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7423 Durango Creek Drive Magnolia, TX 77354

4 Beds 2 Baths 2,192 sqft Built 2013

$250,000

List Price

$1,810

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 2013
  • Price/Sqft : $114.05
  • 5 Days on Market
  • MLS # : 24045359
  • Updated Date : 11/05/2020 at 09:40
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,192 sqft
  • Baths : 2 full
Listing Agent

Martha Turner Sotheby's

Listing Agent's Description

Welcome to this fabulous, one-owner home that has been loved and well maintained. This one-story has ample space for your growing family with a study, formal dining and kitchen/breakfast area that is open to the living room. It is a very open and spacious floor plan that serves well for entertaining. It is centrally located on the new side of Magnolia and close to all the neighboring towns with a short drive to I45. The private backyard has no back neighbors and a covered porch. Don't miss seeing this adorable home, schedule a showing today.

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: Durango Creek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Durango Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9122063

* 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
Bear Branch Elementary School Primary Regular 646 39 7
Bear Branch Junior High School Middle Regular 977 51 7
Magnolia High School High Regular 1,794 118 7

Bear Branch Elementary School

  • Education Level: Primary
  • # of students: 646
  • # of teachers: 39
7
GreatSchools Rating

Bear Branch Junior High School

  • Education Level: Middle
  • # of students: 977
  • # of teachers: 51
7
GreatSchools Rating

Magnolia High School

  • Education Level: High
  • # of students: 1,794
  • # of teachers: 118
7
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,629$1,991$1,810

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,810
EXPENSES Loan Payment -$922
Property Tax -$440
Property Insurance -$154
HOA -$37
Property Management Fees -$99
CASH FLOW
$158

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.

$250,000

PROJECTED PRICE

$1,810

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 2.2%
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-$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$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$17,211

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,810

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,819

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,700
1$1,7002$1,7903$1,8104$1,9005$2,000
$2,000
RENT COMPS ANALYSIS
  • 7423 Durango Creek Drive Magnolia, TX 3
    • 4 beds 2 baths ∙ 2,192 Sqft ∙ Built 2013 4 beds 2 baths ∙ 2,192 Sqft ∙ Built 2013
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,810
    • $0.83
    •  
  • 7266 Basque Country Drive Magnolia, TX 1
    • 4 beds 3 baths ∙ 2,243 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,243 Sqft ∙ Built 2014
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.76
    •  
  • 7203 Basque Country Drive Magnolia, TX 2
    • 4 beds 2 baths ∙ 2,098 Sqft ∙ Built 2014 4 beds 2 baths ∙ 2,098 Sqft ∙ Built 2014
    property image
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $0.85
    •  
  • 7419 Casita Drive Magnolia, TX 4
    • 4 beds 2 baths ∙ 2,192 Sqft ∙ Built 2013 4 beds 2 baths ∙ 2,192 Sqft ∙ Built 2013
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.87
    •  
  • 7226 Alava Drive Magnolia, TX 5
    • 4 beds 3 baths ∙ 2,392 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,392 Sqft ∙ Built 2014
    property image
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.84
    •  
PROPERTY LISTING DETAILS
Marla Bailey
1.713.705.6150
Martha Turner Sotheby's
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 24045359
Last Updated: 11/05/2020
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