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2324 Shorthorn Drive Northlake, TX 76247

3 Beds 2 Baths 1,872 sqft Built 2021

$303,215

List Price

$2,140

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $161.97
  • 1 Days on Market
  • MLS # : 14497248
  • Updated Date : 01/09/2021 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,872 sqft
  • Baths : 2 full
Listing Agent

Century 21 Mike Bowman, Inc.

Listing Agent's Description

SELLING NOW!!~POPULAR NEW SINGLE STORY D.R. HORTON HOME in the MASTER PLANNED COMMUNITY OF PECAN SQUARE in NORTHLAKE & NORTHWEST ISD!~Open concept Canyon Falls Floorplan (Elev K) Est completion Spring 2021*Open plan Kitchen Design with Granite CT,Gas Range,over sized Island & W-I Pantry*Spacious Living with vaulted ceiling FP & lrg Primary Bedroom wide 2 sink vanity,Garden Tub,over sized Shower & huge W-I Closet*Designer pkg including Tiled Entry,Hallways & Wet areas*Home is Connected Smart Home Technology,covered back Patio,Full Sprinkler System & Landscape Pkg*Community offers Pools,Playgrounds,Clubhouse,co-working space,Fitness Center,Post & Parcel Store,Arena for Live Music,gatherings & so much more!

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

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
 

$272,894$333,537$303,215

PURCHASE PRICE

$1,926$2,354$2,140

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,140
EXPENSES Loan Payment -$1,053
Property Tax -$632
Property Insurance -$135
HOA -$175
Property Management Fees -$99
CASH FLOW
$46

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.

$303,215

PROJECTED PRICE

$2,140

PROJECTED RENT

0.71%

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$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$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$82,352

INVESTMENT

$82,352

Down Payment
$75,804
Rehab Estimate
$2,000
Closing Costs
$4,548

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,053

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,804
Loan Amount $227,411
See What Happens When You Reinvest Cash Flow

4.67

YEARS SAVED

$14,921

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,140

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $2,139

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$2,140
1$2,1402$2,1953$2,2954$2,4005$2,550
$2,550
RENT COMPS ANALYSIS
  • 2324 Shorthorn Drive Northlake, TX 1
    • 3 beds 2 baths ∙ 1,872 Sqft ∙ Built 2021 3 beds 2 baths ∙ 1,872 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,140
    • $1.14
    •  
  • 517 Gannet Trail Northlake, TX 2
    • 3 beds 2 baths ∙ 1,872 Sqft ∙ Built 2017 3 beds 2 baths ∙ 1,872 Sqft ∙ Built 2017
    LEASED 01/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.17
    •  
  • 109 Cole Court Northlake, TX 3
    • 3 beds 2 baths ∙ 2,031 Sqft ∙ Built 2015 3 beds 2 baths ∙ 2,031 Sqft ∙ Built 2015
    LEASED 12/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.13
    •  
  • 1716 Sparrow Street Northlake, TX 4
    • 3 beds 2 baths ∙ 2,171 Sqft ∙ Built 2016 3 beds 2 baths ∙ 2,171 Sqft ∙ Built 2016
    LEASED 08/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.11
    •  
  • 2524 Little Wonders Lane Northlake, TX 5
    • 3 beds 3 baths ∙ 2,189 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,189 Sqft ∙ Built 2020
    LEASED 12/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.16
    •  
PROPERTY LISTING DETAILS
Carol Holloway Stoneham
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 #: 14497248
Last Updated: 01/09/2021
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