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8931 Driftstone Drive Spring, TX 77379

4 Beds 3 Baths 2,371 sqft Built 1993

$250,000

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

January 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $105.44
  • 5 Days on Market
  • MLS # : 57640888
  • Updated Date : 01/13/2021 at 15:35
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,371 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

The spacious and renovated four-bedroom home located in Colony Creek Village community, with the low tax rate, and low annual maintenance fees. This friendly community offers a clubhouse, walking path, pool, playground, and lighted tennis courts for your enjoyment. Just minutes from Vintage Park, 249 and 99. Shopping, Restaurants, and Entertainment venues are just around the corner. Zoned to Klein ISD for the exceptional learning experience. Features of the home include a formal dining and living room with fireplace, laminate and tile floors. The primary bedroom offers a relaxing spa tub and separate shower. No Flood. The spacious backyard on a private corner lot. Schedule your in-person or virtual 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: 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
 

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

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 -$525
Property Insurance -$187
HOA -$27
Property Management Fees -$99
CASH FLOW
$13

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

$1,720

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$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 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 $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$4,121

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
  • $0.73

    LIST RENT PER SQFT
  • $1,719

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,575
1$1,5752$1,7003$1,7204$1,7505$1,775
$1,775
RENT COMPS ANALYSIS
  • 8931 Driftstone Drive Spring, TX 3
    • 4 beds 3 baths ∙ 2,371 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,371 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.73
    •  
  • 9311 Wallingham Drive Spring, TX 1
    • 4 beds 2 baths ∙ 2,282 Sqft ∙ Built 1985 4 beds 2 baths ∙ 2,282 Sqft ∙ Built 1985
    LEASED 11/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.69
    •  
  • 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
    •  
  • 17004 Highworth Drive Spring, TX 4
    • 4 beds 3 baths ∙ 2,285 Sqft ∙ Built 1985 4 beds 3 baths ∙ 2,285 Sqft ∙ Built 1985
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.77
    •  
  • 9023 Southleigh Drive Spring, TX 5
    • 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
    •  
PROPERTY LISTING DETAILS
Claudia Da Silva
1.281.898.8337
Coldwell Banker Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 57640888
Last Updated: 01/13/2021
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