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3635 Chapel Square Drive Spring, TX 77388

4 Beds 3 Baths 2,400 sqft Built 1982

INVESTimate

$219,500

List Price

$1,750

$1,575 - $1,925

Rent Est.

$233,263  ( +6.27%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 1982
  • Price/Sqft : $91.46
  • 4 Days on Market
  • MLS # : 30695358
  • Updated Date : 08/23/2020 at 19:38
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,400 sqft
  • Baths : 2 full , 1 half
Listing Agent

Bhgre Gary Greene

Listing Agent's Description

Well maintained home located in the heart of Spring/Klein. Enjoy a larger lot with mature trees and a manicured lawn. Upon entering you will love the spacious living room with lots of natural light, high ceilings and dining room with plenty of space to gather for the holidays. The kitchen has solid surface countertops, tumbled marble backsplash, real wood cabinets and plenty of counter top space. Master bedroom with his/her walk-in closets, large master bath with double sinks, knee space and large separate shower. The upstairs is complete with three spacious bedrooms. Cypresswood offers a small town feel with a neighborhood pool and friendly neighbors. Mechanical and cosmetic updates have been made over the years including all new windows! Close to dozens of golf courses and parks, restaurants, shopping, medical facilities and schools. With an award-winning school system and easy access to major roads, and LOW tax rate will surely make this a a great place to call home! NO Flooding.

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: 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
 

$197,550$241,450$219,500

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

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$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$810
Property Tax -$437
Property Insurance -$189
HOA -$44
Property Management Fees -$99
CASH FLOW
$171

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.

$219,500

PROJECTED PRICE

$1,750

PROJECTED RENT

0.80%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 6.27%
Maintenance Year (1-5) 8.00%
Vacancy 9.28%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$63,918

INVESTMENT

$63,918

Down Payment
$54,875
Rehab Estimate
$5,750
Closing Costs
$3,293

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$810

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $54,875
Loan Amount $164,625
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$15,665

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $1,800

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6753$1,7254$1,7505$2,100
$2,100
RENT COMPS ANALYSIS
  • 3635 Chapel Square Drive Spring, TX 4
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 1982 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 1982
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.73
    •  
  • 4034 Coltwood Drive Spring, TX 1
    • 3 beds 2 baths ∙ 2,220 Sqft ∙ Built 1976 3 beds 2 baths ∙ 2,220 Sqft ∙ Built 1976
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.72
    •  
  • 17623 Cassina Drive Spring, TX 2
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 1977 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 1977
    LEASED 09/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.70
    •  
  • 17810 Cypress Spring Drive Spring, TX 3
    • 4 beds 3 baths ∙ 2,242 Sqft ∙ Built 1977 4 beds 3 baths ∙ 2,242 Sqft ∙ Built 1977
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.77
    •  
  • 3323 Coltwood Drive Spring, TX 5
    • 4 beds 3 baths ∙ 2,597 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,597 Sqft ∙ Built 1995
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.81
    •  
PROPERTY LISTING DETAILS
Sunny Scofield
1.713.657.5937
Bhgre Gary Greene
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 30695358
Last Updated: 08/23/2020
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