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8842 Iron Springs Drive Houston, TX 77034

3 Beds 3 Baths 1,530 sqft Built 2000

$185,000

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $120.92
  • 2 Days on Market
  • MLS # : 31895317
  • Updated Date : 01/02/2021 at 17:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,530 sqft
  • Baths : 2 full , 1 half
Listing Agent

Absolute Realty Group Inc.

Listing Agent's Description

BRAND NEW ROOF ! Welcome to this warm Family Dwelling! MOVE IN READY! NEVER FLOOD! This 3 bedrooms, 2.5 baths is nested in a QUIET neighborhood. This house features great floor plan, living dining combo, kitchen breakfast combo, and the utility room located in house. Master bed with robe and ensuite.Clear back yard with a patio makes a great area for gatherings. SCHEDULE YOUR SHOWING TODAY.

SEE MORE

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: Tierra Park

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $74k222k

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

Neighborhood: Tierra Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8731677

* 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
Genoa Elementary School Primary Regular 776 50 3
Elmer G Bondy Intermediate School Middle Regular 998 59 8
Pasadena Memorial High School High Regular 3,121 177 5

Genoa Elementary School

  • Education Level: Primary
  • # of students: 776
  • # of teachers: 50
3
GreatSchools Rating

Elmer G Bondy Intermediate School

  • Education Level: Middle
  • # of students: 998
  • # of teachers: 59
8
GreatSchools Rating

Pasadena Memorial High School

  • Education Level: High
  • # of students: 3,121
  • # of teachers: 177
5
GreatSchools Rating
 

$166,500$203,500$185,000

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$683
Property Tax -$388
Property Insurance -$131
HOA -$21
Property Management Fees -$99
CASH FLOW
$99

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$185,000

PROJECTED PRICE

$1,420

PROJECTED RENT

0.77%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.99%
Appreciation Year (1-5) 8.6%
Maintenance Year (1-5) 8.00%
Vacancy 8.01%
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

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$54,775

INVESTMENT

$54,775

Down Payment
$46,250
Rehab Estimate
$5,750
Closing Costs
$2,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$683

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $46,250
Loan Amount $138,750
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$12,156

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,423

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,420
1$1,4202$1,4503$1,5004$1,5205$1,550
$1,550
RENT COMPS ANALYSIS
  • 8842 Iron Springs Drive Houston, TX 1
    • 3 beds 3 baths ∙ 1,530 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,530 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.93
    •  
  • 9043 Wald Road Houston, TX 2
    • 3 beds 2 baths ∙ 1,620 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,620 Sqft ∙ Built 2002
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.90
    •  
  • 11519 Tierra Ridge Court Houston, TX 3
    • 3 beds 3 baths ∙ 1,505 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,505 Sqft ∙ Built 2005
    LEASED 12/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.00
    •  
  • 11302 Palmsprings Drive Houston, TX 4
    • 3 beds 3 baths ∙ 1,673 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,673 Sqft ∙ Built 2003
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $0.91
    •  
  • 11706 Dumas Street Houston, TX 5
    • 3 beds 3 baths ∙ 1,698 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,698 Sqft ∙ Built 2006
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.91
    •  
PROPERTY LISTING DETAILS
Andrew Nguyen
1.281.975.7766
Absolute Realty Group Inc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 31895317
Last Updated: 01/02/2021
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