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8927 Driftstone Drive Spring, TX 77379

3 Beds 3 Baths 1,790 sqft Built 1993

$199,999

List Price

$1,530

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $111.73
  • 3 Days on Market
  • MLS # : 55143416
  • Updated Date : 03/06/2021 at 14:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,790 sqft
  • Baths : 2 full , 1 half
Listing Agent

Bhgre Gary Greene

Listing Agent's Description

If you have always wanted to live in Klein ISD, this house is for you! Step inside and you will immediately start dreaming of ways to make this home your dream home!! The floor plan is wonderful with all bedrooms upstairs, along with the laundry room. The large eat-in kitchen is a bonus if you like to entertain. Your dreams will be cozy once you see the fireplace in the living room. New roof in 2020 and new HVAC in 2018. Vintage Park is around the corner too! Colony Creek Village is minutes from 249 and Grand Parkway 99 - in an excellent location! This home is priced to sell, so don't want. Schedule your private showing today! Investors welcome.

SEE MORE

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: 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 Unknown 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
 

$179,999$219,999$199,999

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$695
Property Tax -$420
Property Insurance -$148
HOA -$27
Property Management Fees -$99
CASH FLOW
$141

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.

$199,999

PROJECTED PRICE

$1,530

PROJECTED RENT

0.77%

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-$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$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$695

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $50,000
Loan Amount $149,999
See What Happens When You Reinvest Cash Flow

5.25

YEARS SAVED

$10,938

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,530

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,530

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,530
1$1,5302$1,6003$1,6504$1,6505$1,700
$1,700
RENT COMPS ANALYSIS
  • 8927 Driftstone Drive Spring, TX 1
    • 3 beds 3 baths ∙ 1,790 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,790 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.85
    •  
  • 9122 Elk Bend Drive Spring, TX 2
    • 3 beds 3 baths ∙ 1,899 Sqft ∙ Built 1982 3 beds 3 baths ∙ 1,899 Sqft ∙ Built 1982
    LEASED 10/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.84
    •  
  • 17214 Colony Creek Drive Spring, TX 3
    • 3 beds 2 baths ∙ 1,958 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,958 Sqft ∙ Built 1984
    LEASED 10/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.84
    •  
  • 17326 Harmony Hill Drive Spring, TX 4
    • 3 beds 2 baths ∙ 1,870 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,870 Sqft ∙ Built 1989
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.88
    •  
  • 9019 Driftstone Drive Spring, TX 5
    • 4 beds 2 baths ∙ 1,982 Sqft ∙ Built 1983 4 beds 2 baths ∙ 1,982 Sqft ∙ Built 1983
    LEASED 01/13/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.86
    •  
PROPERTY LISTING DETAILS
Amy Mauer
1.713.376.6484
Bhgre Gary Greene
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 55143416
Last Updated: 03/06/2021
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