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1616 Spoonbill Drive Little Elm, TX 75068

4 Beds 3 Baths 2,208 sqft Built 2018

$330,000

List Price

$2,080

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $149.46
  • 3 Days on Market
  • MLS # : 14497295
  • Updated Date : 01/15/2021 at 10:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,208 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Rockwall

Listing Agent's Description

This briefly occupied (Military relocation), is a Paloma Creek home and is ready for you to claim. It is a Dorchester floor plan that has many upgrades. As you enter this house you will find 2 bedrooms on the left with a shared bathroom. There is another bedroom on the right just past the garage with a powder room. The dining, living room and kitchen is an open concept which makes it great for entertaining. This house also includes an office just before the kitchen. The owners suite is in the left corner of the house with a large shower. This is a true 4 bedroom with an office!! Please give 2 hour notice for showings!

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
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
 

$297,000$363,000$330,000

PURCHASE PRICE

$1,872$2,288$2,080

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,080
EXPENSES Loan Payment -$1,146
Property Tax -$692
Property Insurance -$155
HOA -$28
Property Management Fees -$99
CASH FLOW
-$40

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.

$330,000

PROJECTED PRICE

$2,080

PROJECTED RENT

0.63%

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-$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$93,200

INVESTMENT

$93,200

Down Payment
$82,500
Rehab Estimate
$5,750
Closing Costs
$4,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,146

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $82,500
Loan Amount $247,500
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$11,403

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,080

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $2,081

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,8503$1,9504$2,0805$2,100
$2,100
RENT COMPS ANALYSIS
  • 1616 Spoonbill Drive Little Elm, TX 4
    • 4 beds 3 baths ∙ 2,208 Sqft ∙ Built 2018 4 beds 3 baths ∙ 2,208 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,080
    • $0.94
    •  
  • 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
    property image
    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
    property image
    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
    property image
    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
    property image
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.03
    •  
PROPERTY LISTING DETAILS
Kimberly Larsen
Keller Williams Rockwall
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14497295
Last Updated: 01/15/2021
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