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2321 Shorthorn Drive Northlake, TX 76247

4 Beds 2 Baths 1,806 sqft Built 2020

$283,990

List Price

$1,860

$1.7K - $2K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 16, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $157.25
  • 7 Days on Market
  • MLS # : 14472273
  • Updated Date : 11/17/2020 at 09:27
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,806 sqft
  • Baths : 2 full
Listing Agent

Century 21 Mike Bowman, Inc.

Listing Agent's Description

This dazzling home features an Open Plan Kitchen Design with Over sized Island, Large Family Room with a Vaulted Ceiling, Spacious Master Bedroom, generous Walk-in Master Closet and Covered Patio. Junction Plan H

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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: 76247

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $123k396k

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

Zip Code: 76247

ZipNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000210022002300Rent in $10532370

* 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
Justin Elementary School Primary Regular 506 33 5
Gene Pike Middle School Middle Regular 743 53 7
Northwest High School High Regular 2,793 170 6

Justin Elementary School

  • Education Level: Primary
  • # of students: 506
  • # of teachers: 33
5
GreatSchools Rating

Gene Pike Middle School

  • Education Level: Middle
  • # of students: 743
  • # of teachers: 53
7
GreatSchools Rating

Northwest High School

  • Education Level: High
  • # of students: 2,793
  • # of teachers: 170
6
GreatSchools Rating
 

$255,591$312,389$283,990

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$1,048
Property Tax -$592
Property Insurance -$132
HOA -$175
Property Management Fees -$99
CASH FLOW
-$185

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.

$283,990

PROJECTED PRICE

$1,860

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.7%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,257

INVESTMENT

$77,257

Down Payment
$70,998
Rehab Estimate
$2,000
Closing Costs
$4,260

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,048

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $70,998
Loan Amount $212,993
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$2,744

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,811

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,575
1$1,5752$1,7503$1,8504$1,8605$2,050
$2,050
RENT COMPS ANALYSIS
  • 2321 Shorthorn Drive Northlake, TX 4
    • 4 beds 2 baths ∙ 1,806 Sqft ∙ Built 2020 4 beds 2 baths ∙ 1,806 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $1.03
    •  
  • 226 Hilltop Drive Justin, TX 1
    • 3 beds 2 baths ∙ 1,585 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,585 Sqft ∙ Built 2004
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.99
    •  
  • 236 Hilltop Drive Justin, TX 2
    • 3 beds 2 baths ∙ 1,802 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,802 Sqft ∙ Built 2003
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.97
    •  
  • 276 Hilltop Drive Justin, TX 3
    • 3 beds 2 baths ∙ 1,885 Sqft ∙ Built 2017 3 beds 2 baths ∙ 1,885 Sqft ∙ Built 2017
    LEASED 07/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.98
    •  
  • 260 Hilltop Drive Justin, TX 5
    • 4 beds 2 baths ∙ 1,919 Sqft ∙ Built 2017 4 beds 2 baths ∙ 1,919 Sqft ∙ Built 2017
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.07
    •  
PROPERTY LISTING DETAILS
Deedee Taylor
Century 21 Mike Bowman, Inc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14472273
Last Updated: 11/17/2020
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