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6334 Wilshire Lakes Houston, TX 77040

4 Beds 3 Baths 2,291 sqft Built 2009

$245,000

List Price

$1,900

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 2009
  • Price/Sqft : $106.94
  • 6 Days on Market
  • MLS # : 42754217
  • Updated Date : 10/29/2020 at 11:38
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,291 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty, Llc

Listing Agent's Description

This beautiful two story home is located in a gated community that is just minutes from 290, 610, Beltway 8 & more! Open concept-design offers 4 bedrooms, 2.5 baths, formal dining room & a study enclosed by French doors. Upgraded laminate wood flooring throughout the 1st floor. The kitchen boasts a breakfast bar, gas cooking, quartz composite kitchen sink with touch gold faucet, walk-in pantry & breakfast room. The owners suite has an elegant tray ceiling, soaking tub, separate shower & walk-in closet. New energy efficient 16 SEER AC unit. Upgraded back door with storm door. Raised wood deck in the backyard. Outdoor security cameras included. Don't miss this great home, contact The Franklin Team to schedule a tour!

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: Wilshire Court

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240kPrice in $74k259k

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

Neighborhood: Wilshire Court

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800Rent in $9101835

* 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
Holbrook Elementary School Primary Regular 1,106 67 8
Dean Middle School Middle Regular 1,480 99 5
Jersey Village High School High Regular 3,461 204 6

Holbrook Elementary School

  • Education Level: Primary
  • # of students: 1,106
  • # of teachers: 67
8
GreatSchools Rating

Dean Middle School

  • Education Level: Middle
  • # of students: 1,480
  • # of teachers: 99
5
GreatSchools Rating

Jersey Village High School

  • Education Level: High
  • # of students: 3,461
  • # of teachers: 204
6
GreatSchools Rating
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$904
Property Tax -$517
Property Insurance -$182
HOA -$70
Property Management Fees -$99
CASH FLOW
$129

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.

$245,000

PROJECTED PRICE

$1,900

PROJECTED RENT

0.78%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.99%
Appreciation Year (1-5) 6.7%
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$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$904

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$15,108

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,884

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,8003$1,8494$1,8505$1,900
$1,900
RENT COMPS ANALYSIS
  • 6334 Wilshire Lakes Houston, TX 5
    • 4 beds 3 baths ∙ 2,291 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,291 Sqft ∙ Built 2009
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.83
    •  
  • 6430 Wilshire Fern Houston, TX 1
    • 3 beds 3 baths ∙ 2,227 Sqft ∙ Built 2011 3 beds 3 baths ∙ 2,227 Sqft ∙ Built 2011
    property image
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.79
    •  
  • 6351 Wilshire Ridge Houston, TX 2
    • 4 beds 3 baths ∙ 2,242 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,242 Sqft ∙ Built 2014
    property image
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.80
    •  
  • 6518 Wilshire Ridge Houston, TX 3
    • 4 beds 3 baths ∙ 2,211 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,211 Sqft ∙ Built 2014
    property image
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,849
    • $0.84
    •  
  • 6322 Wilshire Lakes Houston, TX 4
    • 4 beds 3 baths ∙ 2,142 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,142 Sqft ∙ Built 2009
    property image
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.86
    •  
PROPERTY LISTING DETAILS
Jimmy Franklin
1.281.949.6362
Exp Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 42754217
Last Updated: 10/29/2020
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