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3615 Spring Arbor Way Houston, TX 77345

4 Beds 3 Baths 2,447 sqft Built 1990

$245,000

List Price

$1,890

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $100.12
  • 7 Days on Market
  • MLS # : 15060233
  • Updated Date : 01/15/2021 at 12:02
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,447 sqft
  • Baths : 2 full , 1 half
Listing Agent

Redfin Corporation

Listing Agent's Description

Welcome home to this stunning 4 bedroom 2.5 bath home featuring neutral tones ideal for any décor. Private downstairs primary suite contains dual sinks with plenty of counter space, jetted tub and separate shower. Beautifully maintained home with hardwood floors, soaring ceilings and natural lighting throughout. Spacious kitchen with granite countertops includes lots of pantry space, including underneath the stove top island that has electrical outputs. In addition there’s a convenient built in desk located in the kitchens corner. Enjoy the oversized backyard with built in fire pit. Plenty of space for summer outdoor activities and relaxation

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: Mills Branch Village

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Mills Branch Village

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
Hidden Hollow Elementary School Primary Regular 521 35 7
Creekwood Middle School Middle Regular 1,094 62 9
Kingwood High School High Regular 2,610 140 9

Hidden Hollow Elementary School

  • Education Level: Primary
  • # of students: 521
  • # of teachers: 35
7
GreatSchools Rating

Creekwood Middle School

  • Education Level: Middle
  • # of students: 1,094
  • # of teachers: 62
9
GreatSchools Rating

Kingwood High School

  • Education Level: High
  • # of students: 2,610
  • # of teachers: 140
9
GreatSchools Rating
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,701$2,079$1,890

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,890
EXPENSES Loan Payment -$851
Property Tax -$517
Property Insurance -$193
HOA -$37
Property Management Fees -$99
CASH FLOW
$194

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.

$245,000

PROJECTED PRICE

$1,890

PROJECTED RENT

0.77%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 6.8%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$851

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$14,801

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,890

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,884

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,8903$1,9004$1,9005$1,950
$1,950
RENT COMPS ANALYSIS
  • 3615 Spring Arbor Way Houston, TX 2
    • 4 beds 3 baths ∙ 2,447 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,447 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $0.77
    •  
  • 3634 Mill Bridge Way Houston, TX 1
    • 4 beds 3 baths ∙ 2,448 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,448 Sqft ∙ Built 1991
    LEASED 09/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.71
    •  
  • 4523 Dogwood Ridge Lane Houston, TX 3
    • 4 beds 2 baths ∙ 2,317 Sqft ∙ Built 1990 4 beds 2 baths ∙ 2,317 Sqft ∙ Built 1990
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.82
    •  
  • 3906 Sweetgum Hill Lane Kingwood, TX 4
    • 4 beds 3 baths ∙ 2,522 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,522 Sqft ∙ Built 1989
    LEASED 01/07/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.75
    •  
  • 3707 Sweetgum Hill Lane Kingwood, TX 5
    • 4 beds 3 baths ∙ 2,449 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,449 Sqft ∙ Built 1989
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.80
    •  
PROPERTY LISTING DETAILS
Katie Orth
1.239.896.2953
Redfin Corporation
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 15060233
Last Updated: 01/15/2021
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