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614 N Sky Drive Houston, TX 77073

5 Beds 3 Baths 2,420 sqft Built 1982

$190,000

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

December 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1982
  • Price/Sqft : $78.51
  • 2 Days on Market
  • MLS # : 20200495
  • Updated Date : 12/19/2020 at 16:21
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,420 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Universal

Listing Agent's Description

GREAT LOCATION!!! Convenient to Bush IAH, The Woodlands, and Downtown Houston! You are going to love this 5 Bedroom 2 1/2 Bath home with a 2 car detached garage. This home has lots of space and flexibility that offers you formal living and dining rooms that give you flexibility to use as a study, playroom, etc. The family room with a gas log fireplace is open to the kitchen and breakfast room with a wet bar between them. The utility room is off the kitchen by the back door and a 1/2 bath around the corner. Upstairs you will find 5 Bedrooms with closets and 2 Full Baths including the Primary ensuite. The primary bedroom has a door that accesses one of the bedrooms and could be used as an extension to the primary for example: dressing room, study, or nursery. The upstairs has NEW CARPET! Do not miss the back patio that is ready for entertaining family and friends! Fenced backyard! Call today for your private tour!!!

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

Zip Code: 77073

ZipNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k222k

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

Zip Code: 77073

ZipNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8981677

* 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
Ralph Eickenroht Elementary School Primary Regular 714 44 4
Rickey C. Bailey Middle School Middle Regular 1,238 72 4
Andy Dekaney High School High Regular 2,855 163 2

Ralph Eickenroht Elementary School

  • Education Level: Primary
  • # of students: 714
  • # of teachers: 44
4
GreatSchools Rating

Rickey C. Bailey Middle School

  • Education Level: Middle
  • # of students: 1,238
  • # of teachers: 72
4
GreatSchools Rating

Andy Dekaney High School

  • Education Level: High
  • # of students: 2,855
  • # of teachers: 163
2
GreatSchools Rating
 

$171,000$209,000$190,000

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$701
Property Tax -$494
Property Insurance -$191
HOA -$37
Property Management Fees -$99
CASH FLOW
$148

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$190,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.88%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.99%
Appreciation Year (1-5) 8.3%
Maintenance Year (1-5) 8.00%
Vacancy 8.01%
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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$56,100

INVESTMENT

$56,100

Down Payment
$47,500
Rehab Estimate
$5,750
Closing Costs
$2,850

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$701

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $47,500
Loan Amount $142,500
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$13,699

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $1,640

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,6703$1,6954$1,7355$1,800
$1,800
RENT COMPS ANALYSIS
  • 614 N Sky Drive Houston, TX 2
    • 5 beds 3 baths ∙ 2,420 Sqft ∙ Built 1982 5 beds 3 baths ∙ 2,420 Sqft ∙ Built 1982
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.69
    •  
  • 1002 Kingsbridge Road Houston, TX 1
    • 4 beds 3 baths ∙ 2,239 Sqft ∙ Built 1972 4 beds 3 baths ∙ 2,239 Sqft ∙ Built 1972
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.67
    •  
  • 16303 Blue Rock Springs Drive Houston, TX 3
    • 4 beds 3 baths ∙ 2,422 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,422 Sqft ∙ Built 2001
    property image
    LEASED 06/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.70
    •  
  • 16610 N Glade Drive Houston, TX 4
    • 4 beds 3 baths ∙ 2,516 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,516 Sqft ∙ Built 1995
    property image
    LEASED 05/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,735
    • $0.69
    •  
  • 1119 Doral Lane Houston, TX 5
    • 5 beds 4 baths ∙ 2,756 Sqft ∙ Built 1963 5 beds 4 baths ∙ 2,756 Sqft ∙ Built 1963
    property image
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.65
    •  
PROPERTY LISTING DETAILS
Matthew Guzman
1.281.973.5799
Re/max Universal
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 20200495
Last Updated: 12/19/2020
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