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Owner Contacts

$296,000

NAL Estimated Property Value

1023 Festival Dr, Houston, TX, 77062

Off Market

4 Beds

2 Bath

2,616 Sq Ft

Single Family Residence

$1.34 / sqft

Built in 1968

Property Lead Type:

Deal ListAbsentee OwnerMove-In Ready

Highlights

Interior

Bedrooms 4

Bathrooms Full 2

Indoor Fireplace

Garage Available

Heating Central

Cooling

AppliancesWater Heater, Disposal, Ice Maker, Gas Oven, Microwave, Gas Range, Dryer, Refrigerator, Washer, Dishwasher

FlooringCarpet, Laminate, Tile

Exterior

Lot Size8,398 sqft

Building Information

Year Built1968

Garage Spaces2

Land Information

APN0966070000797

Lot Number797

SubdivisionClear Lake City

Land UseResidential

Legal DescriptionLT 797 BLK 48 CLEAR LAKE CITY SEC 4

Census Tract340501

Assessed Land Value$56,700

Assessed Improvement Value$230,052

Assessment Year2025

About this property

This light and airy mid-century modern beauty is a rare find! Zoned to coveted Clear Creek ISD schools and located MINUTES from all local schools and University of Houston Clear Lake! Not to mention RIGHT around the corner from the wild life filled exploration green park! The moment you walk in the door, this home screams custom. Brand new energy efficient black aluminum windows are striking against the neutral interior paint, very spacious double shower head shower stall in primary bath, and custom walk in closet with built in shelves and drawers. This home was completely renovated in 2021 including the roof, landscaping, kitchen, bathrooms, addition of half bath, EVERYTHING. In 2023 another AC unit was added so each floor has it's own unit, new electric panel added, as well as french drains, and new back patio to help you enjoy the many warm weather days to come. Brand new white oak wood look LVP to be installed! Gorgeous is the word that comes to mind!

Investor Tools

$296,000

Estimated Property Value

$259,546Estimated Mortgage Balance

$36,454Estimated Equity

14% equity

Estimated Cap Rate

View Rate

Estimated ARV (After-Repair Value)

Calculate ARV

Rent-to-Value Ratio: 0.72%

Rent Estimate

$1,776 /month

Positive

Cash Flow Estimate:

$592 /month

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Financing Details

Estimated Taxes & Insurance

HOA Fees

Interest Rate Assumption

$325/month

No HOA

5.947%

Tax Information

Annual Taxes

Assessed Value

Assessment Year

Assessed Land

Assessed Improvement

Market Value

Tax Delinquent

$2,421

$286,752

2025

$56,700

$230,052

$286,752

Tax History

Year

Tax Paid

Assessed Value

2024

$2,421

$286,752

Mortgage Details

Lender

Loan Type

Loan Amount

Assumable

Position

Origination Date

Maturity Date

United Wholesale Mortgage

Conventional

$282,100

First

Feb 18, 2022

Mar 2052

Equity Summary

Est. Mortgage Balance

Est. Equity

Equity %

LTV

Est. Monthly Payment

$259,546

$44,454

14%

88%

$1,692/mo

Rental Potential

Est. Monthly Rent

Est. Monthly Expenses

Est. Cash Flow

Gross Yield

$2,226/mo

$1,692/mo

+$534/mo

9.0%

Learn About the Market: Opportunity in Houston

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From refinery corridors to world-class hospitals, from international trade routes to master-planned suburbs like The Woodlands and Katy, Houston’s economy runs deep and wide. It’s a city built on industry, immigration, and resilience — with housing markets as varied as its population.

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