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6503 Ranch Creek Court Magnolia, TX 77354

3 Beds 3 Baths 2,729 sqft Built 1998

$409,900

List Price

$2,520

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $150.20
  • 3 Days on Market
  • MLS # : 66557741
  • Updated Date : 02/06/2021 at 11:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,729 sqft
  • Baths : 2 full , 1 half
Listing Agent

Legacy Texas Properties

Listing Agent's Description

This beautiful CUSTOM BUILD well maintain home is move in ready and priced to sell. Positioned on approximately 2 acres just out of reach of the big city, with that country living feel. Recent updates to flooring and kitchen area. Solar Panels added for electrical savings. Whole house stand by generator with a 500gal. propane tank to keep it running for days. New roof in 2020. Minutes away from shopping, dining, entertainment and great fishing on Lake Conroe just a short drive away. Residents are allowed 1 horse per acre. Golfing less than 15 minutes away with membership. This home has a lot to offer and plenty of room to add your pool. The corner lot offers 3 driveways and additional parking. Sellers including with the purchase, 2017 John Deere ZTrak mower and Washer/Dryer. SELLERS OFFERING $2000 TOWARDS CLOSING COSTS. Make it a point to see this one!! You won't regret it....

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Sendera Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $113k468k

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

Neighborhood: Sendera Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400Rent in $10272574

* 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
Tom R. Ellisor Elementary School Primary Regular 729 45 5
Bear Branch Junior High School Middle Regular 977 51 7
Magnolia High School High Regular 1,794 118 7

Tom R. Ellisor Elementary School

  • Education Level: Primary
  • # of students: 729
  • # of teachers: 45
5
GreatSchools Rating

Bear Branch Junior High School

  • Education Level: Middle
  • # of students: 977
  • # of teachers: 51
7
GreatSchools Rating

Magnolia High School

  • Education Level: High
  • # of students: 1,794
  • # of teachers: 118
7
GreatSchools Rating
 

$368,910$450,890$409,900

PURCHASE PRICE

$2,268$2,772$2,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,520
EXPENSES Loan Payment -$1,424
Property Tax -$722
Property Insurance -$185
HOA -$38
Property Management Fees -$99
CASH FLOW
$53

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 17% of earned rent to cover both maintenance and periods of vacancy.

$409,900

PROJECTED PRICE

$2,520

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 3.9%
Maintenance Year (1-5) 8.00%
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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$114,374

INVESTMENT

$114,374

Down Payment
$102,475
Rehab Estimate
$5,750
Closing Costs
$6,149

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,424

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $102,475
Loan Amount $307,425
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$10,672

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,520

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $2,149

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,1003$2,2004$2,5005$2,520
$2,520
RENT COMPS ANALYSIS
  • 6503 Ranch Creek Court Magnolia, TX 5
    • 3 beds 3 baths ∙ 2,729 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,729 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,520
    • $0.92
    •  
  • 6622 Grant Drive Magnolia, TX 1
    • 4 beds 3 baths ∙ 2,667 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,667 Sqft ∙ Built 2004
    property image
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.75
    •  
  • 808 Wiley Drive Magnolia, TX 2
    • 4 beds 4 baths ∙ 2,748 Sqft ∙ Built 2015 4 beds 4 baths ∙ 2,748 Sqft ∙ Built 2015
    property image
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.76
    •  
  • 6614 Grant Drive Magnolia, TX 3
    • 4 beds 2 baths ∙ 2,743 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,743 Sqft ∙ Built 2002
    property image
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.80
    •  
  • 1818 Country Creek Court Magnolia, TX 4
    • 3 beds 3 baths ∙ 2,978 Sqft ∙ Built 1996 3 beds 3 baths ∙ 2,978 Sqft ∙ Built 1996
    property image
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.84
    •  
PROPERTY LISTING DETAILS
Brian Mccall
1.832.755.5325
Legacy Texas Properties
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 66557741
Last Updated: 02/06/2021
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