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1616 Castle Creek Drive Little Elm, TX 75068

3 Beds 2 Baths 1,763 sqft Built 2008

$250,000

List Price

$1,740

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

December 17, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $141.80
  • 4 Days on Market
  • MLS # : 14481024
  • Updated Date : 12/19/2020 at 12:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,763 sqft
  • Baths : 2 full
Listing Agent

Nitra Realty

Listing Agent's Description

Multiple offers received!!! Highest and best due Sat by 12 pm. Step into this ATTRACTIVE single-story nestled in highly desired Paloma Creek. As you enter, the foyer leads into the oversized kitchen with island great for the resident chef. Complete with ample cabinets and counter space, the kitchen extends into the dining area and living room with hard wood floors. The open floor plan is equipped with everything needed for entertaining and gathering. The Texas-sized primary bedroom offers window seating and a spacious walk in closet. The bathroom has dual sinks with separate shower and garden tub for soaking and relaxing. The study suits the at home worker or hobbyist and has french doors. Covered patio!

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

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
Providence Elementary School Primary Regular 657 42 6
Navo Middle School Middle Regular 1,077 65 7
Denton High School High Regular 2,166 140 6

Providence Elementary School

  • Education Level: Primary
  • # of students: 657
  • # of teachers: 42
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
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$922
Property Tax -$524
Property Insurance -$129
HOA -$28
Property Management Fees -$99
CASH FLOW
$38

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.

$250,000

PROJECTED PRICE

$1,740

PROJECTED RENT

0.70%

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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$16,547

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,737

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7403$1,7504$1,7955$1,800
$1,800
RENT COMPS ANALYSIS
  • 1616 Castle Creek Drive Little Elm, TX 2
    • 3 beds 2 baths ∙ 1,763 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,763 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $0.99
    •  
  • 1112 Rivers Creek Lane Little Elm, TX 1
    • 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 2016 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 2016
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.00
    •  
  • 1420 Samantha Creek Drive Little Elm, TX 3
    • 3 beds 2 baths ∙ 1,763 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,763 Sqft ∙ Built 2008
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.99
    •  
  • 2117 Michelle Creek Drive Little Elm, TX 4
    • 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 2007
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.98
    •  
  • 1320 Villa Paloma Boulevard Little Elm, TX 5
    • 3 beds 2 baths ∙ 1,859 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,859 Sqft ∙ Built 2011
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.97
    •  
PROPERTY LISTING DETAILS
Anitra Mayweather
Nitra Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14481024
Last Updated: 12/19/2020
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