Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3414 Red Candle Drive Spring, TX 77388

4 Beds 3 Baths 2,662 sqft Built 1982

$239,900

List Price

$1,990

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 1982
  • Price/Sqft : $90.12
  • 4 Days on Market
  • MLS # : 49705231
  • Updated Date : 11/02/2020 at 14:16
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,662 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Legends

Listing Agent's Description

MOVE-IN READY! UNBELIEVABLE 4 BEDROOM ON WONDERFUL CUL-DE-SAC LOT! LOADED WITH UPDATES! Stately Front Elevation with Covered Porch & Veranda - PLUS Detached Garage! Fresh Interior & Exterior Paint + New Carpet! Impressive Foyer - Ceramic Tile Flooring + Crown Millwork! Versatile Home Office/Study - Handsome Laminate Flooring! Lovely Kitchen - Recessed Lighting + Stainless Dishwasher + Double Ovens! Refrigerator Included! Bay Window Breakfast Area! ENORMOUS Family Room - Majestic Gas Log Fireplace! King-Sized Master Suite - Incredible Adjoining Bath with Garden Tub & Separate Shower + Dual Sinks + Walk-In Closet with Cedar Lined Area! Detached Finished & Insulated Garage/"Man Cave" - Custom Bar with TV & Surround Sound, A/C, & Decked Attic Storage Space! Whole Home Generac Generator Stays! Extensive Whole Home CAT-6 Wiring! Many Smart Home Features: Smart Locks & Switches + Alexa Home Hub! Wonderful Community with Pool, Park, & Clubhouse! Zoned to Highly Rated Klein ISD! WON'T LAST!

SEE MORE

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: Candlelight Hills

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Candlelight Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900200021002200Rent in $10722234

* 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
Haude Elementary School Primary Regular 698 43 7
Strack Intermediate School Middle Regular 1,196 73 7
Klein Collins High School High Regular 3,580 201 6

Haude Elementary School

  • Education Level: Primary
  • # of students: 698
  • # of teachers: 43
7
GreatSchools Rating

Strack Intermediate School

  • Education Level: Middle
  • # of students: 1,196
  • # of teachers: 73
7
GreatSchools Rating

Klein Collins High School

  • Education Level: High
  • # of students: 3,580
  • # of teachers: 201
6
GreatSchools Rating
 

$215,910$263,890$239,900

PURCHASE PRICE

$1,791$2,189$1,990

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,990
EXPENSES Loan Payment -$885
Property Tax -$477
Property Insurance -$207
HOA -$54
Property Management Fees -$99
CASH FLOW
$268

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.

$239,900

PROJECTED PRICE

$1,990

PROJECTED RENT

0.83%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 6.9%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$69,324

INVESTMENT

$69,324

Down Payment
$59,975
Rehab Estimate
$5,750
Closing Costs
$3,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$885

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,975
Loan Amount $179,925
See What Happens When You Reinvest Cash Flow

7.08

YEARS SAVED

$24,365

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,990

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,997

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,9903$2,1004$2,1005$2,150
$2,150
RENT COMPS ANALYSIS
  • 3414 Red Candle Drive Spring, TX 2
    • 4 beds 3 baths ∙ 2,662 Sqft ∙ Built 1982 4 beds 3 baths ∙ 2,662 Sqft ∙ Built 1982
    • Rent
    • Rent Per SQFT
    •  
    • $1,990
    • $0.75
    •  
  • 3323 Wildcandle Drive Spring, TX 1
    • 4 beds 3 baths ∙ 2,756 Sqft ∙ Built 1983 4 beds 3 baths ∙ 2,756 Sqft ∙ Built 1983
    LEASED 06/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.65
    •  
  • 107 Snowwood Court Spring, TX 3
    • 4 beds 4 baths ∙ 2,811 Sqft ∙ Built 1989 4 beds 4 baths ∙ 2,811 Sqft ∙ Built 1989
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.75
    •  
  • 3323 Coltwood Drive Spring, TX 4
    • 4 beds 3 baths ∙ 2,597 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,597 Sqft ∙ Built 1995
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.81
    •  
  • 3634 Coltwood Drive Spring, TX 5
    • 4 beds 3 baths ∙ 2,736 Sqft ∙ Built 1983 4 beds 3 baths ∙ 2,736 Sqft ∙ Built 1983
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.79
    •  
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 #: 49705231
Last Updated: 11/02/2020
BESbswy