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603 Lake View Drive Montgomery, TX 77356

3 Beds 2 Baths 1,857 sqft Built 2015

$240,000

List Price

$1,690

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $129.24
  • 2 Days on Market
  • MLS # : 85634415
  • Updated Date : 02/06/2021 at 15:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,857 sqft
  • Baths : 2 full
Listing Agent

Jla Realty

Listing Agent's Description

Welcome to your new home in Cape Conroe, where you can experience lake living with a neighborhood boat ramp, play area, clubhouse, pool and more! This 3/2/2 home has beautiful laminate flooring throughout, an open floor plan, large living room and spacious bedrooms and bathrooms. The large backyard offers two patios--one that is covered, a horseshoe pit and a fully fenced backyard which is equipped with a sprinkler system. Come see this beautiful home today!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Cape Conroe

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $103k305k

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

Neighborhood: Cape Conroe

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8552163

* 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
Montgomery Junior High School Middle Regular 1,276 74 7
Montgomery High School High Regular 2,362 153 7

Stewart Creek Elementary School

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

Montgomery Junior High School

  • Education Level: Middle
  • # of students: 1,276
  • # of teachers: 74
7
GreatSchools Rating

Montgomery High School

  • Education Level: High
  • # of students: 2,362
  • # of teachers: 153
7
GreatSchools Rating
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,521$1,859$1,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,690
EXPENSES Loan Payment -$834
Property Tax -$509
Property Insurance -$134
HOA -$18
Property Management Fees -$99
CASH FLOW
$96

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.

$240,000

PROJECTED PRICE

$1,690

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 5.3%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$834

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$8,869

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,690

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,685

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,6503$1,6504$1,6755$1,690
$1,690
RENT COMPS ANALYSIS
  • 603 Lake View Drive Montgomery, TX 5
    • 3 beds 2 baths ∙ 1,857 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,857 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $0.91
    •  
  • 435 Paradise Lane Montgomery, TX 1
    • 3 beds 2 baths ∙ 1,810 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,810 Sqft ∙ Built 1998
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.86
    •  
  • 622 Paradise Lane Montgomery, TX 2
    • 3 beds 2 baths ∙ 1,756 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,756 Sqft ∙ Built 2011
    LEASED 09/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.94
    •  
  • 419 Lake View Drive Montgomery, TX 3
    • 3 beds 2 baths ∙ 1,828 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,828 Sqft ∙ Built 2002
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.90
    •  
  • 510 Moonwalk Street Montgomery, TX 4
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1999
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.93
    •  
PROPERTY LISTING DETAILS
Tonya Clark
1.936.443.2719
Jla Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 85634415
Last Updated: 02/06/2021
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