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705 Canyon Springs Drive La Porte, TX 77571

3 Beds 2 Baths 1,344 sqft Built 1983

$175,000

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $130.21
  • 4 Days on Market
  • MLS # : 64293332
  • Updated Date : 01/30/2021 at 15:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,344 sqft
  • Baths : 2 full
Listing Agent

Prime Realty Group

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: La Porte

NeighborhoodNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200k210k220kPrice in $86k222k

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

Neighborhood: La Porte

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600Rent in $9251677

* 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
Jennie Reid Elementary School Primary Regular 507 29 8
Lomax Junior High School Middle Regular 626 37 7
La Porte High School High Regular 2,119 134 5

Jennie Reid Elementary School

  • Education Level: Primary
  • # of students: 507
  • # of teachers: 29
8
GreatSchools Rating

Lomax Junior High School

  • Education Level: Middle
  • # of students: 626
  • # of teachers: 37
7
GreatSchools Rating

La Porte High School

  • Education Level: High
  • # of students: 2,119
  • # of teachers: 134
5
GreatSchools Rating
 

$157,500$192,500$175,000

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$608
Property Tax -$424
Property Insurance -$118
Property Management Fees -$99
CASH FLOW
$302

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.

$175,000

PROJECTED PRICE

$1,550

PROJECTED RENT

0.89%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.4%
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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$52,125

INVESTMENT

$52,125

Down Payment
$43,750
Rehab Estimate
$5,750
Closing Costs
$2,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$608

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $43,750
Loan Amount $131,250
See What Happens When You Reinvest Cash Flow

10.33

YEARS SAVED

$26,449

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $1,603

    COMP ESTIMATED VALUE
  • $1.19

    COMP AVG. RENT PER SQFT
Comps Range
$1,425
1$1,4252$1,4753$1,5004$1,5505$1,550
$1,550
RENT COMPS ANALYSIS
  • 705 Canyon Springs Drive La Porte, TX 5
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.15
    •  
  • 9910 Antrim Lane La Porte, TX 1
    • 3 beds 2 baths ∙ 1,194 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,194 Sqft ∙ Built 1968
    LEASED 11/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $1.19
    •  
  • 9812 Robin Street La Porte, TX 2
    • 3 beds 2 baths ∙ 1,310 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,310 Sqft ∙ Built 1978
    LEASED 10/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.13
    •  
  • 5625 Stone Creek Drive La Porte, TX 3
    • 3 beds 2 baths ∙ 1,231 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,231 Sqft ∙ Built 1983
    LEASED 10/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.22
    •  
  • 714 Myrtle Creek Drive La Porte, TX 4
    • 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1983
    LEASED 01/14/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.23
    •  
PROPERTY LISTING DETAILS
Carlito Rivera
1.832.883.4091
Prime Realty Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 64293332
Last Updated: 01/30/2021
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