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2403 Drain Drive St. Paul, TX 75098

4 Beds 3 Baths 2,699 sqft Built 2005

INVESTimate

$399,000

List Price

$2,090

$1,881 - $2,299

Rent Est.

$434,312  ( +8.85%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $147.83
  • 7 Days on Market
  • MLS # : 14417429
  • Updated Date : 08/24/2020 at 09:02
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,699 sqft
  • Baths : 3 full
Listing Agent

Ebby Halliday, Realtors

Listing Agent's Description

Rare opportunity to purchase in Wylie ISD on a beautiful acre lot backing to private lake. Large detached 25 x 35 shop with electricity with front and rear doors. This home features extensive crown molding and window trim. Only rooms upstairs are bedroom, game room and full bath. Master bedroom has views of private lake with walk in closet, jetted tub and separate shower. Enjoy the backyard on the covered patio. Home is offered at below tax roll value.

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: 75098

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $123k399k

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

Zip Code: 75098

ZipNIR Market*CityMarket2010Year20002019 Q2120013001400150016001700180019002000210022002300Rent in $11262302

* 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
Rita Smith Elementary School Primary Regular 624 38 9
Frank Mcmillan Junior High School Middle Regular 656 43 10
Wylie High School High Regular 2,061 127 9

Rita Smith Elementary School

  • Education Level: Primary
  • # of students: 624
  • # of teachers: 38
9
GreatSchools Rating

Frank Mcmillan Junior High School

  • Education Level: Middle
  • # of students: 656
  • # of teachers: 43
10
GreatSchools Rating

Wylie High School

  • Education Level: High
  • # of students: 2,061
  • # of teachers: 127
9
GreatSchools Rating
 

$359,100$438,900$399,000

PURCHASE PRICE

$1,881$2,299$2,090

RENT

DOWN PAYMENT
FINANCING

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$2.0k$4.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,090
EXPENSES Loan Payment -$1,472
Property Tax -$692
Property Insurance -$183
HOA -$21
Property Management Fees -$99
CASH FLOW
-$377

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.

$399,000

PROJECTED PRICE

$2,090

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.85%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,485

INVESTMENT

$111,485

Down Payment
$99,750
Rehab Estimate
$5,750
Closing Costs
$5,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,472

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $99,750
Loan Amount $299,250
See What Happens When You Reinvest Cash Flow

0.83

YEARS SAVED

$1,702

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,090

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,923

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,8953$1,9954$2,0005$2,090
$2,090
RENT COMPS ANALYSIS
  • 2403 Drain Drive St. Paul, TX 5
    • 4 beds 3 baths ∙ 2,699 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,699 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $0.77
    •  
  • 1400 Coral Reef Lane Wylie, TX 1
    • 4 beds 3 baths ∙ 2,709 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,709 Sqft ∙ Built 1998
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.68
    •  
  • 1900 Eastfork Lane Wylie, TX 2
    • 3 beds 3 baths ∙ 2,765 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,765 Sqft ∙ Built 2004
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.69
    •  
  • 1510 Starpoint Lane Wylie, TX 3
    • 4 beds 3 baths ∙ 2,708 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,708 Sqft ∙ Built 1999
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.74
    •  
  • 1508 Coral Reef Lane Wylie, TX 4
    • 4 beds 3 baths ∙ 2,708 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,708 Sqft ∙ Built 1998
    LEASED 08/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.74
    •  
PROPERTY LISTING DETAILS
Stacie Gooch
Ebby Halliday, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14417429
Last Updated: 08/24/2020
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