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3638 Shipman Lane Spring, TX 77388

3 Beds 2 Baths 2,723 sqft Built 1981

$248,000

List Price

$1,910

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $91.08
  • 2 Days on Market
  • MLS # : 85443983
  • Updated Date : 12/12/2020 at 08:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,723 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Victorian 1.5 story on cul de sac. Covered front porch with swing welcomes you home. Floor to ceiling brick fireplace is a focal point of the living room with block wood paneling. Carpet (2020) Light streams through window over S.S. kitchen sink. Smooth top range and dble oven. Spacious breakfast area w/ glass doors offers backyard view. Wet bar off the dining room. Private study or sitting room off the primary bedroom. Walk out to covered patio for your morning coffee from the primary bedroom. Ensuite bath with dual sinks and His and Hers closets. Bedrooms w/ spiced oak laminate flooring (2020). Extra bedroom up in attic converted space not part of reported s.f. Guest Quarters for multigenerational living. Includes kitchen, living room, loft, full bath and stackable W/D. Large flex space/gameroom above the garage. A/C (2018) Furnace (2019) BBQ on the covered patio area. Parklike setting with playset. Access the greenbelt. trails from your backyard. Huge cul de sac lot.

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
 

$223,200$272,800$248,000

PURCHASE PRICE

$1,719$2,101$1,910

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,910
EXPENSES Loan Payment -$915
Property Tax -$523
Property Insurance -$211
HOA -$43
Property Management Fees -$99
CASH FLOW
$119

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.

$248,000

PROJECTED PRICE

$1,910

PROJECTED RENT

0.77%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 6.3%
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$100k$200k$300k$400k$500k$600k$700k$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,470

INVESTMENT

$71,470

Down Payment
$62,000
Rehab Estimate
$5,750
Closing Costs
$3,720

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$915

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,000
Loan Amount $186,000
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$11,307

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,910

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $2,151

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,910
1$1,9102$2,1003$2,1004$2,1005$2,150
$2,150
RENT COMPS ANALYSIS
  • 3638 Shipman Lane Spring, TX 1
    • 3 beds 2 baths ∙ 2,723 Sqft ∙ Built 1981 3 beds 2 baths ∙ 2,723 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $1,910
    • $0.70
    •  
  • 3622 Blue Cypress Drive Spring, TX 2
    • 4 beds 4 baths ∙ 2,663 Sqft ∙ Built 1983 4 beds 4 baths ∙ 2,663 Sqft ∙ Built 1983
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.79
    •  
  • 107 Snowwood Court Spring, TX 3
    • 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
    •  
  • 3623 Shipman Lane Spring, TX 4
    • 3 beds 3 baths ∙ 2,534 Sqft ∙ Built 1982 3 beds 3 baths ∙ 2,534 Sqft ∙ Built 1982
    LEASED 08/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.83
    •  
  • 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
Diane Bowdoin
1.281.682.4583
Keller Williams Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 85443983
Last Updated: 12/12/2020
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