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212 Palomino Road Hickory Creek, TX 75065

4 Beds 3 Baths 2,553 sqft Built 2015

INVESTimate

$385,000

List Price

$2,230

$2,007 - $2,453

Rent Est.

$420,651  ( +9.26%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2015
  • Price/Sqft : $150.80
  • 10 Days on Market
  • MLS # : 14412434
  • Updated Date : 08/20/2020 at 11:39
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,553 sqft
  • Baths : 3 full
Listing Agent

Fathom Realty, Llc

Listing Agent's Description

Pristine home with warm wood floors, high tray ceilings accented by crown molding, alcoves, decorative lighting, large owner's en suite with a immense closet topped off with a beautifully landscaped backyard. All in Hickory Creek, a small town nestled along Lewisville Lake beaming with outdoor activities, 7 parks and a fantastic neighborhood pool. Of course this one-story home has granite countertops, eat-in kitchen, stainless steel appliances, gas cooktop and four total bedrooms and three full bathrooms giving you plenty of choices for an office or craft room. The living room with its white gas fireplace is tranquil, bright and open. A community close to everything but secluded from the hectic pace of Dallas.

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: 75065

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $122k346k

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

Zip Code: 75065

ZipNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8872118

* 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
Corinth Elementary School Primary Regular 554 40 5
Lake Dallas Middle School Middle Regular 941 65 7
Lake Dallas High School High Regular 1,275 79 6

Corinth Elementary School

  • Education Level: Primary
  • # of students: 554
  • # of teachers: 40
5
GreatSchools Rating

Lake Dallas Middle School

  • Education Level: Middle
  • # of students: 941
  • # of teachers: 65
7
GreatSchools Rating

Lake Dallas High School

  • Education Level: High
  • # of students: 1,275
  • # of teachers: 79
6
GreatSchools Rating
 

$346,500$423,500$385,000

PURCHASE PRICE

$2,007$2,453$2,230

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$6.0k-$4.0k-$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$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,230
EXPENSES Loan Payment -$1,420
Property Tax -$720
Property Insurance -$175
HOA -$63
Property Management Fees -$99
CASH FLOW
-$246

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.

$385,000

PROJECTED PRICE

$2,230

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 9.26%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,420

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$4,857

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,230

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $2,221

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,1003$2,2004$2,2305$2,500
$2,500
RENT COMPS ANALYSIS
  • 212 Palomino Road Hickory Creek, TX 4
    • 4 beds 3 baths ∙ 2,553 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,553 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $2,230
    • $0.87
    •  
  • 3300 Juneau Drive Corinth, TX 1
    • 4 beds 2 baths ∙ 2,393 Sqft ∙ Built 2004 4 beds 2 baths ∙ 2,393 Sqft ∙ Built 2004
    LEASED 10/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.83
    •  
  • 3112 Mason Avenue Corinth, TX 2
    • 4 beds 3 baths ∙ 2,483 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,483 Sqft ∙ Built 1998
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.85
    •  
  • 205 Palomino Road Hickory Creek, TX 3
    • 4 beds 3 baths ∙ 2,418 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,418 Sqft ∙ Built 2015
    LEASED 06/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.91
    •  
  • 111 Northfield Circle Hickory Creek, TX 5
    • 4 beds 3 baths ∙ 2,797 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,797 Sqft ∙ Built 2003
    LEASED 09/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.89
    •  
PROPERTY LISTING DETAILS
Dennis Elmore
Fathom Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14412434
Last Updated: 08/20/2020
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