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1321 Palestine Drive Prosper, TX 75078

4 Beds 3 Baths 2,462 sqft Built 2014

$345,000

List Price

$2,210

$2K - $2.4K

Rent Est.

PROPERTY INFO

December 01, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $140.13
  • 6 Days on Market
  • MLS # : 14477515
  • Updated Date : 12/01/2020 at 13:26
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,462 sqft
  • Baths : 2 full , 1 half
Listing Agent

North Texas Realty & Prop Mgmt

Listing Agent's Description

Highly desired details including beveled mahogany front door, granite & hardwoods throughout are simply a few of the many features. Grand entrance & open foyer flows to the enclosed study which may option as formal dining. Large eat-in kitchen features a breakfast bar, dark cabinets, recessed lighting,SS appliances, abundant counter & cabinet space. Family room, open to the kitchen, features a Cast Stone fireplace & crown moulding. Master retreat showcases abundant natural light, walk-in closet,oil rubbed bronze fixtures. Second story boasts three bedrooms, full bath & game room with access to a walkout attic.The private backyard includes a covered patio, with plenty of space left to make any desired additions.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

PRICE & RENT TRENDS

Neighborhood: Artesia

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $123k515k

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

Neighborhood: Artesia

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
Windsong Elementary School Primary Regular NA
Reynolds Middle School Middle Regular 1,048 68 8
Prosper High School High Regular 1,868 120 9

Windsong Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Reynolds Middle School

  • Education Level: Middle
  • # of students: 1,048
  • # of teachers: 68
8
GreatSchools Rating

Prosper High School

  • Education Level: High
  • # of students: 1,868
  • # of teachers: 120
9
GreatSchools Rating
 

$310,500$379,500$345,000

PURCHASE PRICE

$1,989$2,431$2,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,210
EXPENSES Loan Payment -$1,273
Property Tax -$749
Property Insurance -$169
HOA -$55
Property Management Fees -$99
CASH FLOW
-$135

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.

$345,000

PROJECTED PRICE

$2,210

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.5%
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

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,175

INVESTMENT

$97,175

Down Payment
$86,250
Rehab Estimate
$5,750
Closing Costs
$5,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,273

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $86,250
Loan Amount $258,750
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$8,102

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,210

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $2,320

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$2,210
1$2,2102$2,2503$2,2954$2,2955$2,300
$2,300
RENT COMPS ANALYSIS
  • 1321 Palestine Drive Prosper, TX 1
    • 4 beds 3 baths ∙ 2,462 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,462 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,210
    • $0.90
    •  
  • 1308 Corona Court Prosper, TX 2
    • 3 beds 4 baths ∙ 2,423 Sqft ∙ Built 2014 3 beds 4 baths ∙ 2,423 Sqft ∙ Built 2014
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.93
    •  
  • 15920 Aquilla Way Prosper, TX 3
    • 4 beds 4 baths ∙ 2,425 Sqft ∙ Built 2018 4 beds 4 baths ∙ 2,425 Sqft ∙ Built 2018
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.95
    •  
  • 1204 Grapevine Ridge Prosper, TX 4
    • 4 beds 4 baths ∙ 2,425 Sqft ∙ Built 2018 4 beds 4 baths ∙ 2,425 Sqft ∙ Built 2018
    LEASED 07/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.95
    •  
  • 1412 Grapevine Ridge Prosper, TX 5
    • 4 beds 3 baths ∙ 2,437 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,437 Sqft ∙ Built 2016
    LEASED 02/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.94
    •  
PROPERTY LISTING DETAILS
Sam Hanna
North Texas Realty & Prop Mgmt
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14477515
Last Updated: 12/01/2020
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