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6947 Shady Lane Sugar Land, TX 77479

4 Beds 3 Baths 2,309 sqft Built 1991

$242,500

List Price

$1,930

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $105.02
  • 6 Days on Market
  • MLS # : 2063981
  • Updated Date : 01/20/2021 at 18:21
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,309 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Southwest

Listing Agent's Description

Stately two story home on wonderful oversized lot in the heart of Greatwood. Walk to highly rated Dickinson elementary. Close to park and pool as well. This home features a spacious family/living area, formal dining room and island kitchen. Gas range. High ceilings. Master bedroom down with large en suite bath. Patio doors from master to the wonderful back yard. Upstairs loft offers a study/craft/workout area. Spacious secondary bedrooms and some great attic storage. New roof to be installed Jan 2021. Priced to sell. Just needs your personal touch to make it your own.

SEE MORE

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: Greatwood Knoll

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $113k352k

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

Neighborhood: Greatwood Knoll

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10722179

* 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
Dickinson Elementary School Primary Regular 560 30 10
Reading Junior High School Middle Regular 1,163 58 10
George Ranch High School High Regular 2,215 112 8

Dickinson Elementary School

  • Education Level: Primary
  • # of students: 560
  • # of teachers: 30
10
GreatSchools Rating

Reading Junior High School

  • Education Level: Middle
  • # of students: 1,163
  • # of teachers: 58
10
GreatSchools Rating

George Ranch High School

  • Education Level: High
  • # of students: 2,215
  • # of teachers: 112
8
GreatSchools Rating
 

$218,250$266,750$242,500

PURCHASE PRICE

$1,737$2,123$1,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,930
EXPENSES Loan Payment -$842
Property Tax -$496
Property Insurance -$160
HOA -$74
Property Management Fees -$99
CASH FLOW
$258

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.

$242,500

PROJECTED PRICE

$1,930

PROJECTED RENT

0.80%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 4.5%
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$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$14k

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$70,013

INVESTMENT

$70,013

Down Payment
$60,625
Rehab Estimate
$5,750
Closing Costs
$3,638

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$842

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $60,625
Loan Amount $181,875
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$19,975

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,930

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,992

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9303$1,9504$2,1005$2,150
$2,150
RENT COMPS ANALYSIS
  • 6947 Shady Lane Sugar Land, TX 2
    • 4 beds 3 baths ∙ 2,309 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,309 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $1,930
    • $0.84
    •  
  • 6930 Shady Lane Sugar Land, TX 1
    • 3 beds 2 baths ∙ 2,198 Sqft ∙ Built 1992 3 beds 2 baths ∙ 2,198 Sqft ∙ Built 1992
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.86
    •  
  • 6926 Hearthside Drive Sugar Land, TX 3
    • 4 beds 3 baths ∙ 2,442 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,442 Sqft ∙ Built 1989
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.80
    •  
  • 810 Spring Valley Court Sugar Land, TX 4
    • 4 beds 3 baths ∙ 2,372 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,372 Sqft ∙ Built 1993
    LEASED 11/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.89
    •  
  • 6523 High Knoll Drive Sugar Land, TX 5
    • 4 beds 2 baths ∙ 2,381 Sqft ∙ Built 1992 4 beds 2 baths ∙ 2,381 Sqft ∙ Built 1992
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.90
    •  
PROPERTY LISTING DETAILS
Jeanne Gregory
1.713.854.0923
Re/max Southwest
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 2063981
Last Updated: 01/20/2021
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