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945 W 21st Street Houston, TX 77008

3 Beds 3 Baths 2,089 sqft Built 2006

INVESTimate

$345,000

List Price

$2,380

$2,142 - $2,618

Rent Est.

$353,108  ( +2.35%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2006
  • Price/Sqft : $165.15
  • 9 Days on Market
  • MLS # : 49410756
  • Updated Date : 08/18/2020 at 11:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,089 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Metro

Listing Agent's Description

DON'T WALK RUN!!! to view this beautiful 3-story home located in the desirable gated community Contemporary Heights situated on a corner lot! This gem boast 3 bedrooms, 2.5 baths with 2,100 sqft of living space. The completely updated kitchen features crisp clean white quartz counter tops, deep blue cabinets with sleek chrome hardware that accent the stainless steel appliances. The main living space offers fabulous wood floors while the open floor plan delivers a spacious living/dinning room area and the towering ceilings create an even more spacious feeling. Recently painted inside and out, this home provides a very well maintained and clean look. The master suite is located on the third floor along with the third bedroom and a great office nook just off the stairway. The large master suite features a unique vaulted ceiling and a wonderful window that floods the room with natural light. AC was replaced in 2016!

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
 

$310,500$379,500$345,000

PURCHASE PRICE

$2,142$2,618$2,380

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

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$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,380
EXPENSES Loan Payment -$1,273
Property Tax -$728
Property Insurance -$168
Property Management Fees -$99
CASH FLOW
$112

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.

$345,000

PROJECTED PRICE

$2,380

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 2.35%
Maintenance Year (1-5) 8.00%
Vacancy 9.28%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,175

INVESTMENT

$97,175

Down Payment
$86,250
Rehab Estimate
$5,750
Closing Costs
$5,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,273

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $86,250
Loan Amount $258,750
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$14,767

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,380

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $2,522

    COMP ESTIMATED VALUE
  • $1.21

    COMP AVG. RENT PER SQFT
Comps Range
$2,380
1$2,3802$2,4003$2,5004$2,5505$2,700
$2,700
RENT COMPS ANALYSIS
  • 945 W 21st Street Houston, TX 1
    • 3 beds 3 baths ∙ 2,089 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,089 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,380
    • $1.14
    •  
  • 2018 Beall Street Houston, TX 2
    • 3 beds 4 baths ∙ 2,061 Sqft ∙ Built 2013 3 beds 4 baths ∙ 2,061 Sqft ∙ Built 2013
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.16
    •  
  • 1046 W 23rd Street Houston, TX 3
    • 3 beds 3 baths ∙ 2,062 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,062 Sqft ∙ Built 2008
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.21
    •  
  • 2010 Beall Street Houston, TX 4
    • 3 beds 4 baths ∙ 2,061 Sqft ∙ Built 2013 3 beds 4 baths ∙ 2,061 Sqft ∙ Built 2013
    LEASED 01/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.24
    •  
  • 1025 W 21st Street Houston, TX 5
    • 3 beds 4 baths ∙ 2,210 Sqft ∙ Built 2012 3 beds 4 baths ∙ 2,210 Sqft ∙ Built 2012
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.22
    •  
PROPERTY LISTING DETAILS
Joshua Hill
1.713.628.7956
Re/max Metro
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 49410756
Last Updated: 08/18/2020
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