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987 Oak Lynn Drive Willis, TX 77378

3 Beds 3 Baths 2,310 sqft Built 2004

$242,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $104.76
  • 2 Days on Market
  • MLS # : 44855091
  • Updated Date : 07/12/2021 at 16:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,310 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Signature

Listing Agent's Description

You’ll love this beautiful 2 story home located in a quiet cul-de-sac with convenient access to schools and I-45! Amazing yard with deck, raised bed gardens, utility shed, and even a private gate to the community park! Versatile floor plan includes fully interchangeable formal living/dining rooms, a breakfast nook, and generous loft. New AC condenser, attic spray foam insulation, and several replaced windows will help to keep your cooling costs down. This home also offers complete rain gutters with leaf guards, whole-house water filtration, partial new fencing, updates to bathrooms and lighting, and lots of storage! Come make it yours today!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 77378

ZipNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220kPrice in $70k222k

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

Zip Code: 77378

ZipNIR Market*CityMarket2010Year20002019 Q27008009001000110012001300140015001600Rent in $6991677

* 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
A.r. Turner Elementary School Primary Regular 574 32 7
Robert P. Brabham Middle School Middle Regular 791 43 5
Willis High School High Regular 1,944 117 4

A.r. Turner Elementary School

  • Education Level: Primary
  • # of students: 574
  • # of teachers: 32
7
GreatSchools Rating

Robert P. Brabham Middle School

  • Education Level: Middle
  • # of students: 791
  • # of teachers: 43
5
GreatSchools Rating

Willis High School

  • Education Level: High
  • # of students: 1,944
  • # of teachers: 117
4
GreatSchools Rating
 

$217,800$266,200$242,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$841
Property Tax -$428
Property Insurance -$160
HOA -$27
Property Management Fees -$99
CASH FLOW
$194

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.

$242,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.99%
Appreciation Year (1-5) 7.3%
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$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$69,880

INVESTMENT

$69,880

Down Payment
$60,500
Rehab Estimate
$5,750
Closing Costs
$3,630

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$841

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $60,500
Loan Amount $181,500
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$19,738

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,779

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5503$1,6504$1,7505$1,750
$1,750
RENT COMPS ANALYSIS
  • 987 Oak Lynn Drive Willis, TX 5
    • 3 beds 3 baths ∙ 2,310 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,310 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.76
    •  
  • 995 Oak Falls Drive Conroe, TX 1
    • 3 beds 3 baths ∙ 2,016 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,016 Sqft ∙ Built 2004
    LEASED 03/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.74
    •  
  • 998 Oak Falls Drive Willis, TX 2
    • 3 beds 2 baths ∙ 2,018 Sqft ∙ Built 2004 3 beds 2 baths ∙ 2,018 Sqft ∙ Built 2004
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.77
    •  
  • 975 Oak Falls Drive Conroe, TX 3
    • 4 beds 3 baths ∙ 1,985 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,985 Sqft ∙ Built 2006
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.83
    •  
  • 950 Oak Glen Drive Willis, TX 4
    • 4 beds 3 baths ∙ 2,378 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,378 Sqft ∙ Built 2013
    LEASED 05/29/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.74
    •  
PROPERTY LISTING DETAILS
Mustafa Faiz
1.281.886.8242
Re/max Signature
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
Houston Association of Realtors Multiple Listing Service ( HARMLS)
MLS #: 44855091
Last Updated: 07/12/2021
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