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2229 6th Avenue Flower Mound, TX 75028

4 Beds 4 Baths 2,504 sqft Built 2021

$544,000

List Price

$2,360

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
February 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $217.25
  • 3 Days on Market
  • MLS # : 14518280
  • Updated Date : 02/12/2021 at 20:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,504 sqft
  • Baths : 4 full
Listing Agent

Jagjit Singh

Listing Agent's Description

Ask about our MEGAsale promotion of 6 months mortgage on us. Megatel Homes will credit the first 6 months of your new mortgage payment. See your community sales consultant for full details. MEGAsale is available for a limited time only. Mortgage payment refers to principal and interest only. Additional restrictions apply. Megatel Homes reserves the right to change or cancel the program at any time.

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: 75028

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $123k402k

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

Zip Code: 75028

ZipNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900200021002200230024002500Rent in $11262573

* 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
Flower Mound Elementary School Primary Regular 499 35 9
Lamar Middle School Middle Regular 764 51 9
Marcus High School High Regular 2,439 151 8

Flower Mound Elementary School

  • Education Level: Primary
  • # of students: 499
  • # of teachers: 35
9
GreatSchools Rating

Lamar Middle School

  • Education Level: Middle
  • # of students: 764
  • # of teachers: 51
9
GreatSchools Rating

Marcus High School

  • Education Level: High
  • # of students: 2,439
  • # of teachers: 151
8
GreatSchools Rating
 

$489,600$598,400$544,000

PURCHASE PRICE

$2,124$2,596$2,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,360
EXPENSES Loan Payment -$1,890
Property Tax -$939
Property Insurance -$172
HOA -$137
Property Management Fees -$99
CASH FLOW
-$877

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.

$544,000

PROJECTED PRICE

$2,360

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.8%
Maintenance Year (1-5) 3.00%
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-$16k-$14k-$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$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$146,160

INVESTMENT

$146,160

Down Payment
$136,000
Rehab Estimate
$2,000
Closing Costs
$8,160

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$1,890

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $136,000
Loan Amount $408,000
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

$0

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,360

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $2,648

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3603$2,3754$2,5005$2,895
$2,895
RENT COMPS ANALYSIS
  • 2229 6th Avenue Flower Mound, TX 2
    • 4 beds 4 baths ∙ 2,504 Sqft ∙ Built 2021 4 beds 4 baths ∙ 2,504 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,360
    • $0.94
    •  
  • 1213 Shamrock Drive Flower Mound, TX 1
    • 3 beds 3 baths ∙ 2,226 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,226 Sqft ∙ Built 2004
    LEASED 11/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.03
    •  
  • 1905 Trevor Court Flower Mound, TX 3
    • 4 beds 3 baths ∙ 2,252 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,252 Sqft ∙ Built 2001
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,375
    • $1.05
    •  
  • 4621 Mulberry Street Flower Mound, TX 4
    • 4 beds 3 baths ∙ 2,339 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,339 Sqft ∙ Built 2013
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.07
    •  
  • 3402 Cottonwood Drive Flower Mound, TX 5
    • 5 beds 4 baths ∙ 2,685 Sqft ∙ Built 2005 5 beds 4 baths ∙ 2,685 Sqft ∙ Built 2005
    LEASED 10/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,895
    • $1.08
    •  
PROPERTY LISTING DETAILS
Jagjit Singh
Jagjit Singh
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14518280
Last Updated: 02/12/2021
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