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1006 Lancashire Lane Prosper, TX 75078

3 Beds 2 Baths 1,635 sqft Built 2009

$250,000

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2009
  • Price/Sqft : $152.91
  • 3 Days on Market
  • MLS # : 14470120
  • Updated Date : 11/14/2020 at 10:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,635 sqft
  • Baths : 2 full
Listing Agent

Redfin Corporation

Listing Agent's Description

Multiple offers. Offer deadline is 11-16-20 10:00 AM Charming single story in Glenbrooke Estates has been updated with freshly painted interior, new luxury vinyl plank flooring & new carpet. Roof replaced July 2020. The bright open floor plan features a spacious kitchen with warm wood cabinets & stainless steel appliances. Spacious & private primary bedroom retreat overlooks the backyard & features an ensuite bath with a garden tub-shower combo & a large walk in closet. The Texas sized backyard overlooks the open green space that leads to one of the neighborhood ponds. Community amenities include a clubhouse, pool, & playground. Great location close to dining, entertainment & retail! No MUD or PID taxes.

SEE MORE

MARKET HIGHLIGHTS

  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)
  • Dallas metro's economy is worth $579 billion in Gross Metro Product and projected to grow to $613 billion in 2019 (USMayors.org, 2018)
  • Home to 20 Fortune 500 headquarters, 39 Fortune 1000 headquarters and 12 of Forbes' top private companies (Fortune)
  • Dallas metro contributes to 31.9%% of Texas state economy i.e. Gross State Product (USMayors.org, 2018)
  • Dallas metro has 67.1% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Glenbrooke Estates

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $123k515k

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

Neighborhood: Glenbrooke Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000Rent in $11263004

* 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
Savannah Elementary School Primary Regular 640 42 6
Navo Middle School Middle Regular 1,077 65 7
Denton High School High Regular 2,166 140 6

Savannah Elementary School

  • Education Level: Primary
  • # of students: 640
  • # of teachers: 42
6
GreatSchools Rating

Navo Middle School

  • Education Level: Middle
  • # of students: 1,077
  • # of teachers: 65
7
GreatSchools Rating

Denton High School

  • Education Level: High
  • # of students: 2,166
  • # of teachers: 140
6
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$922
Property Tax -$476
Property Insurance -$122
HOA -$33
Property Management Fees -$99
CASH FLOW
-$23

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$250,000

PROJECTED PRICE

$1,630

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.2%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$12,056

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,643

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6303$1,6504$1,6505$1,740
$1,740
RENT COMPS ANALYSIS
  • 1006 Lancashire Lane Prosper, TX 2
    • 3 beds 2 baths ∙ 1,635 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,635 Sqft ∙ Built 2009
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $1.00
    •  
  • 5610 Colchester Drive Prosper, TX 1
    • 3 beds 2 baths ∙ 1,668 Sqft ∙ Built 2012 3 beds 2 baths ∙ 1,668 Sqft ∙ Built 2012
    property image
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.96
    •  
  • 5521 E Exeter Drive Prosper, TX 3
    • 3 beds 2 baths ∙ 1,633 Sqft ∙ Built 2010 3 beds 2 baths ∙ 1,633 Sqft ∙ Built 2010
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.01
    •  
  • 5730 Crestwood Drive Prosper, TX 4
    • 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 2009
    property image
    LEASED 06/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.06
    •  
  • 1832 Forsythe Drive Savannah, TX 5
    • 4 beds 2 baths ∙ 1,759 Sqft ∙ Built 2004 4 beds 2 baths ∙ 1,759 Sqft ∙ Built 2004
    property image
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $0.99
    •  
PROPERTY LISTING DETAILS
Monica Mccormick
Redfin Corporation
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14470120
Last Updated: 11/14/2020
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