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358 Wedgewood Drive Montgomery, TX 77356

3 Beds 2 Baths 2,955 sqft Built 1997

$309,000

List Price

$2,350

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $104.57
  • 2 Days on Market
  • MLS # : 23624370
  • Updated Date : 12/05/2020 at 13:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,955 sqft
  • Baths : 2 full
Listing Agent

Texas Home Group, Realtors

Listing Agent's Description

Beautiful Home Located on the Golf and Lake side Community of Bentwater , Walking Distance to the Country Club. interior Features include 3 Bedrooms ,2 Bath, Oversized Garage, Large Kitchen Open to The Breakfast Area and Living Room. Formal Dinning with Beautiful Fixtures , Oversized Game room which could be a Possible 4th Bedroom,Hardwood Floors thru the Living Room and Master Bedroom ,Tile in All Wet Areas , Bedrooms 2-3 have Carpet, Exterior Features include Beautiful with a Sprinkler System, Fully Fenced Back Yard

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$278,100$339,900$309,000

PURCHASE PRICE

$2,115$2,585$2,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,350
EXPENSES Loan Payment -$1,140
Property Tax -$599
Property Insurance -$198
HOA -$175
Property Management Fees -$99
CASH FLOW
$139

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.

$309,000

PROJECTED PRICE

$2,350

PROJECTED RENT

0.76%

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-$5.0k$0.0$5.0k$10k$15k

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$87,635

INVESTMENT

$87,635

Down Payment
$77,250
Rehab Estimate
$5,750
Closing Costs
$4,635

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,140

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $77,250
Loan Amount $231,750
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$13,385

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,350

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $2,467

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,3503$2,4004$2,6005$2,800
$2,800
RENT COMPS ANALYSIS
  • 358 Wedgewood Drive Montgomery, TX 2
    • 3 beds 2 baths ∙ 2,955 Sqft ∙ Built 1997 3 beds 2 baths ∙ 2,955 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.80
    •  
  • 3913 Windswept Drive Montgomery, TX 1
    • 3 beds 4 baths ∙ 2,673 Sqft ∙ Built 2007 3 beds 4 baths ∙ 2,673 Sqft ∙ Built 2007
    LEASED 09/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.82
    •  
  • 655 Edgewood Drive Montgomery, TX 3
    • 3 beds 4 baths ∙ 3,111 Sqft ∙ Built 1993 3 beds 4 baths ∙ 3,111 Sqft ∙ Built 1993
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.77
    •  
  • 22 Carmel Court Montgomery, TX 4
    • 3 beds 3 baths ∙ 2,911 Sqft ∙ Built 1999 3 beds 3 baths ∙ 2,911 Sqft ∙ Built 1999
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.89
    •  
  • 87 Victoria Drive Montgomery, TX 5
    • 4 beds 3 baths ∙ 3,242 Sqft ∙ Built 2000 4 beds 3 baths ∙ 3,242 Sqft ∙ Built 2000
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $0.86
    •  
PROPERTY LISTING DETAILS
Brian Hamill
1.936.525.7686
Texas Home Group, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 23624370
Last Updated: 12/05/2020
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