Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

650 Westcross Street Houston, TX 77018

3 Beds 3 Baths 2,039 sqft Built 2013

$300,000

List Price

$2,230

$2K - $2.5K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 2013
  • Price/Sqft : $147.13
  • 1 Days on Market
  • MLS # : 86410819
  • Updated Date : 11/03/2020 at 00:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,039 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Universal

Listing Agent's Description

Buyers; Absolutely Gorgeous Town Home! Controlled Driveway Gate Access! All Appliances Included! Study Or Office Room! Granite Counter-Tops! Wood Floors! Master Bathroom Separate Shower And A Jetted Spa Bathtub! Gas Log Fireplace! Too Many Updates And Upgrades To List! A Must See! Close To Everything! You'll Want To View This Unit First! Thanks For Looking!

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: Independence Heights

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $56k222k

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

Neighborhood: Independence Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q28009001000110012001300140015001600Rent in $7501677

* 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
John F Kennedy Elementary School Primary Regular 800 39 5
Williams Middle School Middle Magnet 533 33 2
Washington High School High Magnet 707 48 2

John F Kennedy Elementary School

  • Education Level: Primary
  • # of students: 800
  • # of teachers: 39
5
GreatSchools Rating

Williams Middle School

  • Education Level: Middle
  • # of students: 533
  • # of teachers: 33
2
GreatSchools Rating

Washington High School

  • Education Level: High
  • # of students: 707
  • # of teachers: 48
2
GreatSchools Rating
 

$270,000$330,000$300,000

PURCHASE PRICE

$2,007$2,453$2,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,230
EXPENSES Loan Payment -$1,107
Property Tax -$633
Property Insurance -$165
HOA -$130
Property Management Fees -$99
CASH FLOW
$97

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.

$300,000

PROJECTED PRICE

$2,230

PROJECTED RENT

0.74%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.99%
Appreciation Year (1-5) -0.7%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

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$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$13,768

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,230

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $2,223

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1503$2,2304$2,3005$2,400
$2,400
RENT COMPS ANALYSIS
  • 650 Westcross Street Houston, TX 3
    • 3 beds 3 baths ∙ 2,039 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,039 Sqft ∙ Built 2013
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,230
    • $1.09
    •  
  • 524 Westcross Street Houston, TX 1
    • 3 beds 3 baths ∙ 2,017 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,017 Sqft ∙ Built 2016
    property image
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.04
    •  
  • 650 Westcross Houston, TX 2
    • 3 beds 3 baths ∙ 2,039 Sqft ∙ Built 2013 3 beds 3 baths ∙ 2,039 Sqft ∙ Built 2013
    property image
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.05
    •  
  • 526 Westcross Street Houston, TX 4
    • 3 beds 3 baths ∙ 2,017 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,017 Sqft ∙ Built 2016
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.14
    •  
  • 815 Garden Trace Lane Houston, TX 5
    • 3 beds 3 baths ∙ 2,120 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,120 Sqft ∙ Built 2005
    property image
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.13
    •  
PROPERTY LISTING DETAILS
Thomas Smith
1.713.703.8142
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 #: 86410819
Last Updated: 11/03/2020
BESbswy