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922 Armada Drive Houston, TX 77091

3 Beds 2 Baths 1,422 sqft Built 1998

$169,000

List Price

$1,250

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $118.85
  • 33 Days on Market
  • MLS # : 65354570
  • Updated Date : 11/28/2020 at 10:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,422 sqft
  • Baths : 1 full , 1 half
Listing Agent

Neighborhood & Commercial Reo

Listing Agent's Description

Wow! THE HOME HAS A ADDITIONAL LARGE LOT! THIS FAMILY HOME HAS A NICE SIZE KITCHEN AND LIVING AREA. NICE HOME TO ENJOY FRIENDS AND FAMILY. GREAT LOCATION CLOSE TO MAJOR HIGHWAYS, GROCERY STORES, AND SHOPPING.

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: Acres Home

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220kPrice in $55k222k

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

Neighborhood: Acres Home

NeighborhoodNIR Market*CityMarket2010Year20002019 Q27008009001000110012001300140015001600Rent in $6911677

* 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
Highland Heights Elementary School Primary Charter 567 32 1
Williams Middle School Middle Magnet 533 33 2
Washington High School High Magnet 707 48 2

Highland Heights Elementary School

  • Education Level: Primary
  • # of students: 567
  • # of teachers: 32
1
GreatSchools Rating

Williams Middle School

  • Education Level: Middle
  • # of students: 533
  • # of teachers: 33
2
GreatSchools Rating

Washington High School

  • Education Level: High
  • # of students: 707
  • # of teachers: 48
2
GreatSchools Rating
 

$152,100$185,900$169,000

PURCHASE PRICE

$1,125$1,375$1,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,250
EXPENSES Loan Payment -$624
Property Tax -$356
Property Insurance -$123
Property Management Fees -$99
CASH FLOW
$48

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.

$169,000

PROJECTED PRICE

$1,250

PROJECTED RENT

0.74%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.99%
Appreciation Year (1-5) 3.7%
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$50k$100k$150k$200k$250k$300k$350k$400k$450k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$50,535

INVESTMENT

$50,535

Down Payment
$42,250
Rehab Estimate
$5,750
Closing Costs
$2,535

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$624

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $42,250
Loan Amount $126,750
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$8,047

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,250

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,379

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,2503$1,2754$1,3505$1,400
$1,400
RENT COMPS ANALYSIS
  • 922 Armada Drive Houston, TX 2
    • 3 beds 2 baths ∙ 1,422 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,422 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.88
    •  
  • 6526 Cohn Street Houston, TX 1
    • 3 beds 2 baths ∙ 1,272 Sqft ∙ Built 2012 3 beds 2 baths ∙ 1,272 Sqft ∙ Built 2012
    property image
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.98
    •  
  • 6533 Apollo Street Houston, TX 3
    • 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,416 Sqft ∙ Built 2008
    property image
    LEASED 07/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.90
    •  
  • 5310 Creekmont Trace Lane Houston, TX 4
    • 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 2005
    property image
    LEASED 03/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.04
    •  
  • 6528 Utah Street Houston, TX 5
    • 3 beds 2 baths ∙ 1,453 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,453 Sqft ∙ Built 2013
    property image
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.96
    •  
PROPERTY LISTING DETAILS
Ronald Hood
1.713.826.6293
Neighborhood & Commercial Reo
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 65354570
Last Updated: 11/28/2020
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