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9602 Paloma Creek Drive Tomball, TX 77375

4 Beds 2 Baths 2,113 sqft Built 2017

$250,000

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

January 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $118.32
  • 6 Days on Market
  • MLS # : 84061847
  • Updated Date : 01/21/2021 at 22:40
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,113 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage, Llc

Listing Agent's Description

Built in 2017, this Tomball one-story home offers granite countertops, and a two-car garage. This home is vacant and cleaned regularly.

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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

Zip Code: 77375

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Zip Code: 77375

ZipNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10562063

* 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
Mahaffey Elementary Primary Regular NA
Hofius Intermediate Middle Regular NA
Klein Oak High School High Regular 3,883 230 7

Mahaffey Elementary

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Hofius Intermediate

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Klein Oak High School

  • Education Level: High
  • # of students: 3,883
  • # of teachers: 230
7
GreatSchools Rating
 

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

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$868
Property Tax -$553
Property Insurance -$166
HOA -$38
Property Management Fees -$99
CASH FLOW
$116

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

$1,840

PROJECTED RENT

0.74%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.87%
Appreciation Year (1-5) 6.2%
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$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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 55% 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

4.17

YEARS SAVED

$9,337

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,907

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,640
1$1,6402$1,7003$1,8404$1,8505$2,100
$2,100
RENT COMPS ANALYSIS
  • 9602 Paloma Creek Drive Tomball, TX 3
    • 4 beds 2 baths ∙ 2,113 Sqft ∙ Built 2017 4 beds 2 baths ∙ 2,113 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.87
    •  
  • 9603 Paloma Creek Drive Tomball, TX 1
    • 4 beds 2 baths ∙ 1,922 Sqft ∙ Built 2016 4 beds 2 baths ∙ 1,922 Sqft ∙ Built 2016
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,640
    • $0.85
    •  
  • 23006 Ari Creek Way Tomball, TX 2
    • 4 beds 2 baths ∙ 1,994 Sqft ∙ Built 2016 4 beds 2 baths ∙ 1,994 Sqft ∙ Built 2016
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.85
    •  
  • 10010 Red Tamarack Lane Tomball, TX 4
    • 3 beds 2 baths ∙ 1,936 Sqft ∙ Built 2018 3 beds 2 baths ∙ 1,936 Sqft ∙ Built 2018
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.96
    •  
  • 10007 Bitternut Hickory Lane Tomball, TX 5
    • 3 beds 3 baths ∙ 2,201 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,201 Sqft ∙ Built 2016
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.95
    •  
PROPERTY LISTING DETAILS
Feras Rachid
1.855.327.9361
Opendoor Brokerage, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 84061847
Last Updated: 01/21/2021
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