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3615 Rolling Terrace Drive Spring, TX 77388

4 Beds 3 Baths 2,910 sqft Built 1981

$300,000

List Price

$2,000

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $103.09
  • 2 Days on Market
  • MLS # : 29035949
  • Updated Date : 01/09/2021 at 20:59
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,910 sqft
  • Baths : 2 full , 1 half
Listing Agent

Roreco

Listing Agent's Description

Fantastic home with upgrades galore! Huge covered wood deck with outdoor kitchen and an amazing pool. The study is down with french doors and hideaway storage. The rooms are large with plenty of closet space. The detached garage is perfect for a workshop with added storage and a heating & cooling system. Upgraded floors, storage, security system, and finishing touches.

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
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,800$2,200$2,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,000
EXPENSES Loan Payment -$1,042
Property Tax -$596
Property Insurance -$224
Property Management Fees -$99
CASH FLOW
$39

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.

$300,000

PROJECTED PRICE

$2,000

PROJECTED RENT

0.67%

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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$6,469

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $2,095

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,9003$2,0004$2,1005$2,150
$2,150
RENT COMPS ANALYSIS
  • 3615 Rolling Terrace Drive Spring, TX 3
    • 4 beds 3 baths ∙ 2,910 Sqft ∙ Built 1981 4 beds 3 baths ∙ 2,910 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.69
    •  
  • 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
    •  
  • 3303 Candleway Drive Spring, TX 2
    • 4 beds 3 baths ∙ 2,767 Sqft ∙ Built 1975 4 beds 3 baths ∙ 2,767 Sqft ∙ Built 1975
    LEASED 11/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.69
    •  
  • 107 Snowwood Court Spring, TX 4
    • 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
    •  
  • 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
Randy Olive
1.713.876.1062
Roreco
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 29035949
Last Updated: 01/09/2021
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