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2337 Elm Place Northlake, TX 76247

3 Beds 2 Baths 1,607 sqft Built 2021

$356,925

List Price

$1,870

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $222.11
  • 3 Days on Market
  • MLS # : 14500851
  • Updated Date : 01/15/2021 at 14:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,607 sqft
  • Baths : 2 full
Listing Agent

Highland Homes Realty

Listing Agent's Description

MLS# 14500851 - Built by Highland Homes - July completion! ~ New Highland Home located in Pecan Square. This gorgeous open floor plan offers 3 spacious bedrooms and 2 baths. Silestone countertops with upgraded backsplash, stainless steel appliances, luxury vinyl plank in all main living areas, extended covered outdoor living area, tankless hot water heater, smart home package and so much more. Pecan Square is a master planned community with amenities to include pools, exercise facility, telecommuting office space, playgrounds, etc. Come see this amazing home before it is too late!!

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: 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
 

$321,233$392,618$356,925

PURCHASE PRICE

$1,683$2,057$1,870

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,870
EXPENSES Loan Payment -$1,240
Property Tax -$744
Property Insurance -$120
HOA -$220
Property Management Fees -$99
CASH FLOW
-$553

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.

$356,925

PROJECTED PRICE

$1,870

PROJECTED RENT

0.52%

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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$96,585

INVESTMENT

$96,585

Down Payment
$89,231
Rehab Estimate
$2,000
Closing Costs
$5,354

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,240

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $89,231
Loan Amount $267,694
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$1

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,870

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $1,864

    COMP ESTIMATED VALUE
  • $1.16

    COMP AVG. RENT PER SQFT
Comps Range
$1,870
1$1,8702$2,1503$2,1954$2,200
$2,200
RENT COMPS ANALYSIS
  • 2337 Elm Place Northlake, TX 1
    • 3 beds 2 baths ∙ 1,607 Sqft ∙ Built 2021 3 beds 2 baths ∙ 1,607 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,870
    • $1.16
    •  
  • 1720 Cole Lane Northlake, TX 2
    • 3 beds 2 baths ∙ 1,872 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,872 Sqft ∙ Built 2015
    property image
    LEASED 07/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.15
    •  
  • 517 Gannet Trail Northlake, TX 3
    • 3 beds 2 baths ∙ 1,872 Sqft ∙ Built 2017 3 beds 2 baths ∙ 1,872 Sqft ∙ Built 2017
    property image
    LEASED 01/11/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.17
    •  
  • 720 Boardwalk Way Argyle, TX 4
    • 3 beds 2 baths ∙ 1,894 Sqft ∙ Built 2018 3 beds 2 baths ∙ 1,894 Sqft ∙ Built 2018
    property image
    LEASED 12/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.16
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Highland Homes Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14500851
Last Updated: 01/15/2021
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