0.57 Acres in Atascosito, TX - $48,750
EXECUTIVE SUMMARY
Coldwell Banker Commercial Southwest Partners has been retained as the exclusive advisor for a tremendous opportunity for an investor or first time homeowner to acquire a 25K SF wooded lot in the Atascocita area for under $50K with 100% financing possible!
Referred to us by Coldwell Banker North Metro in Denver for one of their major clients, the owners are offering the lot under $50K, with a 40% owner 2nd at 6%, amortized over 30-years and ballooning in 5-years.
PLUS 6% buyer broker commission to sell the property now.
For a first-time home buyer, you can get a great location, wooded lot, new modular home for under $100K and possibly qualify for an $8K grant if you close fast and meet federal guidelines!
PROPERTY WEBSITE
The property website is identified as the virtual tour link above.
If the link does not directly connect due to security settings on your com...
If the link does not directly connect due to security settings on your computer or due to other opportunities, just copy and paste the link into your web browser.
Feel free to call or email us for technical assistance.
HIGHLIGHTS
(1) 0.57 wooded acres with 100’ frontage and no known restrictions in prestigious Atascocita CDP.
(2) 40% owner second mortgage available with estimated monthly principal & interest payment at $117 and estimated balloon payoff in 5-years of $18,146.
(3) By combining a traditional 1st mortgage with the available owner 2nd mortgage, you may be able to achieve 100% financing on the land or on the land and a home!
(4) Outstanding Atascocita quality of life including low cost of living, low crime, low poverty rate, highly educated, stable family environment, high median home values, high estimated per capita incomes and high median household income (2007 data).
(5) Great highway access just 1.7 mi. from the Will Clayton Parkway intersection and 5.1 mi. from the Sam Houston Parkway.
(6) Superior Houston area access: 6 mi. to Humble, 10 mi. to Kingwood and 20 mi. to downtown Houston.
(7) In fast growing and prosperous Harris County, the largest (in population) county in Texas, growing at 2% per year with a GDP greater than many countries!
CONTACT INFORMATION
Call 979.421.9996 to contact any member of the listing team to set up an appointment, request additional information or answer any questions.
POTENTIAL 40% OWNER SECOND FINANCING
Depending on qualifications, terms, business plan, organizational structure, tax and other factors:
(1) 40% owner second mortgage.
The owner may provide a 40% second and subordinated loan at 6% interest based on a 30-year amortization with a 5-year balloon.
(2) 2nd mortgage monthly estimated principal & interest payments and balloon pay-off.
Based on a loan of $19,500 (40% of list price), we estimated the monthly principal & interest payment at $117 and we estimate the balloon payoff in 5-years of $18,146.
(3) Buyer to pay costs for loan document preparation.
You will for documentation preparation and seller’s legal costs for loan document preparation. These costs are estimated at $1,000.
POSSIBLE 100% FINANCING
By combining a traditional 1st mortgage with the available owner 2nd mortgage, you may be able to achieve 100% financing on the land or on the land and a home!
(1) $332 estimated monthly P&I combining a 1st and 2nd mortgage.
For the first mortgage, we assumed a loan of $29,250 (60% of sale price), we estimated the monthly principal & interest payment at $215 and we estimate the balloon payoff in 5-years of $27,808. Combining these assumptions with those stated above on the owner second mortgage, you monthly payment would be $332 ($215 on 1st + $117 on 2nd).
(2) First mortgage example above is for illustration purposes only.
The interest rate and terms for the first mortgage are at discretion of lender.
(3) Full disclosure.
All loan documents related to the 2nd mortgage will be filed. You must disclose all sources of down payment and financing to your lenders.
6% BUYER BROKER COMMISSION
A buyer broker MUST be disclosed with the buyer’s first communication with CBC for the buyer broker to be eligible for the buyer broker commission.
A buyer broker does NOT have to accompany their buyer to any showings.
PROPERTY
(1) Lot size.
25,000 SF (0.57 acres) per Harris County Appraisal District (HCAD).
(2) Dimensions.
100’ by 250’ per HCAD.
(3) Frontage.
100’ on Shannon Lane per HCAD.
(4) Restrictions on usage.
