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6215 Majesty Lane Houston, TX 77085

3 Beds 2 Baths 1,302 sqft Built 2001

$176,700

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $135.71
  • 3 Days on Market
  • MLS # : 45279578
  • Updated Date : 12/11/2020 at 15:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,302 sqft
  • Baths : 2 full
Listing Agent

Durmoye Realty

Listing Agent's Description

Beautiful 3 bedroom 2 full bath starter home, with open kitchen to the living room. Tile and laminate flooring through out the home. Laundry room located inside the home off the kitchen. living room has high ceilings and all the bedrooms have ceiling fans. Huge fully fenced in backyard with plenty of room for family, friends and kids. Located near schools and easy access to 610 south.

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: Corinthian Pointe

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k222k

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

Neighborhood: Corinthian Pointe

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8631677

* 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
Hines-caldwell Elementary School Primary Regular 807 43 8
Dowling Middle School Middle Magnet 1,200 67 2
Madison High School High Magnet 1,833 107 2

Hines-caldwell Elementary School

  • Education Level: Primary
  • # of students: 807
  • # of teachers: 43
8
GreatSchools Rating

Dowling Middle School

  • Education Level: Middle
  • # of students: 1,200
  • # of teachers: 67
2
GreatSchools Rating

Madison High School

  • Education Level: High
  • # of students: 1,833
  • # of teachers: 107
2
GreatSchools Rating
 

$159,030$194,370$176,700

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$652
Property Tax -$373
Property Insurance -$115
HOA -$33
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.

$176,700

PROJECTED PRICE

$1,420

PROJECTED RENT

0.80%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.99%
Appreciation Year (1-5) 6.3%
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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$52,576

INVESTMENT

$52,576

Down Payment
$44,175
Rehab Estimate
$5,750
Closing Costs
$2,651

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$652

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $44,175
Loan Amount $132,525
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$16,295

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $1,419

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4203$1,4754$1,4755$1,600
$1,600
RENT COMPS ANALYSIS
  • 6215 Majesty Lane Houston, TX 2
    • 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $1.09
    •  
  • 6411 Majesty Houston, TX 1
    • 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 2002
    property image
    LEASED 02/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.07
    •  
  • 5827 Post Oak Manor Drive Houston, TX 3
    • 3 beds 2 baths ∙ 1,407 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,407 Sqft ∙ Built 2014
    property image
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.05
    •  
  • 6218 Pinacle Point Houston, TX 4
    • 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 2002
    property image
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.13
    •  
  • 13507 Family Circle Houston, TX 5
    • 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 2002
    property image
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.11
    •  
PROPERTY LISTING DETAILS
Pamela Hamilton
1.832.326.3908
Durmoye Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 45279578
Last Updated: 12/11/2020
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