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1505 Spoonbill Drive Little Elm, TX 75068

4 Beds 3 Baths 2,111 sqft Built 2018

$325,000

List Price

$2,010

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $153.96
  • 3 Days on Market
  • MLS # : 14519547
  • Updated Date : 02/21/2021 at 00:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,111 sqft
  • Baths : 3 full
Listing Agent

Your Home Free Llc

Listing Agent's Description

Adorable single story home in master planned Paloma Creek Community! Central location allows easy access to major highways, dining, & shopping! Inside you will find a spacious floor plan offering 4 bedrooms, 3 full baths, large living space, & oversized 2 car garage. All the upgrades have been done for you from rich hardwood flooring, neutral paint tones, modern white cabinetry, & designer light fixtures! Gourmet island kitchen overlooks the breakfast nook & family room complete with SS appliances, built in coffee bar, & gas range. Master is the perfect retreat located away from secondary bedrooms with luxurious bath & huge walk-in closet. Enjoy grilling and entertaining on the covered back patio year around!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Paloma Creek South

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Paloma Creek South

NeighborhoodNIR 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
Paloma Creek Elementary School Primary Regular 670 41 6
Navo Middle School Middle Regular 1,077 65 7
Denton High School High Regular 2,166 140 6

Paloma Creek Elementary School

  • Education Level: Primary
  • # of students: 670
  • # of teachers: 41
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
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,809$2,211$2,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,010
EXPENSES Loan Payment -$1,129
Property Tax -$681
Property Insurance -$149
HOA -$28
Property Management Fees -$99
CASH FLOW
-$76

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.

$325,000

PROJECTED PRICE

$2,010

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.0%
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

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$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,129

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$8,906

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,010

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,990

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,8503$1,9504$2,0105$2,100
$2,100
RENT COMPS ANALYSIS
  • 1505 Spoonbill Drive Little Elm, TX 4
    • 4 beds 3 baths ∙ 2,111 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,111 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $2,010
    • $0.95
    •  
  • 1609 Yellowthroat Drive Little Elm, TX 1
    • 4 beds 2 baths ∙ 2,040 Sqft ∙ Built 2018 4 beds 2 baths ∙ 2,040 Sqft ∙ Built 2018
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.91
    •  
  • 1629 Yellowthroat Drive Little Elm, TX 2
    • 4 beds 2 baths ∙ 2,046 Sqft ∙ Built 2018 4 beds 2 baths ∙ 2,046 Sqft ∙ Built 2018
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.90
    •  
  • 1528 Zebra Finch Drive Little Elm, TX 3
    • 4 beds 2 baths ∙ 2,108 Sqft ∙ Built 2015 4 beds 2 baths ∙ 2,108 Sqft ∙ Built 2015
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.93
    •  
  • 1509 Spoonbill Drive Little Elm, TX 5
    • 4 beds 3 baths ∙ 2,034 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,034 Sqft ∙ Built 2018
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.03
    •  
PROPERTY LISTING DETAILS
William T. Nelson
Your Home Free Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14519547
Last Updated: 02/21/2021
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