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163 Prairie Creek Circle Princeton, TX 75407

3 Beds 2 Baths 1,102 sqft Built 1983

$189,900

List Price

$1,280

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $172.32
  • 5 Days on Market
  • MLS # : 14495199
  • Updated Date : 01/06/2021 at 16:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,102 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Great opportunity for a builder to further enhance the design of the property or for an investor to make passive income, this property has so much potential. A Distressed investment like this can make dreams into reality. Also, Seller has discounted and reduced price, meaning more returns in the future. Situated in the ever growing Princeton Area, this property offers walking distance to nearby schools for your children to walk safely, parks and recreational areas, a few miles from the nearest lake, and Local strip centers. Looking for more Investment property and similar properties? Homeforeveryone.us and Landforeveryone.us

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

Zip Code: 75407

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $114k243k

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

Zip Code: 75407

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8671734

* 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
Lacy Elementary School Primary Regular 695 47 6
Clark Junior High School Middle Regular 540 33 8
Princeton High School High Regular 1,048 67 6

Lacy Elementary School

  • Education Level: Primary
  • # of students: 695
  • # of teachers: 47
6
GreatSchools Rating

Clark Junior High School

  • Education Level: Middle
  • # of students: 540
  • # of teachers: 33
8
GreatSchools Rating

Princeton High School

  • Education Level: High
  • # of students: 1,048
  • # of teachers: 67
6
GreatSchools Rating
 

$170,910$208,890$189,900

PURCHASE PRICE

$1,152$1,408$1,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,280
EXPENSES Loan Payment -$660
Property Tax -$396
Property Insurance -$91
Property Management Fees -$99
CASH FLOW
$35

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$189,900

PROJECTED PRICE

$1,280

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$56,074

INVESTMENT

$56,074

Down Payment
$47,475
Rehab Estimate
$5,750
Closing Costs
$2,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$660

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $47,475
Loan Amount $142,425
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$11,093

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,280

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $1,287

    COMP ESTIMATED VALUE
  • $1.17

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2803$1,4004$1,4755$1,499
$1,499
RENT COMPS ANALYSIS
  • 163 Prairie Creek Circle Princeton, TX 2
    • 3 beds 2 baths ∙ 1,102 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,102 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $1.16
    •  
  • 109 Caldwell Street Princeton, TX 1
    • 3 beds 2 baths ∙ 1,092 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,092 Sqft ∙ Built 1968
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $1.10
    •  
  • 1012 Weiss Avenue Princeton, TX 3
    • 4 beds 2 baths ∙ 1,209 Sqft ∙ Built 1985 4 beds 2 baths ∙ 1,209 Sqft ∙ Built 1985
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.16
    •  
  • 1004 1st Street Princeton, TX 4
    • 3 beds 2 baths ∙ 1,292 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,292 Sqft ∙ Built 1970
    LEASED 09/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.14
    •  
  • 509 E Willow Lane Princeton, TX 5
    • 3 beds 2 baths ∙ 1,184 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,184 Sqft ∙ Built 1970
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $1.27
    •  
PROPERTY LISTING DETAILS
Zachary Sadeghian
Exp Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14495199
Last Updated: 01/06/2021
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