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4 Redberry Court The Woodlands, TX 77381

3 Beds 2 Baths 1,909 sqft Built 1982

$244,000

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1982
  • Price/Sqft : $127.82
  • 5 Days on Market
  • MLS # : 81193387
  • Updated Date : 01/13/2021 at 21:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,909 sqft
  • Baths : 2 full
Listing Agent

Hewitt Real Estate Group

Listing Agent's Description

Move in ready and on a cul de sac street and backs to a greenbelt! This home features two living areas and a stylish granite breakfast bar with pendant lighting! The hugh outdoor deck is perfect for entertaining or relaxing! There is also a spacious storage building with electricity. It could be a playhouse or a great office! The converted garage has new carpet and its own side entrance, and could be used for Gameroom, Man-Cave or 4th bedroom. Wood look Tile floors in living areas and primary bedroom. Carpet in seconary rooms. Granite counter tops in the kitchen. Recent Dishwasher! Doube Hung Windows! Great Floor Plan !!!

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: Panther Creek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $113k368k

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

Neighborhood: Panther Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900200021002200Rent in $10722236

* 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
Glen Loch Elementary School Primary Regular 640 37 6
Mccullough Junior High School Middle Regular 2,229 120 10
The Woodlands High School Senior Campus High Regular 4,142 228 9

Glen Loch Elementary School

  • Education Level: Primary
  • # of students: 640
  • # of teachers: 37
6
GreatSchools Rating

Mccullough Junior High School

  • Education Level: Middle
  • # of students: 2,229
  • # of teachers: 120
10
GreatSchools Rating

The Woodlands High School Senior Campus

  • Education Level: High
  • # of students: 4,142
  • # of teachers: 228
9
GreatSchools Rating
 

$219,600$268,400$244,000

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$848
Property Tax -$461
Property Insurance -$137
Property Management Fees -$99
CASH FLOW
$45

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.

$244,000

PROJECTED PRICE

$1,590

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.3%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$70,410

INVESTMENT

$70,410

Down Payment
$61,000
Rehab Estimate
$5,750
Closing Costs
$3,660

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$848

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,000
Loan Amount $183,000
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$6,786

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,632

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,590
1$1,5902$1,6953$1,6954$1,7005$1,750
$1,750
RENT COMPS ANALYSIS
  • 4 Redberry Court The Woodlands, TX 1
    • 3 beds 2 baths ∙ 1,909 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,909 Sqft ∙ Built 1982
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.83
    •  
  • 6 N Waxberry Road The Woodlands, TX 2
    • 4 beds 3 baths ∙ 2,002 Sqft ∙ Built 1979 4 beds 3 baths ∙ 2,002 Sqft ∙ Built 1979
    LEASED 01/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.85
    •  
  • 5 Snapdragon Court The Woodlands, TX 3
    • 3 beds 3 baths ∙ 2,049 Sqft ∙ Built 1981 3 beds 3 baths ∙ 2,049 Sqft ∙ Built 1981
    LEASED 12/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.83
    •  
  • 45 Coralberry The Woodlands, TX 4
    • 4 beds 3 baths ∙ 2,002 Sqft ∙ Built 1981 4 beds 3 baths ∙ 2,002 Sqft ∙ Built 1981
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.85
    •  
  • 7 Purpletop Court The Woodlands, TX 5
    • 3 beds 3 baths ∙ 1,974 Sqft ∙ Built 1981 3 beds 3 baths ∙ 1,974 Sqft ∙ Built 1981
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.89
    •  
PROPERTY LISTING DETAILS
Kathy Hewitt
1.832.473.2975
Hewitt Real Estate Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 81193387
Last Updated: 01/13/2021
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