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$385,000

Sale Pending
7115 Iris Grove Ln, Richmond, TX 77407
4 Beds
0 Baths
2,024 Square Feet
0.00 Acres Lot
Built in 2018
Sale Pending
Units n/a
Checked: 13 hours ago
Updated: May 28, 2025 at 03:19AM

Investment Summary


Monthly Cash Flow
-$1,230
Cap Rate
2.4%
Cash-on-Cash Return
-16.7%
Debt Coverage Ratio
0.39
Internal Rate of Return (5 years)
-12.1%

Property Description


0.00 Acres Lot
Built in 2018
Sale Pending
Units n/a

WELCOME to this beautiful Lakeview Home!! This one story open floor plan features 4 bedrooms, 2 bathrooms , formal dining area,an open concept kitchen and living room area. Washer, Dryer and Fridge are included. Located in the desirable neighborhood of Lakeview Retreat, relax in the amazing backyard with breathtaking views of the lake. Ideally located near Westpark tollway, Highway 99 and FM 1464. This well maintained house is ready for you to call it HOME!!

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Location


Property Details


Parking

  • Description: Attached Garage
  • Details: Attached
  • Garage Spaces: 2
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 4

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 0.0

Interior Features

  • # of Rooms: 4
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Brick Veneer
  • Foundation: Slab
  • Roof Material: Composition

HOA

  • Has HOA: Yes
  • HOA Fee: $950/annually

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 4757010010050907
  • Lot Size: 0 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Contemporary/Modern
  • Year Built: 2018

Tax Information

  • Annual Tax: $10,324

Utilities

  • Heating: Electric, Central
  • Cooling: Central Air

Location

  • County: Fort Bend

Listing Details


Listed by:
Vanessa Pimentel
CB&A, Realtors-Katy
(832) 267-0133

Source:
Houston Association of REALTORS
MLS#: 6974202
Houston Association of REALTORS

Investment Summary


Monthly Cash Flow
-$1,230
Cap Rate
2.4%
Cash-on-Cash Return
-16.7%
Debt Coverage Ratio
0.39
Internal Rate of Return (5 years)
-12.1%

Purchase Details

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Purchase price:
$385,000
Amount financed:
-$308,000
Down payment:
$77,000
Closing costs:
$11,550
Rehab costs:
$0
Initial cash invested:
$88,550
Square feet:
2,024
Cost per square foot:
$190
Monthly rent per square foot:
$1.24

Financing Details

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Loan amount:
$308,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.840%
Principal & interest:
$2,016
Property tax:
$860
Insurance:
$175
Private mortgage insurance (PMI):
$0
Monthly payment:
$3,051

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,500 $30,000
Vacancy loss: (6%)
6% -$150 -$1,800
Operating income:
$2,350 $28,200

Operating Expenses


% Rent Monthly Yearly
Property taxes: (34%)
34%-$860-$10,324
Insurance: (7%)
7%-$175-$2,100
Property management: (8%)
8%-$200-$2,400
Repairs & maintenance: (5%)
5%-$125-$1,500
Capital expenditures: (5%)
5%-$125-$1,500
HOA fees: (3%)
3%-$79-$948
Total operating expenses: (63%)
63%-$1,564-$18,772

Cash Flow


Monthly Yearly
Net operating income:
$786 $9,432
Mortgage payments:
-$2,016 -$24,192
Cash flow:
$1,230 $14,760