Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

550 Carriage Trail Conroe, TX 77316

3 Beds 3 Baths 1,924 sqft Built 1980

$210,000

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1980
  • Price/Sqft : $109.15
  • 4 Days on Market
  • MLS # : 8414433
  • Updated Date : 11/07/2020 at 09:39
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,924 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

HARD TO FIND AT $210,000! Montgomery ISD. New Flooring! Freshly painted interior! Large kitchen with tons of cabinets. Spacious bedrooms. Primary bedroom has two walk-in closets! Not a split bedroom plan, but the primary bedroom is privately located away from the other two. Dining area is large enough to accommodate a large dining table, plus ... or, if you don't need the formal dining, this area would make a great home office. This home sits at the end of the dead end street, on a large lot of 13,500 sf! Green space behind the home for added privacy. Add just a few more touches and this home will be exactly what you want! Did I mention this home has two and a half baths? The half bath is conveniently located just inside the back door. Note: Room measurements will be updated on 11/06. PURCHASE NOW ... ENJOY THE HOLIDAYS IN YOUR NEW HOME!

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: Saddle and Surrey Acres

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $105k313k

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

Neighborhood: Saddle and Surrey Acres

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8382163

* 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
Stewart Creek Elementary School Primary Regular 777 46 7
Oak Hills Junior High School Middle Regular NA
Lake Creek High School High Regular NA

Stewart Creek Elementary School

  • Education Level: Primary
  • # of students: 777
  • # of teachers: 46
7
GreatSchools Rating

Oak Hills Junior High School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Lake Creek High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$189,000$231,000$210,000

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$775
Property Tax -$408
Property Insurance -$138
Property Management Fees -$99
CASH FLOW
$190

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.

$210,000

PROJECTED PRICE

$1,610

PROJECTED RENT

0.77%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 3.5%
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$61,400

INVESTMENT

$61,400

Down Payment
$52,500
Rehab Estimate
$5,750
Closing Costs
$3,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$775

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $52,500
Loan Amount $157,500
See What Happens When You Reinvest Cash Flow

6.83

YEARS SAVED

$20,445

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,607

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,6103$1,8004$1,8005$1,800
$1,800
RENT COMPS ANALYSIS
  • 550 Carriage Trail Conroe, TX 2
    • 3 beds 3 baths ∙ 1,924 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,924 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $0.84
    •  
  • 600 Chickasaw Drive Conroe, TX 1
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1975
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.75
    •  
  • 100 Harbour Town Court Conroe, TX 3
    • 3 beds 3 baths ∙ 2,060 Sqft ∙ Built 1980 3 beds 3 baths ∙ 2,060 Sqft ∙ Built 1980
    LEASED 10/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.87
    •  
  • 484 Carriage Trail Montgomery, TX 4
    • 3 beds 2 baths ∙ 2,096 Sqft ∙ Built 1978 3 beds 2 baths ∙ 2,096 Sqft ∙ Built 1978
    LEASED 12/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.86
    •  
  • 93 April Wind Drive Conroe, TX 5
    • 3 beds 2 baths ∙ 2,092 Sqft ∙ Built 1978 3 beds 2 baths ∙ 2,092 Sqft ∙ Built 1978
    LEASED 10/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.86
    •  
PROPERTY LISTING DETAILS
Cynthia Bowman
1.936.524.1759
Coldwell Banker Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 8414433
Last Updated: 11/07/2020
BESbswy