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933 W 23rd Street Houston, TX 77008

3 Beds 4 Baths 2,261 sqft Built 2014

$440,000

List Price

$2,780

$2.5K - $3K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $194.60
  • 3 Days on Market
  • MLS # : 64375528
  • Updated Date : 02/05/2021 at 10:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,261 sqft
  • Baths : 3 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Wonderful 3 bedroom 3.5 bath home in the heart of Shady Acres! Walkable location with private driveway and sidewalk street! Beautiful, modern finishes throughout. The living room is light, and bright with a balcony overlooking the street. Very spacious second floor with the living room open to the dining area and kitchen - perfect for entertaining. Gourmet island kitchen has granite counters, stainless appliances, under cabinet lighting & plenty of cabinet space. Great floor plan with two bedrooms up and one down! Oversized master bedroom has plenty of space including a large walk-in closet. The updated master bath features granite counters, dual vanities, separate shower & soaking tub. Additional upgrades include beautiful hardwoods mostly throughout, neutral paint, and small gated patio. Central to Downtown and Galleria with easy access to major freeways, dining, shopping, & entertainment! Must See!

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: Shady Acres

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400kPrice in $99k436k

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

Neighborhood: Shady Acres

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100012001400160018002000220024002600Rent in $9692745

* 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
Sinclair Elementary School Primary Magnet 534 34 6
Hamilton Middle School Middle Magnet 1,248 64 6
Waltrip High School High Magnet 1,663 94 3

Sinclair Elementary School

  • Education Level: Primary
  • # of students: 534
  • # of teachers: 34
6
GreatSchools Rating

Hamilton Middle School

  • Education Level: Middle
  • # of students: 1,248
  • # of teachers: 64
6
GreatSchools Rating

Waltrip High School

  • Education Level: High
  • # of students: 1,663
  • # of teachers: 94
3
GreatSchools Rating
 

$396,000$484,000$440,000

PURCHASE PRICE

$2,502$3,058$2,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,780
EXPENSES Loan Payment -$1,528
Property Tax -$928
Property Insurance -$180
Property Management Fees -$99
CASH FLOW
$45

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.

$440,000

PROJECTED PRICE

$2,780

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 2.4%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$122,350

INVESTMENT

$122,350

Down Payment
$110,000
Rehab Estimate
$5,750
Closing Costs
$6,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,528

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $110,000
Loan Amount $330,000
See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$9,684

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,780

    LIST RENT
  • $1.23

    LIST RENT PER SQFT
  • $2,770

    COMP ESTIMATED VALUE
  • $1.23

    COMP AVG. RENT PER SQFT
Comps Range
$2,550
1$2,5502$2,7803$2,8004$2,8005$2,900
$2,900
RENT COMPS ANALYSIS
  • 933 W 23rd Street Houston, TX 2
    • 3 beds 4 baths ∙ 2,261 Sqft ∙ Built 2014 3 beds 4 baths ∙ 2,261 Sqft ∙ Built 2014
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,780
    • $1.23
    •  
  • 923a W 23rd Street Houston, TX 1
    • 3 beds 3 baths ∙ 2,061 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,061 Sqft ∙ Built 2005
    property image
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.24
    •  
  • 933 W 24th Street Houston, TX 3
    • 3 beds 4 baths ∙ 2,202 Sqft ∙ Built 2012 3 beds 4 baths ∙ 2,202 Sqft ∙ Built 2012
    property image
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.27
    •  
  • 948 W 24th Street Houston, TX 4
    • 3 beds 4 baths ∙ 2,328 Sqft ∙ Built 2014 3 beds 4 baths ∙ 2,328 Sqft ∙ Built 2014
    property image
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.20
    •  
  • 955 W 24th Street Houston, TX 5
    • 3 beds 4 baths ∙ 2,427 Sqft ∙ Built 2015 3 beds 4 baths ∙ 2,427 Sqft ∙ Built 2015
    property image
    LEASED 08/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.19
    •  
PROPERTY LISTING DETAILS
Amanda Ruchti
1.832.524.7637
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 #: 64375528
Last Updated: 02/05/2021
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