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906 Three Forks Drive Katy, TX 77450

3 Beds 2 Baths 1,107 sqft Built 1980

$175,000

List Price

$1,290

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $158.08
  • 2 Days on Market
  • MLS # : 53745818
  • Updated Date : 03/20/2021 at 17:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,107 sqft
  • Baths : 2 full
Listing Agent

Exp Realty, Llc

Listing Agent's Description

Immaculate, updated 3 bed, 2 bath home in Katy ISD. Home boasts an open floor plan w/wood floors throughout. Living room w/charming fireplace. The updated kitchen has ample cabinet & counter space. The large breakfast room will accommodate a 6 chair table. Master bed w/wood floors w/master ensuite bath that has been completely renovated with a HUGE stand-up shower, new fixtures, and MORE. Two secondary bedrooms w/wood floors share another updated full bath. Gorgeous screened-in tiled porch for family gatherings. HUGE backyard with a storage shed for all of your yard maintenance or storage needs. Zoned to amazing Katy ISD Schools and priced to sell!! Get out to see this home FAST before it's gone!

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: Silverstones

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300kPrice in $72k301k

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

Neighborhood: Silverstones

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8091867

* 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
Cimarron Elementary School Primary Regular 664 47 7
West Memorial Junior High School Middle Regular 756 53 6
Katy High School High Regular 3,065 176 7

Cimarron Elementary School

  • Education Level: Primary
  • # of students: 664
  • # of teachers: 47
7
GreatSchools Rating

West Memorial Junior High School

  • Education Level: Middle
  • # of students: 756
  • # of teachers: 53
6
GreatSchools Rating

Katy High School

  • Education Level: High
  • # of students: 3,065
  • # of teachers: 176
7
GreatSchools Rating
 

$157,500$192,500$175,000

PURCHASE PRICE

$1,161$1,419$1,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,290
EXPENSES Loan Payment -$608
Property Tax -$374
Property Insurance -$102
HOA -$31
Property Management Fees -$99
CASH FLOW
$76

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.

$175,000

PROJECTED PRICE

$1,290

PROJECTED RENT

0.74%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.99%
Appreciation Year (1-5) 4.0%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$52,125

INVESTMENT

$52,125

Down Payment
$43,750
Rehab Estimate
$5,750
Closing Costs
$2,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$608

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $43,750
Loan Amount $131,250
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$8,296

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,290

    LIST RENT
  • $1.17

    LIST RENT PER SQFT
  • $1,187

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,290
1$1,2902$1,4753$1,4754$1,4955$1,550
$1,550
RENT COMPS ANALYSIS
  • 906 Three Forks Drive Katy, TX 1
    • 3 beds 2 baths ∙ 1,107 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,107 Sqft ∙ Built 1980
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $1.17
    •  
  • 1006 Grand Junction Drive Katy, TX 2
    • 3 beds 2 baths ∙ 1,381 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,381 Sqft ∙ Built 1978
    property image
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.07
    •  
  • 22023 Singing Spurs Drive Katy, TX 3
    • 3 beds 2 baths ∙ 1,381 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,381 Sqft ∙ Built 1978
    property image
    LEASED 01/16/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.07
    •  
  • 946 Three Forks Drive Katy, TX 4
    • 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1980
    property image
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.07
    •  
  • 1006 Golden Nugget Court Katy, TX 5
    • 3 beds 2 baths ∙ 1,436 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,436 Sqft ∙ Built 1979
    property image
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.08
    •  
PROPERTY LISTING DETAILS
Mary Watts
1.832.331.4209
Exp Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 53745818
Last Updated: 03/20/2021
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