6830 Bethune Drive Houston, TX 77091
$264,900 | 3 Bedrooms | 3 Bathrooms | 5.0% Cap Rate
I'm Interested in this Property
Listing Description
Listing: Awning - Redfin - Zillow
Luxurious and Captivating: Discover a Brand-New 3-Bedroom Home in the Coveted Neighborhood of Carver Estates, Houston, TX!
Immerse yourself in the epitome of modern living with this stunning, never-lived-in 3-bedroom, 3-bathroom home located in the highly sought-after Carver Estates neighborhood. Boasting an impressive 1,538 square feet of living space, this immaculate property offers an extraordinary opportunity for rental investors looking to make a mark in the thriving Houston real estate market.
Step inside and be instantly greeted by an ambiance of sophistication and elegance. The open and spacious floor plan seamlessly blends style and functionality, creating an inviting atmosphere for both residents and guests. The interior features high-end finishes, tasteful design elements, and an abundance of natural light, enhancing the overall allure of this exceptional home.
The thoughtfully designed kitchen is a chef's dream, complete with modern appliances, ample counter space, and sleek cabinetry. Whether you're hosting a dinner party or enjoying a cozy meal with loved ones, this culinary haven is perfect for creating culinary masterpieces and unforgettable memories.
The bedrooms are generously sized, offering a tranquil retreat for rest and relaxation. The primary suite is a true oasis, featuring a lavish en-suite bathroom and a spacious walk-in closet, providing the ultimate in comfort and convenience.
This property is move-in ready, requiring no renovations. With meticulous attention to detail and the use of top-quality materials, the home exudes a sense of luxury and sophistication that is sure to impress even the most discerning of residents.
Carver Estates is renowned for its desirable location and thriving community. Enjoy easy access to N. Shepherd, Little York, and West Montgomery, providing convenient proximity to a plethora of dining, shopping, and entertainment options. Additionally, the neighborhood boasts a B- overall Niche grade, indicating its desirability as a place to live.
As a rental investor, the potential for long-term success is promising. With an estimated monthly rent of $2,170 and an impressive 10-year return of 16.8% per year, this property presents a lucrative investment opportunity. Plus, the area's overall Niche school grade of C+ ensures that families will be drawn to this neighborhood.
Investment Financials
How much does the home cost?
$264,900
How much will it earn in rent?
$2,170 per month
How much will it cost to renovate?
The 6830 Bethune Drive home in Carver Estates, Houston, is move-in ready and does not require any renovations. The property has been thoroughly reviewed by the Awning team, and no renovation costs are anticipated. However, a small budget of $1,500 has been allocated for minor touch-ups, if needed. This means you can immediately start generating rental income without the hassle or additional expense of renovations.
How much cash can you take home in the first year?
In the first year, the estimated cash flow for the 6830 Bethune Drive property is -$1,060. This calculation takes into account the operating income of $25,259 and subtracts the operating expenses of $11,879, which includes property tax, insurance, repairs/maintenance, property management, and other costs. The negative cash flow indicates that the expenses outweigh the income in the first year. However, it's important to note that these figures are based on estimates and can vary depending on factors such as rental rates, vacancy rates, and operating expenses. It's advisable to consult with a financial advisor or real estate professional to get a more accurate projection based on your specific circumstances.
What is the cap rate for this property?
The estimated cap rate for this property is 5.0%.
All of the cap rates and returns for this property are estimates and are not intended as a guarantee of income or returns. Every investment has risks. It's important to discuss any investment, returns, regulations, laws and projections with a financial advisor, attorney or another fiduciary.
Why People Rent In Houston, Texas
Where is Houston, Texas?
Houston is located in the southeastern part of the state of Texas, in the United States. It is the largest city in Texas and the fourth-largest city in the country. Situated near the Gulf of Mexico, Houston is in Harris County and serves as the county seat. The city is known for its diverse population, vibrant cultural scene, and thriving industries such as energy, healthcare, and aerospace. Houston is approximately 165 miles southeast of Austin, the state capital, and about 50 miles northwest of the Gulf Coast.
What companies are the major employers in and around Houston, Texas?
- Energy Sector: Houston is often referred to as the "Energy Capital of the World" due to its significant presence in the energy industry. Major energy companies based in Houston include Chevron, ExxonMobil, Shell, BP America, ConocoPhillips, and Halliburton.
