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1305 Marines Drive Little Elm, TX 75068

4 Beds 4 Baths 2,795 sqft Built 2017

$410,000

List Price

$2,300

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $146.69
  • 3 Days on Market
  • MLS # : 14470830
  • Updated Date : 11/13/2020 at 18:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,795 sqft
  • Baths : 3 full , 1 half
Listing Agent

Coldwell Banker Realty Frisco

Listing Agent's Description

RARE FIND! One Level Home with attached Guest Quarters equipped with Large bedroom ensuite bath and Kitchen which includes, dishwasher, microwave, sink, full size refrigerator space and stacked washer dryer and separate exterior entrance and access to 3 car garage. Perfect Next Gen situation, taking care of a parent, grown child? The main home has a spacious open floorplan with two dining, wide entry, room for small sitting area, half bath and jack and jill between secondary bedrooms. Large master bedroom overlooking back yard with spa bath. Room for everyone to have privacy. Beautifully landscaped with rock edge beds and trees. Covered patio. Extensive engineered wood entry through dining and main living.

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

Zip Code: 75068

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Zip Code: 75068

ZipNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
Lakeview Elementary School Primary Regular 581 38 6
Lakeside Middle School Middle Regular 1,181 69 3
Little Elm High School High Regular 1,866 97 6

Lakeview Elementary School

  • Education Level: Primary
  • # of students: 581
  • # of teachers: 38
6
GreatSchools Rating

Lakeside Middle School

  • Education Level: Middle
  • # of students: 1,181
  • # of teachers: 69
3
GreatSchools Rating

Little Elm High School

  • Education Level: High
  • # of students: 1,866
  • # of teachers: 97
6
GreatSchools Rating
 

$369,000$451,000$410,000

PURCHASE PRICE

$2,070$2,530$2,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,300
EXPENSES Loan Payment -$1,513
Property Tax -$859
Property Insurance -$189
HOA -$42
Property Management Fees -$99
CASH FLOW
-$402

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.

$410,000

PROJECTED PRICE

$2,300

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.6%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$114,400

INVESTMENT

$114,400

Down Payment
$102,500
Rehab Estimate
$5,750
Closing Costs
$6,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,513

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $102,500
Loan Amount $307,500
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$1,124

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,300

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $2,425

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$2,195
1$2,1952$2,2003$2,3004$2,4005$2,595
$2,595
RENT COMPS ANALYSIS
  • 1305 Marines Drive Little Elm, TX 3
    • 4 beds 4 baths ∙ 2,795 Sqft ∙ Built 2017 4 beds 4 baths ∙ 2,795 Sqft ∙ Built 2017
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.82
    •  
  • 3428 Palm Lake Drive Little Elm, TX 1
    • 3 beds 3 baths ∙ 2,639 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,639 Sqft ∙ Built 2015
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.83
    •  
  • 741 Calliopsis Street Little Elm, TX 2
    • 3 beds 3 baths ∙ 2,770 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,770 Sqft ∙ Built 2016
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.79
    •  
  • 1305 Xeraco Drive Little Elm, TX 4
    • 3 beds 3 baths ∙ 2,637 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,637 Sqft ∙ Built 2017
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.91
    •  
  • 1112 Mist Flower Drive Little Elm, TX 5
    • 4 beds 4 baths ∙ 2,750 Sqft ∙ Built 2017 4 beds 4 baths ∙ 2,750 Sqft ∙ Built 2017
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $0.94
    •  
PROPERTY LISTING DETAILS
Debi Leavitt
Coldwell Banker Realty Frisco
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14470830
Last Updated: 11/13/2020
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