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2203 N Shore Drive Bonham, TX 75418

3 Beds 2 Baths 1,424 sqft Built 1996

$324,999

List Price

$1,530

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $228.23
  • 5 Days on Market
  • MLS # : 14469234
  • Updated Date : 11/15/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,424 sqft
  • Baths : 2 full
Listing Agent

Era Steve Cook & Co, Realtors®

Listing Agent's Description

Inviting views of Lake Bonham with trees and space. If you've been looking for a lake area home and elbow room, this property is ready for you to move in and call it home. Would make a perfect home or weekend place. Recently updated throughout: exterior walls have German smear, new solar screens on all windows, updated landscaping and many extra updates. Roof replaced in 2018, HVAC replaced in 2016. Interior has new paint, exotic granite in kitchen, built in custom desk and both bathrooms. New tile in showers, and porcelain tub in guest bath. Bedrooms have carpets, all other areas are new porcelain wood look tiles. Front bedroom and living room both have views of the lake. Insulated shop with 2 overhead doors.

SEE MORE

MARKET HIGHLIGHTS

  • . 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 75418

ZipNIR Market*CityMarket2015Year2007 Q3201960k70k80k90k100k110k120k130k140kPrice in $58k141k

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

Zip Code: 75418

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
Finley-oates Elementary School Primary Regular 546 39 4
L.h. Rather Junior High School Middle Regular 273 17 4
Bonham High School High Regular 513 44 4

Finley-oates Elementary School

  • Education Level: Primary
  • # of students: 546
  • # of teachers: 39
4
GreatSchools Rating

L.h. Rather Junior High School

  • Education Level: Middle
  • # of students: 273
  • # of teachers: 17
4
GreatSchools Rating

Bonham High School

  • Education Level: High
  • # of students: 513
  • # of teachers: 44
4
GreatSchools Rating
 

$292,499$357,499$324,999

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$1,199
Property Tax -$720
Property Insurance -$106
Property Management Fees -$99
CASH FLOW
-$594

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.

$324,999

PROJECTED PRICE

$1,530

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 6.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.00%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,199

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,250
Loan Amount $243,749
See What Happens When You Reinvest Cash Flow

-0.17

YEARS SAVED

-$26

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,530

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $1,452

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,530
1$1,5302$1,700
$1,700
RENT COMPS ANALYSIS
  • 2203 N Shore Drive Bonham, TX 1
    • 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $1.07
    •  
  • 8607 Lake Drive Bonham, TX 2
    • 3 beds 2 baths ∙ 1,672 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,672 Sqft ∙ Built 1986
    LEASED 09/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.02
    •  
PROPERTY LISTING DETAILS
Cristi Perkins
Era Steve Cook & Co, Realtors®
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14469234
Last Updated: 11/15/2020
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