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

3507 Broken Elm Drive Spring, TX 77388

3 Beds 3 Baths 2,301 sqft Built 1986

$268,000

List Price

$1,860

$1.7K - $2K

Rent Est.

PROPERTY INFO

December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $116.47
  • 4 Days on Market
  • MLS # : 56302879
  • Updated Date : 01/02/2021 at 14:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,301 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Signature

Listing Agent's Description

Beautiful 3 Bedroom 2.5 Bathroom home in Klein ISD with a pool, located minutes from I-45 and a small commute to the Woodlands. The kitchen is loaded with granite and has a great view to the pool, so you can cook while you entertain, all at the same time. Bathrooms also include granite counters. The master bedroom is located downstairs, while the other two rooms are up, along with a flex/ game room that is currently being used as an office space. Notice the great green space next to the pool. Schedule your showing today!

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: Cypresswood

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Cypresswood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10722063

* 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
 

$241,200$294,800$268,000

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$989
Property Tax -$533
Property Insurance -$183
HOA -$42
Property Management Fees -$99
CASH FLOW
$15

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.

$268,000

PROJECTED PRICE

$1,860

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 6.3%
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-$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$76,770

INVESTMENT

$76,770

Down Payment
$67,000
Rehab Estimate
$5,750
Closing Costs
$4,020

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$989

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,000
Loan Amount $201,000
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$6,175

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,708

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,530
1$1,5302$1,5953$1,6954$1,7455$1,860
$1,860
RENT COMPS ANALYSIS
  • 3507 Broken Elm Drive Spring, TX 5
    • 3 beds 3 baths ∙ 2,301 Sqft ∙ Built 1986 3 beds 3 baths ∙ 2,301 Sqft ∙ Built 1986
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $0.81
    •  
  • 3635 Lost Oak Drive Spring, TX 1
    • 3 beds 2 baths ∙ 2,127 Sqft ∙ Built 1983 3 beds 2 baths ∙ 2,127 Sqft ∙ Built 1983
    property image
    LEASED 02/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.72
    •  
  • 18210 Mantana Drive Spring, TX 2
    • 4 beds 3 baths ∙ 2,198 Sqft ∙ Built 1976 4 beds 3 baths ∙ 2,198 Sqft ∙ Built 1976
    property image
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.73
    •  
  • 3602 Aldergrove Drive Spring, TX 3
    • 4 beds 3 baths ∙ 2,126 Sqft ∙ Built 1983 4 beds 3 baths ∙ 2,126 Sqft ∙ Built 1983
    property image
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.80
    •  
  • 3602 Laurel Hollow Drive Spring, TX 4
    • 4 beds 3 baths ∙ 2,433 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,433 Sqft ∙ Built 1992
    property image
    LEASED 09/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.72
    •  
PROPERTY LISTING DETAILS
Colby Hebert
1.832.260.5118
Re/max Signature
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 56302879
Last Updated: 01/02/2021
BESbswy