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4506 Ireland Lane Pasadena, TX 77505

3 Beds 3 Baths 2,040 sqft Built 1991

$259,900

List Price

$1,910

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $127.40
  • 7 Days on Market
  • MLS # : 32528512
  • Updated Date : 01/16/2021 at 21:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,040 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Legacy Living

Listing Agent's Description

Location, Location, Location! Your new home is located minutes away from the beltway & nestled behind the Fairmont Plaza Shopping Mall. The mahogany door greets you as you enter into a formal living room & formal dining room with soaring 20 foot ceilings, beautiful recessed lighting & natural light all around. There's a study/flex space off to the right of the entry where you can have your very own space for whatever you'd like. The den has an inviting gaslog fireplace that makes you feel right at home! Just off the den is your spacious island kitchen. The natural lighting brightens the room & makes cooking time all the more pleasurable. There's tons of cabinet space, stainless steel appliances & granite countertops! The large secondary bedrooms have room for king sized beds & furniture, & the enormous primary room has an en-suite bath and walk in closet. The pool sized backyard has so much space to roam, you'd have to see it for yourself! This home is definitely love at first sight!

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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: Fairmont Estates

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300kPrice in $76k305k

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

Neighborhood: Fairmont Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8732063

* 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
Turner Elementary School Primary Regular 569 36 7
Elmer G Bondy Intermediate School Middle Regular 998 59 8
Pasadena Memorial High School High Regular 3,121 177 5

Turner Elementary School

  • Education Level: Primary
  • # of students: 569
  • # of teachers: 36
7
GreatSchools Rating

Elmer G Bondy Intermediate School

  • Education Level: Middle
  • # of students: 998
  • # of teachers: 59
8
GreatSchools Rating

Pasadena Memorial High School

  • Education Level: High
  • # of students: 3,121
  • # of teachers: 177
5
GreatSchools Rating
 

$233,910$285,890$259,900

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 -$903
Property Tax -$630
Property Insurance -$165
HOA -$7
Property Management Fees -$99
CASH FLOW
$107

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.

$259,900

PROJECTED PRICE

$1,910

PROJECTED RENT

0.73%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 7.8%
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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$8,591

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
  • $0.94

    LIST RENT PER SQFT
  • $1,913

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,8503$1,9104$2,0005$2,000
$2,000
RENT COMPS ANALYSIS
  • 4506 Ireland Lane Pasadena, TX 3
    • 3 beds 3 baths ∙ 2,040 Sqft ∙ Built 1991 3 beds 3 baths ∙ 2,040 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $1,910
    • $0.94
    •  
  • 3615 Raindrops Road Pasadena, TX 1
    • 3 beds 3 baths ∙ 1,928 Sqft ∙ Built 1981 3 beds 3 baths ∙ 1,928 Sqft ∙ Built 1981
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.88
    •  
  • 6514 Coldstream Drive Pasadena, TX 2
    • 3 beds 2 baths ∙ 2,070 Sqft ∙ Built 1985 3 beds 2 baths ∙ 2,070 Sqft ∙ Built 1985
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.89
    •  
  • 4223 Maple Cross Drive Pasadena, TX 4
    • 4 beds 2 baths ∙ 1,901 Sqft ∙ Built 1982 4 beds 2 baths ∙ 1,901 Sqft ∙ Built 1982
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.05
    •  
  • 4602 Oakmont Circle Pasadena, TX 5
    • 3 beds 3 baths ∙ 2,152 Sqft ∙ Built 1981 3 beds 3 baths ∙ 2,152 Sqft ∙ Built 1981
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.93
    •  
PROPERTY LISTING DETAILS
Kay Harris
1.713.598.6655
Re/max Legacy Living
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 32528512
Last Updated: 01/16/2021
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