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718 W 22nd Street Houston, TX 77008

3 Beds 3 Baths 2,067 sqft Built 2007

$345,000

List Price

$2,350

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

December 24, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $166.91
  • 5 Days on Market
  • MLS # : 60223039
  • Updated Date : 12/24/2020 at 07:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,067 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

GORGEOUS tri level contemporary home LOADED WITH UPDATES! NEW fixtures throughout, freshly painted, NEW carpet, NEW granite counter tops, NEW backsplash, NEW sinks - list goes on & on! Home includes 3 spacious bedrooms, 2.5 baths & a two car garage. Bright & open living room with a wall full of windows & a modern gas fireplace. Perfect for entertaining! Sparkling clean kitchen with white cabinets, NEW granite counter tops & recessed lighting. Relax & unwind in your Primary Bedroom on the third level with an ensuite bathroom with beautiful NEW granite & a dreamy walk-in closet. Walking distance to your favorite restaurants, bars, & shopping centers. No HOA - Not in a flood zone - Never flooded. Washer/Dryer & Refrigerator stay with the home. Professionally cleaned & VACANT for easy showing! Call today for your private tour! **Virtual Tour Available**

SEE MORE

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: Greater Heights

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $99k495k

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

Neighborhood: Greater Heights

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $9692561

* 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
Helms Elementary School Primary Magnet 513 29 4
Hamilton Middle School Middle Magnet 1,248 64 6
Waltrip High School High Magnet 1,663 94 3

Helms Elementary School

  • Education Level: Primary
  • # of students: 513
  • # of teachers: 29
4
GreatSchools Rating

Hamilton Middle School

  • Education Level: Middle
  • # of students: 1,248
  • # of teachers: 64
6
GreatSchools Rating

Waltrip High School

  • Education Level: High
  • # of students: 1,663
  • # of teachers: 94
3
GreatSchools Rating
 

$310,500$379,500$345,000

PURCHASE PRICE

$2,115$2,585$2,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,350
EXPENSES Loan Payment -$1,273
Property Tax -$770
Property Insurance -$167
Property Management Fees -$99
CASH FLOW
$41

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.

$345,000

PROJECTED PRICE

$2,350

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 5.6%
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

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$97,175

INVESTMENT

$97,175

Down Payment
$86,250
Rehab Estimate
$5,750
Closing Costs
$5,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,273

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $86,250
Loan Amount $258,750
See What Happens When You Reinvest Cash Flow

2.83

YEARS SAVED

$9,358

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,350

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $2,579

    COMP ESTIMATED VALUE
  • $1.25

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,3953$2,5504$2,7905$2,800
$2,800
RENT COMPS ANALYSIS
  • 718 W 22nd Street Houston, TX 1
    • 3 beds 3 baths ∙ 2,067 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,067 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.14
    •  
  • 902b W 20th Houston, TX 2
    • 3 beds 4 baths ∙ 1,950 Sqft ∙ Built 2016 3 beds 4 baths ∙ 1,950 Sqft ∙ Built 2016
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.23
    •  
  • 923a W 23rd Street Houston, TX 3
    • 3 beds 3 baths ∙ 2,061 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,061 Sqft ∙ Built 2005
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.24
    •  
  • 617 W 24th Street Houston, TX 4
    • 3 beds 4 baths ∙ 2,202 Sqft ∙ Built 2015 3 beds 4 baths ∙ 2,202 Sqft ∙ Built 2015
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,790
    • $1.27
    •  
  • 812 W 22nd Street Houston, TX 5
    • 3 beds 4 baths ∙ 2,235 Sqft ∙ Built 2015 3 beds 4 baths ∙ 2,235 Sqft ∙ Built 2015
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.25
    •  
PROPERTY LISTING DETAILS
Chelsea Williams
1.281.386.7896
Coldwell Banker Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 60223039
Last Updated: 12/24/2020
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