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613 W 24th Street Houston, TX 77008

3 Beds 4 Baths 2,290 sqft Built 2020

INVESTimate

$422,500

List Price

$2,810

$2,560 - $3,060

Rent Est.

$446,160  ( +5.60%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $184.50
  • 8 Days on Market
  • MLS # : 43596900
  • Updated Date : 08/19/2020 at 15:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,290 sqft
  • Baths : 3 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

New construction. Gorgeous Corner Unit Victorian with opportunity for 450 sqft side yard expansion. 3 bed, 3.5 bath with private front yard. Gated community. Shutters. Balconies. 1st Floor bedroom with bath with private entry. Great for home office. 2nd floor grand living & dining with 12ft ceilings. Open kitchen custom cabinets, quartz counters, marble, stainless steel. ¾ red oak hardwood floors. Living room with extra windows. 3rd floor Enormous 18x18 bedroom with sky high ceilings and juliet balcony. Porcelain tile, grand shower, lux freestanding tub. Additional 3rd floor bedroom with bath and separate Laundry. Unbeatable Heights location, steps from new Heights HEB, hottest restaurants. East of Shepard and out of Shady Acre Flood Zone. Complete Aug 2020. Weekly Open House at 2405 Lawrence

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: 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
 

$380,250$464,750$422,500

PURCHASE PRICE

$2,529$3,091$2,810

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,810
EXPENSES Loan Payment -$1,559
Property Tax -$891
Property Insurance -$182
HOA -$79
Property Management Fees -$99
CASH FLOW
$0

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$422,500

PROJECTED PRICE

$2,810

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 5.60%
Maintenance Year (1-5) 3.00%
Vacancy 9.28%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$113,963

INVESTMENT

$113,963

Down Payment
$105,625
Rehab Estimate
$2,000
Closing Costs
$6,338

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,559

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $105,625
Loan Amount $316,875
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$8,771

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,810

    LIST RENT
  • $1.23

    LIST RENT PER SQFT
  • $2,805

    COMP ESTIMATED VALUE
  • $1.23

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,7903$2,8004$2,8105$2,850
$2,850
RENT COMPS ANALYSIS
  • 613 W 24th Street Houston, TX 4
    • 3 beds 4 baths ∙ 2,290 Sqft ∙ Built 2020 3 beds 4 baths ∙ 2,290 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,810
    • $1.23
    •  
  • 621 W 24th Street Houston, TX 1
    • 3 beds 4 baths ∙ 2,290 Sqft ∙ Built 2016 3 beds 4 baths ∙ 2,290 Sqft ∙ Built 2016
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.14
    •  
  • 617 W 24th Street Houston, TX 2
    • 3 beds 4 baths ∙ 2,202 Sqft ∙ Built 2015 3 beds 4 baths ∙ 2,202 Sqft ∙ Built 2015
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,790
    • $1.27
    •  
  • 812 W 22nd Street Houston, TX 3
    • 3 beds 4 baths ∙ 2,235 Sqft ∙ Built 2015 3 beds 4 baths ∙ 2,235 Sqft ∙ Built 2015
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.25
    •  
  • 605 W 24th Street Houston, TX 5
    • 3 beds 4 baths ∙ 2,290 Sqft ∙ Built 2020 3 beds 4 baths ∙ 2,290 Sqft ∙ Built 2020
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.24
    •  
PROPERTY LISTING DETAILS
Genevieve Rowland
1.281.904.7014
Keller Williams Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 43596900
Last Updated: 08/19/2020
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