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1620 Flamingo Drive Little Elm, TX 75068

3 Beds 2 Baths 2,141 sqft Built 2011

$280,000

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 2011
  • Price/Sqft : $130.78
  • 1 Days on Market
  • MLS # : 14455790
  • Updated Date : 11/02/2020 at 20:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,141 sqft
  • Baths : 2 full
Listing Agent

Re/max Dfw Associates

Listing Agent's Description

Abracadabra! STYLE, ELEGANCE & METICULOUS DETAIL! You have arrived as you're welcomed into the INVITING foyer space. Uniquely different from other homes, you'll enter an OVERSIZED Media Room. The Holiday season is amongst us. The OPEN CONCEPT floor plan is perfect for ENTERTAINING. Enjoy the CHEF STYLE kitchen that comes with SS appliances, granite & tumbled marble backsplash that OVERLOOKS the Family Room. Enter the Main bedroom Retreat, with a KING-SIZED closet, that's designed for ROYALTY. Nestled in a HIGHLY ACCLAIMED community which includes 4 Junior OLYMPIC SIZED POOLS and other luxe amenities. Near the HOTTEST GROWING corridor, with Business Centers, Shopping, and Entertainment. A RARITY at it's finest.

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: 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
 

$252,000$308,000$280,000

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$1,033
Property Tax -$587
Property Insurance -$151
HOA -$31
Property Management Fees -$99
CASH FLOW
-$141

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.

$280,000

PROJECTED PRICE

$1,760

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

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $70,000
Loan Amount $210,000
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$5,221

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,750

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6953$1,7604$1,7955$1,795
$1,795
RENT COMPS ANALYSIS
  • 1620 Flamingo Drive Little Elm, TX 3
    • 3 beds 2 baths ∙ 2,141 Sqft ∙ Built 2011 3 beds 2 baths ∙ 2,141 Sqft ∙ Built 2011
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.82
    •  
  • 309 Redhead Drive Little Elm, TX 1
    • 3 beds 3 baths ∙ 2,050 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,050 Sqft ∙ Built 2006
    property image
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.80
    •  
  • 1721 Flamingo Drive Little Elm, TX 2
    • 3 beds 2 baths ∙ 2,106 Sqft ∙ Built 2006 3 beds 2 baths ∙ 2,106 Sqft ∙ Built 2006
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.80
    •  
  • 1601 Nighthawk Drive Little Elm, TX 4
    • 3 beds 2 baths ∙ 2,070 Sqft ∙ Built 2008 3 beds 2 baths ∙ 2,070 Sqft ∙ Built 2008
    property image
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.87
    •  
  • 212 Parakeet Drive Little Elm, TX 5
    • 3 beds 2 baths ∙ 2,233 Sqft ∙ Built 2008 3 beds 2 baths ∙ 2,233 Sqft ∙ Built 2008
    property image
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.80
    •  
PROPERTY LISTING DETAILS
Terry Hendricks
Re/max Dfw Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14455790
Last Updated: 11/02/2020
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