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359 Elder Vista Drive Houston, TX 77598

3 Beds 2 Baths 1,702 sqft Built 1983

$215,000

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $126.32
  • 95 Days on Market
  • MLS # : 84293037
  • Updated Date : 12/02/2020 at 15:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,702 sqft
  • Baths : 2 full
Listing Agent

Re/max Space Center-clear Lake

Listing Agent's Description

Outdoor lovers will enjoy this property with a cozy 3 bedroom, 2 bath house with 2 car attached garage with easy access to I-45. Spacious family room, located just off dining room, includes a wood-burning fireplace and a wet bar. Kitchen features quartz countertops, breakfast bar, gas range and a door leading to the back covered patio. Primary bedroom has high ceilings with door and storm door leading to covered back patio and gas-fired hot tub. Primary bath has garden tub and shower, vanity and walk-in closet. Large utility area inside the house (rare for Piper's Meadow) for washer &dryer, plus counter space for folding clothes next to kitchen. 18x10 Hardi Plank shed is surrounded by fruit trees (pear, orange & lemon) and 20x20 raised vegetable garden bed. Generator attached to the house. 30 year transferable warranty on roof.

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: Pipers Meadow

NeighborhoodNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200k210k220kPrice in $86k222k

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

Neighborhood: Pipers Meadow

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600Rent in $9141677

* 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
Whitcomb Elementary School Primary Regular 781 48 5
Clear Lake Intermediate School Middle Regular 1,001 64 6
Clear Lake High School High Regular 2,437 143 8

Whitcomb Elementary School

  • Education Level: Primary
  • # of students: 781
  • # of teachers: 48
5
GreatSchools Rating

Clear Lake Intermediate School

  • Education Level: Middle
  • # of students: 1,001
  • # of teachers: 64
6
GreatSchools Rating

Clear Lake High School

  • Education Level: High
  • # of students: 2,437
  • # of teachers: 143
8
GreatSchools Rating
 

$193,500$236,500$215,000

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$793
Property Tax -$453
Property Insurance -$142
HOA -$26
Property Management Fees -$99
CASH FLOW
$76

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.

$215,000

PROJECTED PRICE

$1,590

PROJECTED RENT

0.74%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.4%
Maintenance Year (1-5) 8.00%
Vacancy 8.80%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$62,725

INVESTMENT

$62,725

Down Payment
$53,750
Rehab Estimate
$5,750
Closing Costs
$3,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$793

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$9,604

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,693

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,5903$1,5904$1,6005$1,750
$1,750
RENT COMPS ANALYSIS
  • 359 Elder Vista Drive Houston, TX 3
    • 3 beds 2 baths ∙ 1,702 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,702 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.93
    •  
  • 422 Reseda Drive Houston, TX 1
    • 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,556 Sqft ∙ Built 1980
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.00
    •  
  • 15731 Castorglen Webster, TX 2
    • 3 beds 2 baths ∙ 1,653 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,653 Sqft ∙ Built 1983
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.96
    •  
  • 315 Wedgerock Drive Houston, TX 4
    • 3 beds 2 baths ∙ 1,598 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,598 Sqft ∙ Built 1982
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.00
    •  
  • 347 Elder Vista Drive Houston, TX 5
    • 3 beds 2 baths ∙ 1,723 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,723 Sqft ∙ Built 1983
    LEASED 05/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.02
    •  
PROPERTY LISTING DETAILS
Priscilla Ennis
1.281.204.1001
Re/max Space Center-clear Lake
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 84293037
Last Updated: 12/02/2020
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