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5310 Lost Cove Lane Spring, TX 77373

3 Beds 3 Baths 1,845 sqft Built 2005

$185,000

List Price

$1,580

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $100.27
  • 3 Days on Market
  • MLS # : 66838108
  • Updated Date : 01/09/2021 at 15:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,845 sqft
  • Baths : 3 full
Listing Agent

Executive Global Realty

Listing Agent's Description

COZY and BEAUTIFUL home with an inviting open concept and natural light! With dark flooring throughout out the living room area, an elegant fireplace and fresh paint around the house! Also with a huge flex space upstairs that could be use as an office space or game room and let's not forget about the spacious backyard for your parties and bbq gatherings !! Easy access to 45, 99, 59 and Hardy toll road!! You MUST see this home , it will not last!!

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: Spring

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $95k270k

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

Neighborhood: Spring

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9421932

* 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
Chet Burchett Elementary School Primary Regular 681 46 5
Dueitt Middle School Middle Regular 954 59 5
Spring High School High Regular 3,339 173 3

Chet Burchett Elementary School

  • Education Level: Primary
  • # of students: 681
  • # of teachers: 46
5
GreatSchools Rating

Dueitt Middle School

  • Education Level: Middle
  • # of students: 954
  • # of teachers: 59
5
GreatSchools Rating

Spring High School

  • Education Level: High
  • # of students: 3,339
  • # of teachers: 173
3
GreatSchools Rating
 

$166,500$203,500$185,000

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,580
EXPENSES Loan Payment -$643
Property Tax -$445
Property Insurance -$152
HOA -$25
Property Management Fees -$99
CASH FLOW
$217

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.

$185,000

PROJECTED PRICE

$1,580

PROJECTED RENT

0.85%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 5.1%
Maintenance Year (1-5) 8.00%
Vacancy 8.80%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$54,775

INVESTMENT

$54,775

Down Payment
$46,250
Rehab Estimate
$5,750
Closing Costs
$2,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$643

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $46,250
Loan Amount $138,750
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$16,656

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,580

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,554

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,449
1$1,4492$1,4503$1,4954$1,5805$1,800
$1,800
RENT COMPS ANALYSIS
  • 5310 Lost Cove Lane Spring, TX 4
    • 3 beds 3 baths ∙ 1,845 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,845 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.86
    •  
  • 24022 Holleygate Court Spring, TX 1
    • 3 beds 2 baths ∙ 1,767 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,767 Sqft ∙ Built 2003
    property image
    LEASED 02/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.82
    •  
  • 5130 Bright Oak Court Spring, TX 2
    • 3 beds 2 baths ∙ 1,768 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,768 Sqft ∙ Built 2004
    property image
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.82
    •  
  • 5018 Hickorygate Drive Spring, TX 3
    • 3 beds 2 baths ∙ 1,870 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,870 Sqft ∙ Built 1996
    property image
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.80
    •  
  • 5026 Hickorygate Drive Spring, TX 5
    • 3 beds 3 baths ∙ 1,926 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,926 Sqft ∙ Built 1996
    property image
    LEASED 05/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.93
    •  
PROPERTY LISTING DETAILS
Sarai Rumph
1.832.808.9395
Executive Global Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 66838108
Last Updated: 01/09/2021
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