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639 W 16th Street Houston, TX 77008

3 Beds 4 Baths 2,010 sqft Built 2019

$399,500

List Price

$2,720

$2.5K - $3K

Rent Est.

PROPERTY INFO

Built 2019 NEW CONSTRUCTION
November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2019
  • Price/Sqft : $198.76
  • 6 Days on Market
  • MLS # : 71076207
  • Updated Date : 11/13/2020 at 16:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,010 sqft
  • Baths : 2 full , 2 half
Listing Agent

Realty Associates

Listing Agent's Description

Welcome to the Gated Community by Arcade Development. Stunning newer home w/a 2 car garage, large foyer, & plenty of closets throughout. Handsome wood "look" tiled floors, welcoming palette, upgraded lighting/ceiling fans, 2 full & 2 half upscale baths, & 3 generous sized bedrooms. Gorgeous chef's kitchen features a center island, quartz counters, high-end SS appliances & a plethora of upgraded wood cabinetry. The dining area is perfect for entertaining as part of the great room. 10' Ceilings! Plush carpet/padding in all bedrooms, wood stairways, lots of natural/sunlight throughout, & impressive bathrooms w/designer touches. Garage service door, low-care landscape, & Close to Shopping, Restaurants, & more This Contemporary home is a must-see on your list! (Some pictures have been virtually modified to include furniture in order to show the distribution and available space).

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: 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
 

$359,550$439,450$399,500

PURCHASE PRICE

$2,448$2,992$2,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,720
EXPENSES Loan Payment -$1,474
Property Tax -$842
Property Insurance -$163
Property Management Fees -$99
CASH FLOW
$142

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.

$399,500

PROJECTED PRICE

$2,720

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 5.6%
Maintenance Year (1-5) 3.00%
Vacancy 9.28%
Length of Stay Years 2

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,868

INVESTMENT

$107,868

Down Payment
$99,875
Rehab Estimate
$2,000
Closing Costs
$5,993

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,474

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $99,875
Loan Amount $299,625
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$18,433

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,720

    LIST RENT
  • $1.35

    LIST RENT PER SQFT
  • $3,050

    COMP ESTIMATED VALUE
  • $1.52

    COMP AVG. RENT PER SQFT
Comps Range
$2,720
1$2,7202$2,8003$3,0004$3,2005$3,700
$3,700
RENT COMPS ANALYSIS
  • 639 W 16th Street Houston, TX 1
    • 3 beds 4 baths ∙ 2,010 Sqft ∙ Built 2019 3 beds 4 baths ∙ 2,010 Sqft ∙ Built 2019
    • Rent
    • Rent Per SQFT
    •  
    • $2,720
    • $1.35
    •  
  • 1430 Dian Street Houston, TX 2
    • 3 beds 3 baths ∙ 2,111 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,111 Sqft ∙ Built 2013
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.33
    •  
  • 1418 Dian Street Houston, TX 3
    • 3 beds 3 baths ∙ 1,920 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,920 Sqft ∙ Built 2005
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.56
    •  
  • 639 W 17th Street Houston, TX 4
    • 3 beds 4 baths ∙ 2,128 Sqft ∙ Built 2013 3 beds 4 baths ∙ 2,128 Sqft ∙ Built 2013
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.50
    •  
  • 632 W 17th Street Houston, TX 5
    • 3 beds 4 baths ∙ 2,196 Sqft ∙ Built 2007 3 beds 4 baths ∙ 2,196 Sqft ∙ Built 2007
    LEASED 01/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $1.68
    •  
PROPERTY LISTING DETAILS
Alfonso Parodi
1.713.530.2455
Realty Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 71076207
Last Updated: 11/13/2020
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