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2040 Star Trace Parkway Prosper, TX 75078

4 Beds 5 Baths 3,179 sqft Built 2020

INVESTimate

$717,000

List Price

$2,760

$2,510 - $3,010

Rent Est.

$753,209  ( +5.05%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
FACTS
  • Built In 2020
  • Price/Sqft : $225.54
  • 9 Days on Market
  • MLS # : 14415830
  • Updated Date : 08/22/2020 at 09:09
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,179 sqft
  • Baths : 4 full , 1 half
Listing Agent

Highland Homes Realty

Listing Agent's Description

MLS# 14415830 - Built by Highland Homes - December completion! ~ 1-story, 4 bedrooms + study, 4.5 bathrooms, 3.5-car tandem garage, entertainment room,extended patio, master sitting area.Beautiful 1-story home featuring a Flex Gen Suite. Premium elevation on 86' x 135' homesite. Upgrades include painted cabinets, quartz countertops in kitchen & master bath, double oven package, upgrade cooktop, freestanding tub in master bath

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

Windsong Elementary School

  • 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
 

$645,300$788,700$717,000

PURCHASE PRICE

$2,484$3,036$2,760

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$15k-$10k-$5.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,760
EXPENSES Loan Payment -$2,645
Property Tax -$1,373
Property Insurance -$211
HOA -$100
Property Management Fees -$99
CASH FLOW
-$1,669

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$717,000

PROJECTED PRICE

$2,760

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.05%
Maintenance Year (1-5) 3.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$192,005

INVESTMENT

$192,005

Down Payment
$179,250
Rehab Estimate
$2,000
Closing Costs
$10,755

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$2,645

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $179,250
Loan Amount $537,750
See What Happens When You Reinvest Cash Flow

-0.25

YEARS SAVED

-$125

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,760

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $2,734

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,5493$2,6954$2,7005$2,760
$2,760
RENT COMPS ANALYSIS
  • 2040 Star Trace Parkway Prosper, TX 5
    • 4 beds 5 baths ∙ 3,179 Sqft ∙ Built 2020 4 beds 5 baths ∙ 3,179 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,760
    • $0.87
    •  
  • 16720 Lincoln Park Lane Prosper, TX 1
    • 4 beds 4 baths ∙ 3,007 Sqft ∙ Built 2016 4 beds 4 baths ∙ 3,007 Sqft ∙ Built 2016
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.83
    •  
  • 16617 Millenium Park Place Prosper, TX 2
    • 4 beds 4 baths ∙ 3,008 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,008 Sqft ∙ Built 2017
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,549
    • $0.85
    •  
  • 16612 Toledo Bend Court Prosper, TX 3
    • 4 beds 3 baths ∙ 3,152 Sqft ∙ Built 2015 4 beds 3 baths ∙ 3,152 Sqft ∙ Built 2015
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $0.86
    •  
  • 16716 Central Garden Lane Prosper, TX 4
    • 4 beds 4 baths ∙ 3,007 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,007 Sqft ∙ Built 2017
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.90
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Highland Homes Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14415830
Last Updated: 08/22/2020
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