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2413 Cobbler Street Northlake, TX 76247

4 Beds 3 Baths 2,357 sqft Built 2020

INVESTimate

$425,900

List Price

$2,620

$2,370 - $2,870

Rent Est.

$463,038  ( +8.72%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $180.70
  • 8 Days on Market
  • MLS # : 14416511
  • Updated Date : 08/25/2020 at 09:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,357 sqft
  • Baths : 3 full
Listing Agent

Britton Homes

Listing Agent's Description

PERRY HOMES NEW CONSTRUCTION! Extended entry highlights 12-foot coffered ceiling leads to Home Office. Open kitchen offers extra counter space, corner walk-in pantry and generous island with built-in seating space. Dining area flows into open family room with a cast stone fireplace and a wall of windows. Spacious Primary suite. Double doors lead to primary bath with dual vanities, garden tub, separate glass-enclosed shower and two walk-in closets. Guest suite. All bedrooms include walk-in closets. Covered backyard patio. Mud room off two-car garage.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 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)

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
 

$383,310$468,490$425,900

PURCHASE PRICE

$2,358$2,882$2,620

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$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$6.0k-$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$200k$400k$600k$800k$1.0M$1.2M$1.4M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,620
EXPENSES Loan Payment -$1,571
Property Tax -$860
Property Insurance -$163
HOA -$177
Property Management Fees -$99
CASH FLOW
-$251

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.

$425,900

PROJECTED PRICE

$2,620

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.72%
Maintenance Year (1-5) 3.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$114,864

INVESTMENT

$114,864

Down Payment
$106,475
Rehab Estimate
$2,000
Closing Costs
$6,389

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,571

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $106,475
Loan Amount $319,425
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$5,437

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,620

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $2,581

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,5003$2,6004$2,6205$2,650
$2,650
RENT COMPS ANALYSIS
  • 2413 Cobbler Street Northlake, TX 4
    • 4 beds 3 baths ∙ 2,357 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,357 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,620
    • $1.11
    •  
  • 1716 Sparrow Street Northlake, TX 1
    • 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
    •  
  • 1820 Lark Lane Argyle, TX 2
    • 3 beds 3 baths ∙ 2,192 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,192 Sqft ∙ Built 2017
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.14
    •  
  • 113 Oakmont Drive Argyle, TX 3
    • 4 beds 3 baths ∙ 2,517 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,517 Sqft ∙ Built 2016
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.03
    •  
  • 1824 Sparrow Street Argyle, TX 5
    • 4 beds 3 baths ∙ 2,415 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,415 Sqft ∙ Built 2016
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.10
    •  
PROPERTY LISTING DETAILS
Larry Delzell
Britton Homes
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14416511
Last Updated: 08/25/2020
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