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706 Meadow Gate Converse, TX 78109

3 Beds 2 Baths 1,668 sqft Built 1984

$180,000

List Price

$1,350

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 25, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $107.91
  • 5 Days on Market
  • MLS # : 1496869
  • Updated Date : 11/25/2020 at 16:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,668 sqft
  • Baths : 2 full
Listing Agent

Vortex Realty

Listing Agent's Description

Beautifully updated home in desirable neighborhood. Mature tree in front yard, bonus room, granite throughout, new appliances, flooring, paint, fixtures, new fence and shed! This home is move in ready in a quiet and well established neighborhood. Please verify schools. Must see before its gone!

SEE MORE

MARKET HIGHLIGHTS

  • The metro contributes to 7.2 percent of Texas state economy i.e. Gross State Product (USMayors.org, 2018)
  • San Antonio metro economy is worth $130 billion in Gross Metro Product and projected to grow to $136 billion in 2019 (USMayors.org, 2018)
  • Five Fortune 500 companies are headquartered in San Antonio: Valero Energy; Tesoro; United Services Automobile Association (USAA); CST Brands; and iHeart Media (Formerly CC Media Holdings).
  • The metro employment growth is at 2.3 per cent and predicted to be at 2.2% in 2019 (USMayors.org, 2018)
  • San Antonio metro has 60.7 percent labor force participation rate (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Converse

NeighborhoodNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190k200kPrice in $89k205k

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

Neighborhood: Converse

NeighborhoodNIR Market*CityMarket2010Year20002019 Q28008509009501000105011001150120012501300135014001450Rent in $7991472

* 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
Miller's Point Elementary School Primary Regular 612 44 5
Kitty Hawk Middle School Middle Regular 1,298 83 6
Veterans Memorial High School High Regular NA

Miller's Point Elementary School

  • Education Level: Primary
  • # of students: 612
  • # of teachers: 44
5
GreatSchools Rating

Kitty Hawk Middle School

  • Education Level: Middle
  • # of students: 1,298
  • # of teachers: 83
6
GreatSchools Rating

Veterans Memorial High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$162,000$198,000$180,000

PURCHASE PRICE

$1,215$1,485$1,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,350
EXPENSES Loan Payment -$664
Property Tax -$401
Property Insurance -$123
Property Management Fees -$99
CASH FLOW
$63

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.

$180,000

PROJECTED PRICE

$1,350

PROJECTED RENT

0.75%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.41%
Appreciation Year (1-5) 4.6%
Maintenance Year (1-5) 8.00%
Vacancy 9.02%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$53,450

INVESTMENT

$53,450

Down Payment
$45,000
Rehab Estimate
$5,750
Closing Costs
$2,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$664

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $45,000
Loan Amount $135,000
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$9,521

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,350

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,434

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3503$1,3504$1,4005$1,500
$1,500
RENT COMPS ANALYSIS
  • 706 Meadow Gate Converse, TX 3
    • 3 beds 2 baths ∙ 1,668 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,668 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.81
    •  
  • 801 Meadow Scape Converse, TX 1
    • 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 1994
    LEASED 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.86
    •  
  • 821 Meadow Stone Converse, TX 2
    • 3 beds 3 baths ∙ 1,699 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,699 Sqft ∙ Built 1986
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.79
    •  
  • 10305 Vigilante Trail Converse, TX 4
    • 3 beds 2 baths ∙ 1,639 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,639 Sqft ∙ Built 1981
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.85
    •  
  • 10014 Palomino Canyon Converse, TX 5
    • 3 beds 2 baths ∙ 1,594 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,594 Sqft ∙ Built 1986
    LEASED 11/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.94
    •  
PROPERTY LISTING DETAILS
Suzette Cobb
1.210.232.4995
Vortex Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
San Antonio Board of Realtors ( SABOR)
MLS #: 1496869
Last Updated: 11/25/2020
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