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503 Leaf Cluster Court Conroe, TX 77301

3 Beds 3 Baths 2,530 sqft Built 2006

$230,000

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $90.91
  • 2 Days on Market
  • MLS # : 58557777
  • Updated Date : 02/13/2021 at 14:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,530 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realm Real Estate Professional

Listing Agent's Description

NO HOA!!! HAVE YOU EVER WANTED TO LIVE IN PEACE FROM CONSTANT HOA NOTIFICATIONS WHILE STILL ENJOYING THE CITY LIFE? WELL LOOK NO FURTHER, YOU'VE COME TO THE RIGHT PLACE! THIS HOME BUILT IN 2006 OFFERS SO MUCH BANG FOR YOUR BUCK! ROOF WAS REPLACED 8/2020, HOME WAS RECENTLY UPDATED AND REMODELED WITH NO DETAIL LEFT UNNOTICED. COME ENJOY GATHERINGS AROUND THE 7 FOOT QUARTZ KITCHEN ISLAND, IT IS BIG ENOUGH TO SEAT A WHOLE PARTY COMFORTABLY! ENJOY A RELAXING EVENING SITTING AROUND IN THE RECENTLY INSTALLED BACK PATIO. HARD FLOORING THROUGHOUT, THE ENTIRE HOME. TOO MANY MORE FEATURES TO LIST, COME CHECK IT OUT YOURSELF!

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: Shady Woods North

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k237k

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

Neighborhood: Shady Woods North

NeighborhoodNIR Market*CityMarket2010Year20002019 Q28009001000110012001300140015001600Rent in $7181677

* 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
Patterson Elementary School Primary Unknown 686 42 NA
Washington Junior High School Middle Regular 735 57 6
Conroe High School High Regular 3,480 215 4

Patterson Elementary School

  • Education Level: Primary
  • # of students: 686
  • # of teachers: 42
NA
GreatSchools Rating

Washington Junior High School

  • Education Level: Middle
  • # of students: 735
  • # of teachers: 57
6
GreatSchools Rating

Conroe High School

  • Education Level: High
  • # of students: 3,480
  • # of teachers: 215
4
GreatSchools Rating
 

$207,000$253,000$230,000

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 -$799
Property Tax -$447
Property Insurance -$173
Property Management Fees -$99
CASH FLOW
$182

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$230,000

PROJECTED PRICE

$1,700

PROJECTED RENT

0.74%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.99%
Appreciation Year (1-5) 7.6%
Maintenance Year (1-5) 8.00%
Vacancy 8.01%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$799

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$17,945

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
  • $0.67

    LIST RENT PER SQFT
  • $1,765

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6503$1,6954$1,7005$1,795
$1,795
RENT COMPS ANALYSIS
  • 503 Leaf Cluster Court Conroe, TX 4
    • 3 beds 3 baths ∙ 2,530 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,530 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.67
    •  
  • 502 Shady Magnolia Court Conroe, TX 1
    • 4 beds 3 baths ∙ 2,530 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,530 Sqft ∙ Built 2006
    LEASED 12/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.63
    •  
  • 616 Orchid Hill Drive Conroe, TX 2
    • 4 beds 4 baths ∙ 2,430 Sqft ∙ Built 2015 4 beds 4 baths ∙ 2,430 Sqft ∙ Built 2015
    LEASED 09/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.68
    •  
  • 1415 Sycamore Leaf Way Conroe, TX 3
    • 4 beds 3 baths ∙ 2,191 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,191 Sqft ∙ Built 2008
    LEASED 01/11/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.77
    •  
  • 506 Shady Magnolia Court Conroe, TX 5
    • 3 beds 2 baths ∙ 2,530 Sqft ∙ Built 2006 3 beds 2 baths ∙ 2,530 Sqft ∙ Built 2006
    LEASED 02/11/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.71
    •  
PROPERTY LISTING DETAILS
Haydee Velez
1.281.352.4886
Realm Real Estate Professional
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 58557777
Last Updated: 02/13/2021
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