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2240 Chestnut Drive Little Elm, TX 75068

4 Beds 3 Baths 2,609 sqft Built 2002

$325,000

List Price

$2,050

$1.8K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $124.57
  • 5 Days on Market
  • MLS # : 14520102
  • Updated Date : 02/27/2021 at 08:54
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,609 sqft
  • Baths : 2 full , 1 half
Listing Agent

Homesmart Stars

Listing Agent's Description

MULTIPLE OFFERS RECEIVED! NO SHOWINGS AFTER 2PM ON SUNDAY FEB28. BEST AND FINAL DUE 5PM SUNDAY FEB28. SELLER WILL DECIDE BY 8PM. NEVER lost power or water during snow storm! Move in ready! Updates galore! Master bedroom is downstairs! All 3 upstairs bedrooms are large in size. Newer carpet in all bedrooms. Gameroom is huge! Lots of different scenarios for this room. Granite in kitchen. SS newer GE appliances, Cabinets and counter space galore! HVAC, '20; Roof, '17; newer board on board fence; updated baths, flooring, the list goes on! Landscaping is beautiful. Large backyard with outdoor kitchen. Pergola. Extended patio. Storage bldg.

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: 75068

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Zip Code: 75068

ZipNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

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

SCHOOLS

 
Sorry, we do not have sufficient school data for this neighborhood.
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,845$2,255$2,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$1,129
Property Tax -$681
Property Insurance -$178
HOA -$29
Property Management Fees -$99
CASH FLOW
-$66

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.

$325,000

PROJECTED PRICE

$2,050

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.6%
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$1.0M

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

$1,129

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$9,247

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,050

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,042

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$1,970
1$1,9702$1,9753$2,0504$2,1005$2,100
$2,100
RENT COMPS ANALYSIS
  • 2240 Chestnut Drive Little Elm, TX 3
    • 4 beds 3 baths ∙ 2,609 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,609 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.79
    •  
  • 2240 Bradford Pear Drive Little Elm, TX 1
    • 4 beds 3 baths ∙ 2,609 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,609 Sqft ∙ Built 2000
    LEASED 08/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $0.76
    •  
  • 2329 Basswood Drive Little Elm, TX 2
    • 4 beds 3 baths ∙ 2,611 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,611 Sqft ∙ Built 2001
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.76
    •  
  • 1913 Bradford Pear Square Little Elm, TX 4
    • 4 beds 3 baths ∙ 2,580 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,580 Sqft ∙ Built 2003
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.81
    •  
  • 2228 Birch Drive Little Elm, TX 5
    • 4 beds 3 baths ∙ 2,609 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,609 Sqft ∙ Built 1999
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.80
    •  
PROPERTY LISTING DETAILS
Susan Witt
Homesmart Stars
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14520102
Last Updated: 02/27/2021
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