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244 Enchanted Way Princeton, TX 75407

4 Beds 3 Baths 2,171 sqft Built 2020

$275,900

List Price

$1,890

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $127.08
  • 5 Days on Market
  • MLS # : 14490305
  • Updated Date : 12/23/2020 at 17:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,171 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lgi Homes

Listing Agent's Description

The Cypress is a gorgeous, two-story home featuring an open floor plan, 4 bedrooms and 2.5 baths. The Cypress showcases a master suite on the main floor complete with an in-suite bathroom with double sinks and a garden tub. This new home comes with thousands of dollars in upgrades already included such as granite countertops, 42” upper wood cabinets, energy-efficient kitchen appliances, a fully fenced back yard, and an attached two-car garage with a Wi-Fi-enabled opener. Schedule your tour of the Cypress plan at Princeton Crossroads today!

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: 75407

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $114k243k

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

Zip Code: 75407

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8671734

* 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
Godwin Elementary School Primary Regular 683 40 8
Clark Junior High School Middle Regular 540 33 8
Princeton High School High Regular 1,048 67 6

Godwin Elementary School

  • Education Level: Primary
  • # of students: 683
  • # of teachers: 40
8
GreatSchools Rating

Clark Junior High School

  • Education Level: Middle
  • # of students: 540
  • # of teachers: 33
8
GreatSchools Rating

Princeton High School

  • Education Level: High
  • # of students: 1,048
  • # of teachers: 67
6
GreatSchools Rating
 

$248,310$303,490$275,900

PURCHASE PRICE

$1,701$2,079$1,890

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,890
EXPENSES Loan Payment -$1,018
Property Tax -$575
Property Insurance -$153
HOA -$28
Property Management Fees -$99
CASH FLOW
$17

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$275,900

PROJECTED PRICE

$1,890

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 3.00%
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-$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$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,114

INVESTMENT

$75,114

Down Payment
$68,975
Rehab Estimate
$2,000
Closing Costs
$4,139

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,018

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,975
Loan Amount $206,925
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$16,162

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,890

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,903

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,745
1$1,7452$1,8503$1,8904$1,950
$1,950
RENT COMPS ANALYSIS
  • 244 Enchanted Way Princeton, TX 3
    • 4 beds 3 baths ∙ 2,171 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,171 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $0.87
    •  
  • 2305 Denali Court Princeton, TX 1
    • 4 beds 3 baths ∙ 2,170 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,170 Sqft ∙ Built 2019
    property image
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.80
    •  
  • 318 Wandering Stream Way Princeton, TX 2
    • 4 beds 2 baths ∙ 1,850 Sqft ∙ Built 2020 4 beds 2 baths ∙ 1,850 Sqft ∙ Built 2020
    property image
    LEASED 11/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.00
    •  
  • 787 Myrtle Lane Princeton, TX 4
    • 5 beds 3 baths ∙ 2,339 Sqft ∙ Built 2020 5 beds 3 baths ∙ 2,339 Sqft ∙ Built 2020
    property image
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.83
    •  
PROPERTY LISTING DETAILS
Mona Hill
Lgi Homes
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14490305
Last Updated: 12/23/2020
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