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7403 Songwind Lane Spring, TX 77379

4 Beds 2 Baths 1,852 sqft Built 1982

$235,000

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1982
  • Price/Sqft : $126.89
  • 4 Days on Market
  • MLS # : 33941097
  • Updated Date : 03/18/2021 at 10:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,852 sqft
  • Baths : 2 full
Listing Agent

Cb&a, Realtors

Listing Agent's Description

Don't wait! Fabulous home tucked at the end of a cul-de-sac on a MASSIVE lot! Great location with easy access to schools, shopping, and major roadways offers the benefits of suburban living without sacrificing convenience. Great floorplan where family room, kitchen, and formal dining all flow easily together with stunning fireplace and soaring ceilings. Secondary bedrooms are all large and share a generously sized hallway bath. Primary suite is a true retreat with impressive tall ceiling and private bath with gorgeous custom tile work. Hard flooring throughout the home for easy cleaning and maintenance--NO CARPET. Newer roof, AC, water heater, and many windows replaced means you can just move in and add your personal touches. Oversized lot is a gardener's paradise with producing fruit trees, plum, 3x fig, apple, orange, lemon, lime, raised beds for tomatoes or any other veggie and a 500 square feet of butterfly garden. keep on the lookout for monarchs! NO FLOODING!

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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: Oakwood Glen West

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Oakwood Glen West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9592063

* 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
Ehrhardt Elementary School Primary Regular 691 46 7
Kleb Intermediate School Middle Regular 1,396 76 6
Klein High School High Regular 3,885 228 6

Ehrhardt Elementary School

  • Education Level: Primary
  • # of students: 691
  • # of teachers: 46
7
GreatSchools Rating

Kleb Intermediate School

  • Education Level: Middle
  • # of students: 1,396
  • # of teachers: 76
6
GreatSchools Rating

Klein High School

  • Education Level: High
  • # of students: 3,885
  • # of teachers: 228
6
GreatSchools Rating
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$816
Property Tax -$530
Property Insurance -$152
Property Management Fees -$99
CASH FLOW
$22

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.

$235,000

PROJECTED PRICE

$1,620

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 7.2%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$4,383

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,630

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5503$1,5504$1,6205$1,750
$1,750
RENT COMPS ANALYSIS
  • 7403 Songwind Lane Spring, TX 4
    • 4 beds 2 baths ∙ 1,852 Sqft ∙ Built 1982 4 beds 2 baths ∙ 1,852 Sqft ∙ Built 1982
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.87
    •  
  • 18602 Sweetjasmine Lane Spring, TX 1
    • 3 beds 2 baths ∙ 1,885 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,885 Sqft ∙ Built 1982
    property image
    LEASED 11/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.80
    •  
  • 17722 Mellow Ridge Drive Spring, TX 2
    • 3 beds 2 baths ∙ 1,668 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,668 Sqft ∙ Built 1984
    property image
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.93
    •  
  • 18519 Sweetjasmine Lane Spring, TX 3
    • 3 beds 2 baths ∙ 1,885 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,885 Sqft ∙ Built 1982
    property image
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.82
    •  
  • 8002 Goldengrove Drive Spring, TX 5
    • 4 beds 2 baths ∙ 1,806 Sqft ∙ Built 1982 4 beds 2 baths ∙ 1,806 Sqft ∙ Built 1982
    property image
    LEASED 02/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.97
    •  
PROPERTY LISTING DETAILS
Kristen Moquin
1.281.961.3370
Cb&a, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 33941097
Last Updated: 03/18/2021
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