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8807 Driftstone Drive Spring, TX 77379

4 Beds 3 Baths 2,456 sqft Built 1992

$249,900

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $101.75
  • 19 Days on Market
  • MLS # : 18209613
  • Updated Date : 01/01/2021 at 18:46
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,456 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty Associates

Listing Agent's Description

This Wonderful 2 Story has the Master Down, Comes with a chimney, the updates made are: Exterior Siding was replaced for Cement boards, Interior fresh paint, New carpet, New Ceiling Fans in bedrooms, New Light Fixtures in baths and kitchen, Heater, A/C Condenser and Water Heater are only 1.5 yrs Old, den is wired for surround sound, marble entry, tile & wood downstairs, large patio out back.

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MARKET HIGHLIGHTS

  • 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)
  • Houston metro contributes to 29.5% of Texas state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Colony Creek Village

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Colony Creek Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9952063

* 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
Krahn Elementary School Primary Regular 741 48 8
Kleb Intermediate School Middle Regular 1,396 76 6
Klein Cain High School High Regular NA

Krahn Elementary School

  • Education Level: Primary
  • # of students: 741
  • # of teachers: 48
8
GreatSchools Rating

Kleb Intermediate School

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

Klein Cain High School

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

$224,910$274,890$249,900

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$868
Property Tax -$524
Property Insurance -$193
HOA -$27
Property Management Fees -$99
CASH FLOW
$8

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.

$249,900

PROJECTED PRICE

$1,720

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 6.9%
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$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$3,887

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,725

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,649
1$1,6492$1,7003$1,7204$1,7755$1,796
$1,796
RENT COMPS ANALYSIS
  • 8807 Driftstone Drive Spring, TX 3
    • 4 beds 3 baths ∙ 2,456 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,456 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.70
    •  
  • 17019 Lazy Hill Lane Spring, TX 1
    • 4 beds 3 baths ∙ 2,494 Sqft ∙ Built 1974 4 beds 3 baths ∙ 2,494 Sqft ∙ Built 1974
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,649
    • $0.66
    •  
  • 17326 Valley Palms Drive Spring, TX 2
    • 4 beds 3 baths ∙ 2,456 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,456 Sqft ∙ Built 1991
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.69
    •  
  • 9023 Southleigh Drive Spring, TX 4
    • 4 beds 3 baths ∙ 2,356 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,356 Sqft ∙ Built 1989
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.75
    •  
  • 17207 Lazy Hill Lane Spring, TX 5
    • 5 beds 3 baths ∙ 2,519 Sqft ∙ Built 1977 5 beds 3 baths ∙ 2,519 Sqft ∙ Built 1977
    LEASED 12/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,796
    • $0.71
    •  
PROPERTY LISTING DETAILS
Mauricio Zuniga
1.832.877.8925
Realty Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 18209613
Last Updated: 01/01/2021
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