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1309 Silverton Drive Sherman, TX 75092

3 Beds 2 Baths 1,509 sqft Built 2020

$230,000

List Price

$1,490

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $152.42
  • 6 Days on Market
  • MLS # : 14459116
  • Updated Date : 11/05/2020 at 12:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,509 sqft
  • Baths : 2 full
Listing Agent

Easy Life Realty

Listing Agent's Description

Looking for a higher end investment property with immediate return on investment, then this is the one! Home is already occupied by high quality tenants, who have a current two year lease (lease is up in April, 2022). This newly built home offers 3 bedrooms, 2 full baths, a huge fenced yard, all on .288 acres on a coveted corner lot. Two car garage with large driveway for more vehicles if needed. Close to the new Sherman High School. Tenant occupied, showings upon accepted offer during option period. 24 hour notice to the tenant. Do not disturb the tenant. Builders warranty is transferable.

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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: 75092

ZipNIR Market*CityMarket2010Year2000201960k70k80k90k100k110k120k130k140k150k160k170k180k190kPrice in $60k199k

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

Zip Code: 75092

No Data Available.

* 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
Sory Elementary School Primary Regular 593 41 7
Dillingham Intermediate School Middle Regular 1,036 76 4
Sherman High School High Regular 1,780 119 5

Sory Elementary School

  • Education Level: Primary
  • # of students: 593
  • # of teachers: 41
7
GreatSchools Rating

Dillingham Intermediate School

  • Education Level: Middle
  • # of students: 1,036
  • # of teachers: 76
4
GreatSchools Rating

Sherman High School

  • Education Level: High
  • # of students: 1,780
  • # of teachers: 119
5
GreatSchools Rating
 

$207,000$253,000$230,000

PURCHASE PRICE

$1,341$1,639$1,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,490
EXPENSES Loan Payment -$849
Property Tax -$407
Property Insurance -$120
Property Management Fees -$99
CASH FLOW
$16

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$230,000

PROJECTED PRICE

$1,490

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 6.1%
Maintenance Year (1-5) 3.00%
Vacancy 6.00%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$62,950

INVESTMENT

$62,950

Down Payment
$57,500
Rehab Estimate
$2,000
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$849

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$9,531

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,490

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,513

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4903$1,4954$1,4955$1,700
$1,700
RENT COMPS ANALYSIS
  • 1309 Silverton Drive Sherman, TX 2
    • 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.88
    •  
  • 1401 Pheasant Drive Sherman, TX 1
    • 4 beds 2 baths ∙ 1,560 Sqft ∙ Built 2004 4 beds 2 baths ∙ 1,560 Sqft ∙ Built 2004
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.90
    •  
  • 1301 Mallard Drive Sherman, TX 3
    • 4 beds 2 baths ∙ 1,759 Sqft ∙ Built 2002 4 beds 2 baths ∙ 1,759 Sqft ∙ Built 2002
    LEASED 11/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.85
    •  
  • 3402 Sherbrooke Place Sherman, TX 4
    • 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 2005
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.89
    •  
  • 3509 Sherbrooke Place Sherman, TX 5
    • 3 beds 2 baths ∙ 1,841 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,841 Sqft ∙ Built 2003
    LEASED 10/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.92
    •  
PROPERTY LISTING DETAILS
Rene Birchall
Easy Life Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14459116
Last Updated: 11/05/2020
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