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1816 Norwood Street Sherman, TX 75092

3 Beds 3 Baths 2,370 sqft Built 1997

INVESTimate

$352,000

List Price

$1,970

$1,773 - $2,167

Rent Est.

$373,472  ( +6.10%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1997
  • Price/Sqft : $148.52
  • 9 Days on Market
  • MLS # : 14414227
  • Updated Date : 08/18/2020 at 07:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,370 sqft
  • Baths : 2 full , 1 half
Listing Agent

Texoma Premier Properties

Listing Agent's Description

Nestled on highly sought-after Norwood Street in Sherman, this recently updated and meticulously maintained home checks all of the boxes! Offering a flexible floor plan perfect for entertaining, the home boasts rich hardwood flooring throughout. Kitchen offers beautiful cabinetry, granite, double ovens, and plenty of storage. The spacious master suite features jetted tub, separate shower, large vanities, and a spacious walk-in closet. Home is situated on a beautifully landscaped 1 acre lot offering that country feel, but is mere minutes away from shopping, dining, and entertainment. Exterior features include new concrete walkways surrounding home, large shop w electrical, and covered porches. COME SEE TODAY!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 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)

PRICE & RENT TRENDS

Zip Code: 75092

ZipNIR Market*CityMarket2010Year2000201960k70k80k90k100k110k120k130k140k150k160k170k180k190kPrice in $60k199k

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

Zip Code: 75092

No Data Available.

* 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
S And S Cons Elementary School Primary Regular 383 26 4
S And S Cons Middle School Middle Regular 190 14 6
S And S Cons High School High Regular 268 25 5

S And S Cons Elementary School

  • Education Level: Primary
  • # of students: 383
  • # of teachers: 26
4
GreatSchools Rating

S And S Cons Middle School

  • Education Level: Middle
  • # of students: 190
  • # of teachers: 14
6
GreatSchools Rating

S And S Cons High School

  • Education Level: High
  • # of students: 268
  • # of teachers: 25
5
GreatSchools Rating
 

$316,800$387,200$352,000

PURCHASE PRICE

$1,773$2,167$1,970

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,970
EXPENSES Loan Payment -$1,299
Property Tax -$791
Property Insurance -$156
Property Management Fees -$99
CASH FLOW
-$375

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.

$352,000

PROJECTED PRICE

$1,970

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 6.10%
Maintenance Year (1-5) 8.00%
Vacancy 6.00%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$99,030

INVESTMENT

$99,030

Down Payment
$88,000
Rehab Estimate
$5,750
Closing Costs
$5,280

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,299

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $88,000
Loan Amount $264,000
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$82

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,970

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,086

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,970
1$1,9702$2,200
$2,200
RENT COMPS ANALYSIS
  • 1816 Norwood Street Sherman, TX 1
    • 3 beds 3 baths ∙ 2,370 Sqft ∙ Built 1997 3 beds 3 baths ∙ 2,370 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $0.83
    •  
  • 2904 Sedalia Trail Sherman, TX 2
    • 4 beds 3 baths ∙ 2,495 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,495 Sqft ∙ Built 2014
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.88
    •  
PROPERTY LISTING DETAILS
Alex Little
Texoma Premier Properties
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14414227
Last Updated: 08/18/2020
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