: 49
6
GreatSchools Rating

Montgomery Junior High School

  • Education Level: Middle
  • # of students: 1,276
  • # of teachers: 74
7
GreatSchools Rating

Montgomery High School

  • Education Level: High
  • # of students: 2,362
  • # of teachers: 153
7
GreatSchools Rating
 

$278,910$340,890$309,900

PURCHASE PRICE

$1,926$2,354$2,140

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,140
EXPENSES Loan Payment -$1,076
Property Tax -$601
Property Insurance -$162
HOA -$172
Property Management Fees -$99
CASH FLOW
$30

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.

$309,900

PROJECTED PRICE

$2,140

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 3.2%
Maintenance Year (1-5) 8.00%
Vacancy 9.28%
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-$6.0k-$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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$87,874

INVESTMENT

$87,874

Down Payment
$77,475
Rehab Estimate
$5,750
Closing Costs
$4,649

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,076

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $77,475
Loan Amount $232,425
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$5,436

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,140

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $2,131

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,975
1$1,9752$1,9753$2,0004$2,1005$2,140
$2,140
RENT COMPS ANALYSIS
  • 34 Monterrey Court Montgomery, TX 5
    • 3 beds 3 baths ∙ 2,329 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,329 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,140
    • $0.92
    •  
  • 24 Amelia Court Montgomery, TX 1
    • 3 beds 3 baths ∙ 2,036 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,036 Sqft ∙ Built 2008
    property image
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.97
    •  
  • 230 Ruskin Drive E Montgomery, TX 2
    • 3 beds 3 baths ∙ 2,258 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,258 Sqft ∙ Built 2004
    property image
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.87
    •  
  • 12 Marina Way Montgomery, TX 3
    • 3 beds 3 baths ∙ 2,244 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,244 Sqft ∙ Built 2005
    property image
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.89
    •  
  • 34 Stanford Montgomery, TX 4
    • 3 beds 2 baths ∙ 2,257 Sqft ∙ Built 1999 3 beds 2 baths ∙ 2,257 Sqft ∙ Built 1999
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.93
    •  
PROPERTY LISTING DETAILS
Will Puente
1.281.608.6053
Savvy Way Realty, Inc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 97417149
Last Updated: 01/13/2021
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