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6615 Honey Harvest Lane Houston, TX 77084

3 Beds 3 Baths 1,954 sqft Built 2016

$220,000

List Price

$1,690

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $112.59
  • 4 Days on Market
  • MLS # : 65707274
  • Updated Date : 01/14/2021 at 15:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,954 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lv Realty & Services

Listing Agent's Description

Location!Location!Location! Come and See this Beautiful 3bed/2.5bath home located in the highly sought area of Sommerall Park subdiv. Great Floorplan with Master suites down w/walk in closet, good room size of 2 Bedrooms and Gameroom up, Gas range, Covered patio, Master bath with dual sinks, tub and shower. Dual sink on 2nd bathroom. Walking distance to the park trail. Close to shopping, banks, restaurant and Minutes to FM529, Hw6, and 290. This won't last long!!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • Houston metro contributes to 29.5% of Texas state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Zip Code: 77084

ZipNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210k220kPrice in $99k222k

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

Zip Code: 77084

ZipNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8921677

* 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
Holmsley Elementary School Primary Regular 884 52 5
Kahla Middle School Middle Regular 1,450 94 6
Langham Creek High School High Regular 3,211 194 7

Holmsley Elementary School

  • Education Level: Primary
  • # of students: 884
  • # of teachers: 52
5
GreatSchools Rating

Kahla Middle School

  • Education Level: Middle
  • # of students: 1,450
  • # of teachers: 94
6
GreatSchools Rating

Langham Creek High School

  • Education Level: High
  • # of students: 3,211
  • # of teachers: 194
7
GreatSchools Rating
 

$198,000$242,000$220,000

PURCHASE PRICE

$1,521$1,859$1,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,690
EXPENSES Loan Payment -$764
Property Tax -$511
Property Insurance -$159
HOA -$46
Property Management Fees -$99
CASH FLOW
$111

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.

$220,000

PROJECTED PRICE

$1,690

PROJECTED RENT

0.77%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.0%
Maintenance Year (1-5) 8.00%
Vacancy 8.80%
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-$2.0k$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$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$764

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$8,944

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,690

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,720

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,690
1$1,6902$1,7003$1,7004$1,7255$1,850
$1,850
RENT COMPS ANALYSIS
  • 6615 Honey Harvest Lane Houston, TX 1
    • 3 beds 3 baths ∙ 1,954 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,954 Sqft ∙ Built 2016
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $0.86
    •  
  • 15919 Smithland Drive Houston, TX 2
    • 4 beds 3 baths ∙ 2,096 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,096 Sqft ∙ Built 2018
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.81
    •  
  • 6635 Sharpstone Creek Lane Houston, TX 3
    • 4 beds 3 baths ∙ 1,956 Sqft ∙ Built 2016 4 beds 3 baths ∙ 1,956 Sqft ∙ Built 2016
    property image
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.87
    •  
  • 15922 Smithland Dr Houston, TX 4
    • 3 beds 3 baths ∙ 1,824 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,824 Sqft ∙ Built 2018
    property image
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.95
    •  
  • 15906 Smithland Drive Houston, TX 5
    • 3 beds 3 baths ∙ 2,088 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,088 Sqft ∙ Built 2018
    property image
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.89
    •  
PROPERTY LISTING DETAILS
Lily Loh
1.281.467.8367
Lv Realty & Services
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 65707274
Last Updated: 01/14/2021
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