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3503 Corral Gate Court Katy, TX 77450

3 Beds 2 Baths 1,899 sqft Built 2000

$255,000

List Price

$1,830

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $134.28
  • 3 Days on Market
  • MLS # : 64302588
  • Updated Date : 03/13/2021 at 22:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,899 sqft
  • Baths : 2 full
Listing Agent

World Wide Realty

Listing Agent's Description

This well-maintained home on a cul-de-sac corner lot is ideally located near I-10, Grand Pkwy, Westpark Tollway, Katy Mills Mall, LaCenterra and is zoned to highly desired KatyISD schools. Gorgeous full brick one-story home with a bright and open floor plan. Great curb appeal w/mature trees. Updated kitchen w/stainless steel kitchen appliances (2017) & backsplash, granite counters, beautiful pendant lights, and BOSCH dishwasher. Tile and wood throughout, No carpet! Spacious family room has tile flooring, fireplace & large arch windows with backyard views. Master w/master bath w/ jetted tub, dual sinks, and large walk-in closet. Hunter Ceiling Fans throughout. LARGE walk-in utility room w/an abundance of storage space. Storage shed in backyard will remain with home. Walk to park and nearby neighborhood pool! Amazing Cinco Ranch amenities include golf, tennis, swim & splash pads, parks & playgrounds, miles of connecting trails, & more. Home has NEVER flooded!

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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: Cinco Ranch Equestrian Village

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k308k

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

Neighborhood: Cinco Ranch Equestrian Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10372063

* 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
Exley Elementary School Primary Regular 988 63 9
Beck Junior High School Middle Regular 1,063 64 9
Cinco Ranch High School High Regular 3,171 174 9

Exley Elementary School

  • Education Level: Primary
  • # of students: 988
  • # of teachers: 63
9
GreatSchools Rating

Beck Junior High School

  • Education Level: Middle
  • # of students: 1,063
  • # of teachers: 64
9
GreatSchools Rating

Cinco Ranch High School

  • Education Level: High
  • # of students: 3,171
  • # of teachers: 174
9
GreatSchools Rating
 

$229,500$280,500$255,000

PURCHASE PRICE

$1,647$2,013$1,830

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,830
EXPENSES Loan Payment -$886
Property Tax -$561
Property Insurance -$137
HOA -$93
Property Management Fees -$99
CASH FLOW
$55

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.

$255,000

PROJECTED PRICE

$1,830

PROJECTED RENT

0.72%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$886

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$5,606

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,830

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,856

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,8303$1,9004$2,0005$2,000
$2,000
RENT COMPS ANALYSIS
  • 3503 Corral Gate Court Katy, TX 2
    • 3 beds 2 baths ∙ 1,899 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,899 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,830
    • $0.96
    •  
  • 2911 Canyonview Court Katy, TX 1
    • 4 beds 2 baths ∙ 1,864 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,864 Sqft ∙ Built 1998
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.94
    •  
  • 3514 Corral Gate Court Katy, TX 3
    • 3 beds 2 baths ∙ 1,983 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,983 Sqft ∙ Built 2000
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.96
    •  
  • 20514 Oxbow Park Lane Katy, TX 4
    • 4 beds 2 baths ∙ 1,997 Sqft ∙ Built 2000 4 beds 2 baths ∙ 1,997 Sqft ∙ Built 2000
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.00
    •  
  • 3102 Bronco Bluff Court Katy, TX 5
    • 3 beds 2 baths ∙ 1,983 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,983 Sqft ∙ Built 2000
    LEASED 06/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.01
    •  
PROPERTY LISTING DETAILS
Mei Tang
1.832.986.7718
World Wide Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 64302588
Last Updated: 03/13/2021
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