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2121 Prospect Lane Providence Village, TX 76227

4 Beds 3 Baths 2,559 sqft Built 2012

$300,000

List Price

$2,000

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2012
  • Price/Sqft : $117.23
  • 2 Days on Market
  • MLS # : 14537106
  • Updated Date : 03/20/2021 at 18:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,559 sqft
  • Baths : 2 full , 1 half
Listing Agent

Savvy Way Realty Inc.

Listing Agent's Description

Newly added flooring in this fantastic home in the sought after section of Providence. Granite counters and stainless-steel appliances in kitchen. Wrought iron spindles on stairs, surround sound and much more! Covered front and back patio, plus a front balcony. Game Room, PLUS a media room! 1st floor master with separate tub and shower! Sprinkler system. 2 car garage. Close proximity to many neighborhood parks, including a dog park too! Can move quickly if you need to get in fast!

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

Neighborhood: Island Village at Providence

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $116k336k

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

Neighborhood: Island Village at Providence

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
Monaco Elementary School Primary Regular 642 36 6
Aubrey Middle School Middle Regular 484 29 7
Aubrey High School High Regular 585 36 6

Monaco Elementary School

  • Education Level: Primary
  • # of students: 642
  • # of teachers: 36
6
GreatSchools Rating

Aubrey Middle School

  • Education Level: Middle
  • # of students: 484
  • # of teachers: 29
7
GreatSchools Rating

Aubrey High School

  • Education Level: High
  • # of students: 585
  • # of teachers: 36
6
GreatSchools Rating
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,800$2,200$2,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,000
EXPENSES Loan Payment -$1,042
Property Tax -$641
Property Insurance -$175
HOA -$60
Property Management Fees -$99
CASH FLOW
-$17

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.

$300,000

PROJECTED PRICE

$2,000

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.1%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

3.75

YEARS SAVED

$10,913

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $2,156

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,0503$2,1004$2,2755$2,295
$2,295
RENT COMPS ANALYSIS
  • 2121 Prospect Lane Providence Village, TX 1
    • 4 beds 3 baths ∙ 2,559 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,559 Sqft ∙ Built 2012
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.78
    •  
  • 9101 Blackstone Drive Aubrey, TX 2
    • 3 beds 3 baths ∙ 2,533 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,533 Sqft ∙ Built 2014
    property image
    LEASED 12/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.81
    •  
  • 9108 Benevolent Court Aubrey, TX 3
    • 3 beds 3 baths ∙ 2,543 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,543 Sqft ∙ Built 2014
    property image
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.83
    •  
  • 9001 Cranston Court Providence Village, TX 4
    • 3 beds 3 baths ∙ 2,728 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,728 Sqft ∙ Built 2014
    property image
    LEASED 12/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,275
    • $0.83
    •  
  • 2101 Myers Court Providence Village, TX 5
    • 4 beds 3 baths ∙ 2,553 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,553 Sqft ∙ Built 2006
    property image
    LEASED 01/29/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.90
    •  
PROPERTY LISTING DETAILS
Will Puente
Savvy Way Realty Inc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14537106
Last Updated: 03/20/2021
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