- Healthcare: The healthcare sector is robust in Houston, with several renowned hospitals and medical centers. Prominent healthcare employers include the Texas Medical Center, Memorial Hermann Health System, Houston Methodist, and MD Anderson Cancer Center.
- Aerospace and Aviation: Houston is home to the Lyndon B. Johnson Space Center, which serves as NASA's headquarters for human spaceflight. The center employs a significant number of scientists, engineers, and support staff. Additionally, companies like Boeing, Lockheed Martin, and United Airlines have a strong presence in the area.
- Technology: The technology sector is growing in Houston, with companies such as Hewlett Packard Enterprise, Microsoft, and Amazon expanding their operations in the region. Houston also has a thriving startup ecosystem and is known for its innovation in various technology fields.
- Manufacturing and Petrochemicals: Houston has a robust manufacturing and petrochemical industry. Major employers in this sector include Dow Chemical, BASF, LyondellBasell, and Schlumberger.
- Financial Services: Houston has a significant presence of financial institutions, including JPMorgan Chase, Wells Fargo, Bank of America, and BBVA. The city also houses the Federal Reserve Bank of Dallas - Houston Branch.
- Retail and Consumer Goods: Retail giants like Walmart, Kroger, H-E-B, and Target have a strong presence in Houston, providing employment opportunities across the retail sector.
What are the demographics of Houston, Texas?
As of 2020, Houston, Texas has a population of approximately 2.3 million people. The city, the largest by both population and area in the state of Texas, has experienced steady growth since the mid-20th century. Originally a predominantly non-Hispanic white city, Houston has since transformed into a majority-minority city due to significant immigration from Latin America, Africa, and Asia.
In terms of racial and ethnic composition, Houston's population is diverse. As of 2020, Hispanics or Latinos of any race represent 44.0% of the population, followed by Non-Hispanic Whites at 23.7%, Black or African Americans at 22.1%, and Asians at 7.1%. This diversity has led to Houston being described as one of the most diverse places in the United States.
What is the Niche neighborhood grade and school grade in Houston, Texas?
Houston, Texas, recognized by Niche as one of the finest places to live in the state, is home to various neighborhoods and schools each rated using different factors. For comprehensive grading on neighborhoods in Houston, Niche's website can be utilized by searching each one individually. Similarly, Niche grades school districts on parameters like state test scores, graduation rates, and teacher quality.
Specifically, The Woodlands, a vibrant neighborhood within the Houston metro area with a population of 115,716, is noted for its excellent public schools. However, the precise Niche grade for this area wasn't provided. To determine its score, a direct search for The Woodlands on Niche's website would be needed.
In addition, while Niche provides in-depth reviews for public schools in Houston, factoring in aspects like academics and diversity, there isn't an overall Niche grade for Houston schools. The top-graded school was found in The Woodlands, earning an A+.
What is the property tax rate in Houston, Texas?
As of now, the property tax rate in Houston, Texas is $0.587995 per $100 of assessed property value. However, there has been a recent proposal to lower the tax rate to $0.567920 per $100.
How many rental listings and vacancies are in Houston, Texas?
Zillow, a popular real estate website, currently has 2,258 single-family rental listings in Houston, TX. This indicates that there are a significant number of rental options available in the area.
Regarding rental vacancy rates, the rental vacancy rate in Houston peaked at 13.76% in 2010 and has since fallen to 8.59%. It should be noted that this data is specific to Houston and covers the period from 2005 onwards. The rental vacancy rate experienced a post-peak low of 6.46% in 2015 before increasing by 2.13%. However, it is important to note that the specific number of rental vacancies in Houston is not provided in the given search results.
On a broader scale, as of the end of 2022Q3, the statewide rental vacancy rate in Texas was 8.1%, which is 35.0% above the national average. The rental vacancy rate in Texas has decreased by 1.22% year over year. Between 2022Q2 and 2022Q3, Texas experienced a 9.46% increase in rental vacancies. Furthermore, from 2015 to 2020, the rental vacancy rate in Texas declined by 8.79%. However, these figures do not provide specific data solely for Houston.
What's the average rent in Houston, Texas?
As of May 2023, the average rent in Houston, Texas was $1,256 per month.
From Listing to Rental
- Place an offer on this property: If you want help finding the best representation, simply submit your information by pressing "I'm Interested in this Property"
- Close on the property: Closing on this property should be simple. An agent will help you review the contract and confirm that everything in the inspection report makes this a good deal.
- Hire a property manager to manage your property: If you choose to use Property Management we can help you select the best service and get you a deal on management in the area.
