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1951 River Rock Lane Prosper, TX 75078

5 Beds 5 Baths 4,049 sqft Built 2019

$620,000

List Price

$3,240

$3K - $3.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2019
  • Price/Sqft : $153.12
  • 2 Days on Market
  • MLS # : 14527229
  • Updated Date : 03/06/2021 at 20:11
CONSTRUCTION
  • Beds : 5
  • Floor Size : 4,049 sqft
  • Baths : 4 full , 1 half
Listing Agent

Fathom Realty

Listing Agent's Description

Built by Highland Homes - This North facing 5 bedroom, 4.5 bathroom, with 3 car tandem garage home is gently lived in. Features 2 bedrooms down and 3 bedrooms up. 1st floor study and entertainment room and secondary bedroom down is perfect for guests and entertaining. Family and dining room open with vaulted ceilings. Large game room upstairs. Upstairs guest bedroom has ensuite bathroom. Home offers plenty of additional features including a gourmet kitchen, stone fireplace, wood floors, extended outdoor patio and much more. Lot size roughly 65 x 125. Exemplary Prosper ISD. Multiple Offers - Please submit best and final offer by no later than 7pm on Sunday March 7th.

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: 75078

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $123k515k

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

Zip Code: 75078

ZipNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000Rent in $11263004

* 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
Stuber Elementary Primary Unknown NA
Reynolds Middle School Middle Regular 1,048 68 8
Prosper High School High Regular 1,868 120 9

Stuber Elementary

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Reynolds Middle School

  • Education Level: Middle
  • # of students: 1,048
  • # of teachers: 68
8
GreatSchools Rating

Prosper High School

  • Education Level: High
  • # of students: 1,868
  • # of teachers: 120
9
GreatSchools Rating
 

$558,000$682,000$620,000

PURCHASE PRICE

$2,916$3,564$3,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,240
EXPENSES Loan Payment -$2,153
Property Tax -$1,211
Property Insurance -$261
HOA -$100
Property Management Fees -$99
CASH FLOW
-$585

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.

$620,000

PROJECTED PRICE

$3,240

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.0%
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$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$170,050

INVESTMENT

$170,050

Down Payment
$155,000
Rehab Estimate
$5,750
Closing Costs
$9,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,153

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $155,000
Loan Amount $465,000
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$1,098

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,240

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $3,209

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$2,895
1$2,8952$2,9503$3,2004$3,2405$3,250
$3,250
RENT COMPS ANALYSIS
  • 1951 River Rock Lane Prosper, TX 4
    • 5 beds 5 baths ∙ 4,049 Sqft ∙ Built 2019 5 beds 5 baths ∙ 4,049 Sqft ∙ Built 2019
    • Rent
    • Rent Per SQFT
    •  
    • $3,240
    • $0.80
    •  
  • 16509 Bidwell Park Prosper, TX 1
    • 4 beds 5 baths ∙ 3,778 Sqft ∙ Built 2020 4 beds 5 baths ∙ 3,778 Sqft ∙ Built 2020
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,895
    • $0.77
    •  
  • 16109 Benbrook Boulevard Prosper, TX 2
    • 5 beds 4 baths ∙ 3,798 Sqft ∙ Built 2017 5 beds 4 baths ∙ 3,798 Sqft ∙ Built 2017
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $0.78
    •  
  • 16105 Madison Square Way Prosper, TX 3
    • 5 beds 5 baths ∙ 4,128 Sqft ∙ Built 2017 5 beds 5 baths ∙ 4,128 Sqft ∙ Built 2017
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $0.78
    •  
  • 930 Sagebrush Drive Prosper, TX 5
    • 4 beds 4 baths ∙ 3,853 Sqft ∙ Built 2013 4 beds 4 baths ∙ 3,853 Sqft ∙ Built 2013
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $0.84
    •  
PROPERTY LISTING DETAILS
Tyree Taylor
Fathom Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14527229
Last Updated: 03/06/2021
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