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2388 Morningside Drive Little Elm, TX 75068

4 Beds 3 Baths 2,207 sqft Built 2003

$279,900

List Price

$1,780

$1.6K - $2K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $126.82
  • 3 Days on Market
  • MLS # : 14500513
  • Updated Date : 01/16/2021 at 07:55
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,207 sqft
  • Baths : 2 full , 1 half
Listing Agent

One2three Realty, Llc

Listing Agent's Description

Beautiful 2 story, 4 Bedroom, 2.5 bath home in lake front community of Little Elm. New interior paint throughout and new HVAC unit installed in Jan 2021. All bedrooms are upstairs including VERY large master suite. Granite countertops throughout kitchen and all baths. Faux wood tile on 1st floor for easy maintenance. Very large fenced back yard. Home has easy access to either I35 or North Dallas Toll road. Little Elm (6A division school district) has 2 brand new (opened 2020) middle schools and current construction of indoor athletic and multi use facility. Community has sand beach, 3 lane boat ramp, open amphitheater, and miles of hike and bike trails. New water park to opening in 2021.

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

Neighborhood: Wynfield Farms

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $117k308k

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

Neighborhood: Wynfield Farms

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900Rent in $10261912

* 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
Brent Elementary School Primary Regular 627 40 6
Lakeside Middle School Middle Regular 1,181 69 3
Little Elm High School High Regular 1,866 97 6

Brent Elementary School

  • Education Level: Primary
  • # of students: 627
  • # of teachers: 40
6
GreatSchools Rating

Lakeside Middle School

  • Education Level: Middle
  • # of students: 1,181
  • # of teachers: 69
3
GreatSchools Rating

Little Elm High School

  • Education Level: High
  • # of students: 1,866
  • # of teachers: 97
6
GreatSchools Rating
 

$251,910$307,890$279,900

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$972
Property Tax -$587
Property Insurance -$155
HOA -$55
Property Management Fees -$99
CASH FLOW
-$88

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$279,900

PROJECTED PRICE

$1,780

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
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$8.0k

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$79,924

INVESTMENT

$79,924

Down Payment
$69,975
Rehab Estimate
$5,750
Closing Costs
$4,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$972

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $69,975
Loan Amount $209,925
See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$6,101

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,755

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7803$1,7954$1,8505$1,875
$1,875
RENT COMPS ANALYSIS
  • 2388 Morningside Drive Little Elm, TX 2
    • 4 beds 3 baths ∙ 2,207 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,207 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $0.81
    •  
  • 1571 Brandywine Lane Little Elm, TX 1
    • 4 beds 3 baths ∙ 2,207 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,207 Sqft ∙ Built 2002
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.79
    •  
  • 1582 Brookstone Drive Little Elm, TX 3
    • 3 beds 3 baths ∙ 2,338 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,338 Sqft ∙ Built 2000
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.77
    •  
  • 1571 Brookstone Drive Little Elm, TX 4
    • 3 beds 3 baths ∙ 2,207 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,207 Sqft ∙ Built 2000
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.84
    •  
  • 1608 Briarhaven Way Little Elm, TX 5
    • 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,400 Sqft ∙ Built 2003
    LEASED 01/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.78
    •  
PROPERTY LISTING DETAILS
Brenda Zambrano
One2three Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14500513
Last Updated: 01/16/2021
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