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1513 Paley Park Drive Prosper, TX 75078

5 Beds 4 Baths 3,798 sqft Built 2016

INVESTimate

$434,900

List Price

$2,800

$2,550 - $3,050

Rent Est.

$454,297  ( +4.46%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2016
  • Price/Sqft : $114.51
  • 5 Days on Market
  • MLS # : 14419064
  • Updated Date : 08/22/2020 at 23:58
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,798 sqft
  • Baths : 4 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Beautiful stone-faced brick home in Prosper ISD! Don't wait 9 months to build. This upgraded home was built in 2016! Large home has FIVE bedrooms, FOUR full baths and a separate office. Very large kitchen upgraded with white subway tile, a large 6 burner gas cooktop, convection oven, commercial stainless vent with oversized granite island. There is an area for a breakfast table and a separate dining room. Large living area downstairs surrounds the fireplace and leads to the large extended and covered backyard patio. Two downstairs bedrooms and office are perfect for multi-generational living. Upstairs has a large living area, media room, three bedrooms and several full baths for children or an extended family.

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: 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
 

$391,410$478,390$434,900

PURCHASE PRICE

$2,520$3,080$2,800

RENT

DOWN PAYMENT
FINANCING

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-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,800
EXPENSES Loan Payment -$1,605
Property Tax -$1,037
Property Insurance -$247
HOA -$43
Property Management Fees -$99
CASH FLOW
-$230

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.

$434,900

PROJECTED PRICE

$2,800

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.46%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$120,999

INVESTMENT

$120,999

Down Payment
$108,725
Rehab Estimate
$5,750
Closing Costs
$6,524

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,605

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $108,725
Loan Amount $326,175
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$6,102

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,800

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $3,029

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$2,800
1$2,8002$2,9003$2,9504$2,9505$3,250
$3,250
RENT COMPS ANALYSIS
  • 1513 Paley Park Drive Prosper, TX 1
    • 5 beds 4 baths ∙ 3,798 Sqft ∙ Built 2016 5 beds 4 baths ∙ 3,798 Sqft ∙ Built 2016
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $0.74
    •  
  • 1705 Forest Park Drive Prosper, TX 2
    • 4 beds 5 baths ∙ 3,683 Sqft ∙ Built 2016 4 beds 5 baths ∙ 3,683 Sqft ∙ Built 2016
    property image
    LEASED 06/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.79
    •  
  • 16021 Canyon Ridge Prosper, TX 3
    • 5 beds 5 baths ∙ 3,778 Sqft ∙ Built 2016 5 beds 5 baths ∙ 3,778 Sqft ∙ Built 2016
    property image
    LEASED 04/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $0.78
    •  
  • 16109 Benbrook Boulevard Prosper, TX 4
    • 5 beds 4 baths ∙ 3,798 Sqft ∙ Built 2017 5 beds 4 baths ∙ 3,798 Sqft ∙ Built 2017
    property image
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $0.78
    •  
  • 1709 Forest Park Drive Prosper, TX 5
    • 4 beds 4 baths ∙ 3,874 Sqft ∙ Built 2015 4 beds 4 baths ∙ 3,874 Sqft ∙ Built 2015
    property image
    LEASED 08/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $0.84
    •  
PROPERTY LISTING DETAILS
Dean Weltman
Exp Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14419064
Last Updated: 08/22/2020
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