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8435 Greenridge Manor Lane Spring, TX 77389

4 Beds 2 Baths 2,090 sqft Built 2013

$280,000

List Price

$2,000

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $133.97
  • 3 Days on Market
  • MLS # : 91627770
  • Updated Date : 03/13/2021 at 18:20
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,090 sqft
  • Baths : 2 full
Listing Agent

Champions Real Estate Group

Listing Agent's Description

Updated 4 bedroom one story located in Augusta Pines! Functional open floor plan great for entertaining. NO REAR NEIGHBORS, this home looks over a green space. Stained concrete floors, granite countertops, stainless steel appliances. Schedule your showing today as this one will go fast!

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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: Creekwood Acres

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Creekwood Acres

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10722063

* 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
Metzler Elementary School Primary Regular 873 53 8
Hofius Intermediate Middle Unknown NA
Klein Oak High School High Regular 3,883 230 7

Metzler Elementary School

  • Education Level: Primary
  • # of students: 873
  • # of teachers: 53
8
GreatSchools Rating

Hofius Intermediate

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

Klein Oak High School

  • Education Level: High
  • # of students: 3,883
  • # of teachers: 230
7
GreatSchools Rating
 

$252,000$308,000$280,000

PURCHASE PRICE

$1,800$2,200$2,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,000
EXPENSES Loan Payment -$973
Property Tax -$596
Property Insurance -$168
HOA -$75
Property Management Fees -$99
CASH FLOW
$89

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.

$280,000

PROJECTED PRICE

$2,000

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 3.8%
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$10k$12k

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$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$973

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $70,000
Loan Amount $210,000
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$7,994

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,986

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,9953$2,0004$2,1005$2,100
$2,100
RENT COMPS ANALYSIS
  • 8435 Greenridge Manor Lane Spring, TX 3
    • 4 beds 2 baths ∙ 2,090 Sqft ∙ Built 2013 4 beds 2 baths ∙ 2,090 Sqft ∙ Built 2013
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.96
    •  
  • 24027 Augusta Falls Lane Spring, TX 1
    • 4 beds 2 baths ∙ 2,054 Sqft ∙ Built 2012 4 beds 2 baths ∙ 2,054 Sqft ∙ Built 2012
    property image
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.88
    •  
  • 24515 Raven Cliff Falls Drive Tomball, TX 2
    • 3 beds 2 baths ∙ 2,182 Sqft ∙ Built 2014 3 beds 2 baths ∙ 2,182 Sqft ∙ Built 2014
    property image
    LEASED 12/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.91
    •  
  • 23927 Augusta Falls Lane Spring, TX 4
    • 4 beds 2 baths ∙ 2,052 Sqft ∙ Built 2012 4 beds 2 baths ∙ 2,052 Sqft ∙ Built 2012
    property image
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.02
    •  
  • 7411 Mustang Hill Lane Spring, TX 5
    • 4 beds 2 baths ∙ 2,127 Sqft ∙ Built 2014 4 beds 2 baths ∙ 2,127 Sqft ∙ Built 2014
    property image
    LEASED 02/25/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.99
    •  
PROPERTY LISTING DETAILS
Clark Mcfarland
1.936.537.6829
Champions Real Estate Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 91627770
Last Updated: 03/13/2021
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