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115 Citation Lane Hickory Creek, TX 75065

4 Beds 3 Baths 2,999 sqft Built 2021

$496,978

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
October 28, 2020 RECENTLY ADDED
FACTS
  • Built In 2021
  • Price/Sqft : $165.71
  • 8 Days on Market
  • MLS # : 14460911
  • Updated Date : 10/27/2020 at 17:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,999 sqft
  • Baths : 3 full
Listing Agent

Alexander Properties

Listing Agent's Description

MLS#14460911 - Built by Taylor Morrison - January completion! ~ The Jade will quickly be a community favorite, a home designed for entertaining, the center third of the home functions as one large integrated space for cooking, dining and socializing. The kitchen design is perfect for casual and formal occasions alike. Lay plates out on the island for easy self-serve dinner or serve your guests in the formal dining room. The media room is located right off of the entertainment space making movie nights in a new favorite! Your owner's suite is situated in the rear of the home for additional privacy with the owner's bathroom featuring double sinks, a large tub and shower! REPRESENTATIVE PHOTOS ADDED!

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: Harbor Grove Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $87k352k

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

Neighborhood: Harbor Grove Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8322171

* 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
Corinth Elementary School Primary Regular 554 40 5
Lake Dallas Middle School Middle Regular 941 65 7
Lake Dallas High School High Regular 1,275 79 6

Corinth Elementary School

  • Education Level: Primary
  • # of students: 554
  • # of teachers: 40
5
GreatSchools Rating

Lake Dallas Middle School

  • Education Level: Middle
  • # of students: 941
  • # of teachers: 65
7
GreatSchools Rating

Lake Dallas High School

  • Education Level: High
  • # of students: 1,275
  • # of teachers: 79
6
GreatSchools Rating
 

$447,280$546,676$496,978

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$1,834
Property Tax -$929
Property Insurance -$200
HOA -$63
Property Management Fees -$99
CASH FLOW
-$1,015

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$496,978

PROJECTED PRICE

$2,110

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 9.3%
Maintenance Year (1-5) 3.00%
Vacancy 6.93%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$18k-$16k-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$133,699

INVESTMENT

$133,699

Down Payment
$124,245
Rehab Estimate
$2,000
Closing Costs
$7,455

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$1,834

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $124,245
Loan Amount $372,734
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$40

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $2,669

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$2,110
1$2,1102$2,3953$2,5004$2,5505$2,700
$2,700
RENT COMPS ANALYSIS
  • 115 Citation Lane Hickory Creek, TX 1
    • 4 beds 3 baths ∙ 2,999 Sqft ∙ Built 2021 4 beds 3 baths ∙ 2,999 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $0.70
    •  
  • 510 Ridgewood Street Lake Dallas, TX 2
    • 4 beds 3 baths ∙ 2,674 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,674 Sqft ∙ Built 2019
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.90
    •  
  • 111 Northfield Circle Hickory Creek, TX 3
    • 4 beds 3 baths ∙ 2,797 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,797 Sqft ∙ Built 2003
    LEASED 09/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.89
    •  
  • 118 Saratoga Drive Hickory Creek, TX 4
    • 5 beds 3 baths ∙ 2,905 Sqft ∙ Built 2016 5 beds 3 baths ∙ 2,905 Sqft ∙ Built 2016
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.88
    •  
  • 3606 Windsor Parkway Corinth, TX 5
    • 4 beds 3 baths ∙ 3,049 Sqft ∙ Built 2002 4 beds 3 baths ∙ 3,049 Sqft ∙ Built 2002
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.89
    •  
PROPERTY LISTING DETAILS
Bobbie Alexander
Alexander Properties
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14460911
Last Updated: 10/27/2020
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