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3634 Cross Green Lane Spring, TX 77373

4 Beds 3 Baths 1,632 sqft Built 2002

$186,900

List Price

$1,530

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $114.52
  • 3 Days on Market
  • MLS # : 53649945
  • Updated Date : 01/29/2021 at 18:26
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,632 sqft
  • Baths : 2 full , 1 half
Listing Agent

Red Door Realty & Associates

Listing Agent's Description

*Showings start Saturday 1/30!!* Come and see this exceptionally well-maintained 2 story home in Lexington Woods... This adorable family home features an open concept floor plan, an updated kitchen, tons of natural light, and french doors opening to a large fenced backyard with a children's play gym, shed, and patio area. There is one bedroom/bathroom downstairs, and the primary bedroom and other two bedrooms are upstairs - the perfect layout for a family! Only a 5 minute drive to Hardy Toll Road, I-45, HWY 99, Old Town Spring, and many other amenities!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Lexington Woods

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $101k270k

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

Neighborhood: Lexington Woods

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8911932

* 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
John Winship Elementary School Primary Regular 521 35 5
Twin Creeks Middle School Middle Regular 1,000 63 6
Spring High School High Regular 3,339 173 3

John Winship Elementary School

  • Education Level: Primary
  • # of students: 521
  • # of teachers: 35
5
GreatSchools Rating

Twin Creeks Middle School

  • Education Level: Middle
  • # of students: 1,000
  • # of teachers: 63
6
GreatSchools Rating

Spring High School

  • Education Level: High
  • # of students: 3,339
  • # of teachers: 173
3
GreatSchools Rating
 

$168,210$205,590$186,900

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$649
Property Tax -$395
Property Insurance -$138
HOA -$34
Property Management Fees -$99
CASH FLOW
$216

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.

$186,900

PROJECTED PRICE

$1,530

PROJECTED RENT

0.82%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.5%
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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$55,279

INVESTMENT

$55,279

Down Payment
$46,725
Rehab Estimate
$5,750
Closing Costs
$2,804

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$649

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $46,725
Loan Amount $140,175
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$17,711

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,530

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,506

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,530
1$1,5302$1,5553$1,5954$1,7005$1,700
$1,700
RENT COMPS ANALYSIS
  • 3634 Cross Green Lane Spring, TX 1
    • 4 beds 3 baths ∙ 1,632 Sqft ∙ Built 2002 4 beds 3 baths ∙ 1,632 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.94
    •  
  • 25307 Avery Hill Lane Spring, TX 2
    • 3 beds 3 baths ∙ 1,806 Sqft ∙ Built 1982 3 beds 3 baths ∙ 1,806 Sqft ∙ Built 1982
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,555
    • $0.86
    •  
  • 2746 Autumn Springs Lane Spring, TX 3
    • 3 beds 2 baths ∙ 1,717 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,717 Sqft ∙ Built 2000
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.93
    •  
  • 27515 Gatlin Lane Spring, TX 4
    • 3 beds 2 baths ∙ 1,744 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,744 Sqft ∙ Built 2008
    LEASED 08/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.97
    •  
  • 2819 Lexington Park Drive Spring, TX 5
    • 3 beds 2 baths ∙ 1,830 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,830 Sqft ∙ Built 2009
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.93
    •  
PROPERTY LISTING DETAILS
Sara Lloyd
1.281.687.9527
Red Door Realty & Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 53649945
Last Updated: 01/29/2021
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