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Lot 7 Palmdate Montgomery, TX 77316

3 Beds 2 Baths 1,100 sqft Built 2021

$147,900

List Price

$1,180

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
Built 2021 NEW CONSTRUCTION
SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $134.45
  • 3 Days on Market
  • MLS # : 91368848
  • Updated Date : 03/05/2021 at 15:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,100 sqft
  • Baths : 2 full
Listing Agent

Re/max Signature

Listing Agent's Description

Should be framed and sheet rocked soon. Beautiful new construction single story home! Hurry to see this one that offers an open concept living area with high ceilings, spacious kitchen w/double sinks, ceiling fans in living and bedrooms. The kitchen comes standard with Granite counters and beautiful cabinetry. Also includes LED lights, spacious pantry and stainless steel appliances! The bedrooms are a split plan allowing for a private primary suite. Luxurious primary bath features oversized shower, granite counters, stylish faucets and light fixtures. Flex room off the primary suite is great for a nursery, study, or exercise room, you decide. Lastly enjoy morning coffee on the covered front or back patio! Within minutes to Lake Conroe and all it has to offer: Golf, restaurants, shopping, medical facilities, water sports plus the acclaimed Montgomery School ISD. Call today for a private showing, you will not be disappointed! Photos of ongoing construction coming soon!

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: Lake Conroe Village

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $62k298k

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

Neighborhood: Lake Conroe Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800100012001400160018002000Rent in $6112163

* 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
Stewart Creek Elementary School Primary Regular 777 46 7
Oak Hills Junior High School Middle Regular NA
Lake Creek High School High Regular NA

Stewart Creek Elementary School

  • Education Level: Primary
  • # of students: 777
  • # of teachers: 46
7
GreatSchools Rating

Oak Hills Junior High School

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

Lake Creek High School

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

$133,110$162,690$147,900

PURCHASE PRICE

$1,062$1,298$1,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,180
EXPENSES Loan Payment -$514
Property Tax -$246
Property Insurance -$91
HOA -$33
Property Management Fees -$99
CASH FLOW
$197

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$147,900

PROJECTED PRICE

$1,180

PROJECTED RENT

0.80%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 3.5%
Maintenance Year (1-5) 3.00%
Vacancy 8.80%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k$300k$350k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$41,194

INVESTMENT

$41,194

Down Payment
$36,975
Rehab Estimate
$2,000
Closing Costs
$2,219

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$514

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $36,975
Loan Amount $110,925
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$21,120

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,180

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $1,174

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,180
1$1,1802$1,1993$1,2004$1,2505$1,375
$1,375
RENT COMPS ANALYSIS
  • Lot 7 Palmdate Montgomery, TX 1
    • 3 beds 2 baths ∙ 1,100 Sqft ∙ Built 2021 3 beds 2 baths ∙ 1,100 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,180
    • $1.07
    •  
  • 16918 W Alderson Montgomery, TX 2
    • 3 beds 2 baths ∙ 1,012 Sqft ∙ Built 2019 3 beds 2 baths ∙ 1,012 Sqft ∙ Built 2019
    property image
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,199
    • $1.18
    •  
  • 16697 E Hammon Montgomery, TX 3
    • 3 beds 3 baths ∙ 1,240 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,240 Sqft ∙ Built 2017
    property image
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.97
    •  
  • 115 Delaware Drive Conroe, TX 4
    • 3 beds 2 baths ∙ 1,131 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,131 Sqft ∙ Built 2004
    property image
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.11
    •  
  • 318 Somerset Road Conroe, TX 5
    • 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 2004
    property image
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $1.01
    •  
PROPERTY LISTING DETAILS
Estella Dawson
1.281.782.5950
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 #: 91368848
Last Updated: 03/05/2021
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