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3718 Blue Lake Drive Spring, TX 77388

4 Beds 3 Baths 2,094 sqft Built 1980

$215,000

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $102.67
  • 3 Days on Market
  • MLS # : 50450450
  • Updated Date : 02/27/2021 at 23:52
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,094 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max The Woodlands & Spring

Listing Agent's Description

You won't want to miss this amazing updated 2-story sitting on a large wooded lot & culdesac street. There are 4 spacious bedrooms on the 2nd level. Enjoy the tall ceilings in the entertaining den with wet bar & gas fireplace. Beautiful wood floors throughout most of the 1st level. Great formal dining room + breakfast area viewing the spacious back yard which features a 20X16 wood deck for your enjoyment. Granite counters, under counter lights and updated appliances in the kitchen. Wow! Triple Pane Windows. Tile Roof. Heater replaced late 2019, A/C & all ductwork replaced in mid 2020 + a nest thermostat, Dishwasher 2020, Cooktop in 2019, Fence & Carpet in 2018 plus backyard sod, drainage and irrigation within the last week!! Master has 2 closets and the rest are walk-ins. A wonderful house and subdivision which features two Pools, 2 playgrounds, club house and tennis courts. Highly Rated Klein ISD. Location allows easy access to all the major roads & freeways. No flooding per owner.

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
 

$193,500$236,500$215,000

PURCHASE PRICE

$1,530$1,870$1,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,700
EXPENSES Loan Payment -$747
Property Tax -$427
Property Insurance -$169
HOA -$44
Property Management Fees -$99
CASH FLOW
$214

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.

$215,000

PROJECTED PRICE

$1,700

PROJECTED RENT

0.79%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$62,725

INVESTMENT

$62,725

Down Payment
$53,750
Rehab Estimate
$5,750
Closing Costs
$3,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$747

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$16,619

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,700

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,665

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6003$1,6504$1,7005$1,700
$1,700
RENT COMPS ANALYSIS
  • 3718 Blue Lake Drive Spring, TX 5
    • 4 beds 3 baths ∙ 2,094 Sqft ∙ Built 1980 4 beds 3 baths ∙ 2,094 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.81
    •  
  • 4038 Rolling Terrace Drive Spring, TX 1
    • 4 beds 3 baths ∙ 1,992 Sqft ∙ Built 1976 4 beds 3 baths ∙ 1,992 Sqft ∙ Built 1976
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.80
    •  
  • 3634 Blue Lake Drive Spring, TX 2
    • 3 beds 2 baths ∙ 2,001 Sqft ∙ Built 1989 3 beds 2 baths ∙ 2,001 Sqft ∙ Built 1989
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.80
    •  
  • 3618 El James Drive Spring, TX 3
    • 3 beds 3 baths ∙ 2,180 Sqft ∙ Built 1979 3 beds 3 baths ∙ 2,180 Sqft ∙ Built 1979
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.76
    •  
  • 3654 Cypressdale Drive Spring, TX 4
    • 4 beds 2 baths ∙ 2,062 Sqft ∙ Built 1987 4 beds 2 baths ∙ 2,062 Sqft ∙ Built 1987
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.82
    •  
PROPERTY LISTING DETAILS
Patricia Houston
1.713.826.9019
Re/max The Woodlands & Spring
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 50450450
Last Updated: 02/27/2021
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