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522 W 28th Street Houston, TX 77008

3 Beds 4 Baths 1,944 sqft Built 2014

$340,000

List Price

$2,450

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $174.90
  • 5 Days on Market
  • MLS # : 95227517
  • Updated Date : 02/24/2021 at 18:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,944 sqft
  • Baths : 3 full , 1 half
Listing Agent

Redfin Corporation

Listing Agent's Description

Steps from the sought-after Heights Hike & Bike Trail! This handsome recent construction (2014) CORNER freestanding home w/fully fenced spacious side yard and NO HOA features a guest room (with en-suite bath & large closet) on the first floor. Second floor features gorgeous kitchen, dining, living and half bath. Third floor features impressive primary suite, secondary bedroom (with en-suite bath) and sizable laundry room making a great floor plan for every lifestyle. Truly a must-have home with great side yard - rare to find in the city at this great price! Unbeatable location offers great walkability to the upcoming Heights Waterworks development (Common Bond, Ripe Cuisine's, Jinya Ramen Bar & more), 19th Street shopping and restaurants, Heights Mercantile, Presidio, Eight Row Flint & many other neighborhood attractions.

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: Greater Heights

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $99k495k

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

Neighborhood: Greater Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $9692561

* 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
Helms Elementary School Primary Magnet 513 29 4
Hamilton Middle School Middle Magnet 1,248 64 6
Reagan High School High Magnet 2,230 112 4

Helms Elementary School

  • Education Level: Primary
  • # of students: 513
  • # of teachers: 29
4
GreatSchools Rating

Hamilton Middle School

  • Education Level: Middle
  • # of students: 1,248
  • # of teachers: 64
6
GreatSchools Rating

Reagan High School

  • Education Level: High
  • # of students: 2,230
  • # of teachers: 112
4
GreatSchools Rating
 

$306,000$374,000$340,000

PURCHASE PRICE

$2,205$2,695$2,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,450
EXPENSES Loan Payment -$1,181
Property Tax -$741
Property Insurance -$159
Property Management Fees -$99
CASH FLOW
$270

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.

$340,000

PROJECTED PRICE

$2,450

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 5.6%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$95,850

INVESTMENT

$95,850

Down Payment
$85,000
Rehab Estimate
$5,750
Closing Costs
$5,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $85,000
Loan Amount $255,000
See What Happens When You Reinvest Cash Flow

6.17

YEARS SAVED

$22,959

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,450

    LIST RENT
  • $1.26

    LIST RENT PER SQFT
  • $2,445

    COMP ESTIMATED VALUE
  • $1.26

    COMP AVG. RENT PER SQFT
Comps Range
$2,445
1$2,4452$2,4503$2,5004$2,6005$2,600
$2,600
RENT COMPS ANALYSIS
  • 522 W 28th Street Houston, TX 2
    • 3 beds 4 baths ∙ 1,944 Sqft ∙ Built 2014 3 beds 4 baths ∙ 1,944 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.26
    •  
  • 318 W 28th Street Houston, TX 1
    • 3 beds 3 baths ∙ 2,094 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,094 Sqft ∙ Built 2008
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,445
    • $1.17
    •  
  • 218 W 28th Street Houston, TX 3
    • 3 beds 4 baths ∙ 2,016 Sqft ∙ Built 2014 3 beds 4 baths ∙ 2,016 Sqft ∙ Built 2014
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.24
    •  
  • 610 W 28th Street Houston, TX 4
    • 3 beds 4 baths ∙ 2,055 Sqft ∙ Built 2018 3 beds 4 baths ∙ 2,055 Sqft ∙ Built 2018
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.27
    •  
  • 612 W 27th Street Houston, TX 5
    • 3 beds 4 baths ∙ 1,932 Sqft ∙ Built 2012 3 beds 4 baths ∙ 1,932 Sqft ∙ Built 2012
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.35
    •  
PROPERTY LISTING DETAILS
Thomas Collins
1.832.651.6773
Redfin Corporation
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 95227517
Last Updated: 02/24/2021
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