None known but as defined in deed.
(5) Easements.
None known but as defined in deed.
(6) Topography.
Flat.
(7) Fauna.
Tall trees scattered among natural growth.
(8) Tree house.
Included at no extra cost with no warranty!
(9) Neighbors.
Mobile homes on both sides of property. Well kept home across the street.
(10) School district.
Humble ISD.
(11) Zoning.
Known none.
(12) Minerals.
None.
QUALITY OF LIFE
All data below is based on the Atascocita CDP:
(1) Low cost of living.
9.7% less than US.
(2) 0 registered sex offenders.
As of early 2007, no registered sex offenders.
(3) Low poverty rate.
3.1% at or below poverty level in 2007.
(4) High educational levels.
91% have high school or higher, 31.6% have bachelor’s degree or higher, 9.2% have graduate or professional degrees or higher.
(5) Stable family environment.
Of population over the age of 15, 66.4% are married and living together, 1.1% are separated and 7.1% are divorced.
(6) High median home values (2007 data).
$149,400 vs. $120,900 in Texas.
(7) High estimated per capita incomes (2007 data).
$27,235 vs. $23,938 in Texas.
(8) High median household income (2007 data).
$73,271 vs. $47,548 in Texas.
LOCATION
(1) Easy Parkway and Beltway access.
Just 1.7 mi. from the Will Clayton Parkway intersection with Atascocita Road and 5.1 mi. from the North Sam Houston Parkway & Old Humble/Atascocita Road interchange.
(2) Superior Houston area access.
6 mi. to Humble, 10 mi. to Kingwood and 20 mi. to downtown Houston.
(3) Excellent Interstate/US Highway access.
5 mi. to US Highway 59, 14 mi. to Interstate 45, 15 mi. to Interstate Loop 610 and 19 mi. to Interstate 10.
(4) Airport access.
10 mi. to Houston Intercontinental and 32 mi. to Houston Hobby.
TAXES
Estimated 2009 taxes are $417.83.
2008 reported taxes are $59.69. We increased 2008 by 400% to estimate 2009 taxes.
No exemptions currently applicable to property.
Consult your tax advisor regarding your expected taxes.
DIRECTIONS
From the Will Clayton Parkway and Atascocita Road, it is 1.6 mi. and about 4 minutes.
(1) Travel southwest on Atascocita Road for 0.6 mi.
(2) Turn left (south) at Atascocita Way for 0.5 mi. following 90 degree turn to your left (east).
(3) Turn right (south) at Knoche Drive for 0.2 mi.
(4) Take 2nd right (north) onto Shannon Lane for 0.3 mi.
(5) The property is on your left with a CBC sign.
(6) If you reach Shannon Court or the end of Shannon Lane, you have gone too far!
From the West Sam Houston Parkway (Beltway 8) at Old Humble Road, it is 5.1 mi. and about 11 minutes.
(1) Travel northeast on Old Humble Road and continue as it becomes Atascocita Way for 4.2 mi.
(2) Turn right (south) at Atascocita Way for 0.5 mi. following 90 degree turn to your left (east).
(3) Turn right (south) at Knoche Drive for 0.2 mi.
(4) Take 2nd right (north) onto Shannon Lane for 0.3 mi.
(5) The property is on your left with a CBC sign.
(6) If you reach Shannon Court or the end of Shannon Lane, you have gone too far!
DISCLOSURES & COPYRIGHTS
Coldwell Banker Commercial Southwest Partners is a wholly owned franchise of Alexander Tiffany Southwest, LLC. Analysis is preliminary, based on proprietary systems and models, is time sensitive and based on assumptions-stated and unstated. Graphics are only renderings. Measurements are only estimates. No warranties are expressed or implied. All content is protected by copyright laws, is only for prospects or legal representatives, and should not replace buyers own due diligence and analysis. Any other use is prohibited.
From elevation to risk assessment
Search for detailed parcel information including; Elevation & Vegetation Maps, Ownership Information, Detailed Parcel Information, Crop History Map, Soil Survey Productivity Data, and more.
Research Parcel InformationUnlock the full LandWatch experience
Have an account?Sign In
Provided By
Other Land for Sale in Harris County
