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2408 Michelle Creek Drive Little Elm, TX 75068

3 Beds 2 Baths 1,758 sqft Built 2014

$259,990

List Price

$1,770

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 2014
  • Price/Sqft : $147.89
  • 4 Days on Market
  • MLS # : 14457102
  • Updated Date : 11/07/2020 at 04:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,758 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Prosper Celina

Listing Agent's Description

This incredible one-story is located in a sought after neighborhood. The house is exquisite and that it has NO CARPET, just beautiful wood, and tile floors throughout the home. The kitchen includes granite countertops and island, stainless steel appliances, and a gas cooktop. The open-concept floor plan is great for gatherings. The fireplace is a great focal point. The master bathroom has dual sinks, a separate garden tub, and a shower. Secondary bedrooms are separate from the master bedroom that is spacious enough for extra home office space if needed. Solar screens have been added The amenities are a must-see that this community has a neighborhood park, community pool, walking trails, and greenbelt.

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

Neighborhood: Paloma Creek South

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Paloma Creek South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
Providence Elementary School Primary Regular 657 42 6
Navo Middle School Middle Regular 1,077 65 7
Denton High School High Regular 2,166 140 6

Providence Elementary School

  • Education Level: Primary
  • # of students: 657
  • # of teachers: 42
6
GreatSchools Rating

Navo Middle School

  • Education Level: Middle
  • # of students: 1,077
  • # of teachers: 65
7
GreatSchools Rating

Denton High School

  • Education Level: High
  • # of students: 2,166
  • # of teachers: 140
6
GreatSchools Rating
 

$233,991$285,989$259,990

PURCHASE PRICE

$1,593$1,947$1,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,770
EXPENSES Loan Payment -$959
Property Tax -$545
Property Insurance -$129
HOA -$31
Property Management Fees -$99
CASH FLOW
$7

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.

$259,990

PROJECTED PRICE

$1,770

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.0%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,647

INVESTMENT

$74,647

Down Payment
$64,998
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,998
Loan Amount $194,993
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$14,520

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,770

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,762

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,699
1$1,6992$1,7003$1,7004$1,7505$1,770
$1,770
RENT COMPS ANALYSIS
  • 2408 Michelle Creek Drive Little Elm, TX 5
    • 3 beds 2 baths ∙ 1,758 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,758 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $1.01
    •  
  • 1420 Christina Creek Drive Little Elm, TX 1
    • 3 beds 2 baths ∙ 1,668 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,668 Sqft ∙ Built 2014
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,699
    • $1.02
    •  
  • 2208 Jonathan Creek Drive Little Elm, TX 2
    • 3 beds 2 baths ∙ 1,668 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,668 Sqft ∙ Built 2013
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.02
    •  
  • 1704 Abby Creek Drive Little Elm, TX 3
    • 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 2014
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.03
    •  
  • 2305 Michelle Creek Drive Little Elm, TX 4
    • 3 beds 2 baths ∙ 1,861 Sqft ∙ Built 2014 3 beds 2 baths ∙ 1,861 Sqft ∙ Built 2014
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.94
    •  
PROPERTY LISTING DETAILS
Megan Manganilla
Keller Williams Prosper Celina
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14457102
Last Updated: 11/07/2020
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