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248 Willowlake Drive Little Elm, TX 75068

3 Beds 2 Baths 2,296 sqft Built 2003

$289,900

List Price

$1,870

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $126.26
  • 2 Days on Market
  • MLS # : 14535750
  • Updated Date : 03/20/2021 at 10:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,296 sqft
  • Baths : 2 full
Listing Agent

Re/max Dfw Associates

Listing Agent's Description

FANTASTIC updated home built by Kimball Homes. Lots of beautiful designer features! Hand scraped hardwoods. New Carpet in master. Very spacious open plan. There is a large bonus room that could be used as a game room or media room PLUS an additional office. You will love the double sided fire place in the master bedroom and master bathroom. Sweet window seats with storage in the bedrooms. This home has everything you are looking for! Cooktop is plumbed for gas. Roof replaced February 2021, Fresh paint throughout, hot water heater replaced 2018, Lifetime transferrable foundation warranty! Super close to Lake Lewisville! Must see!!

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

Neighborhood: Lakewood Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300kPrice in $122k308k

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

Neighborhood: Lakewood Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900Rent in $10631912

* 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
Cesar Chavez Elementary School Primary Regular 753 42 6
Lakeside Middle School Middle Regular 1,181 69 3
Little Elm High School High Regular 1,866 97 6

Cesar Chavez Elementary School

  • Education Level: Primary
  • # of students: 753
  • # of teachers: 42
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
 

$260,910$318,890$289,900

PURCHASE PRICE

$1,683$2,057$1,870

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,870
EXPENSES Loan Payment -$1,007
Property Tax -$608
Property Insurance -$160
HOA -$16
Property Management Fees -$99
CASH FLOW
-$20

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.

$289,900

PROJECTED PRICE

$1,870

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.8%
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$1.0M

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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,574

INVESTMENT

$82,574

Down Payment
$72,475
Rehab Estimate
$5,750
Closing Costs
$4,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,007

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,475
Loan Amount $217,425
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$10,963

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,870

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,986

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,599
1$1,5992$1,7503$1,7504$1,8505$1,870
$1,870
RENT COMPS ANALYSIS
  • 248 Willowlake Drive Little Elm, TX 5
    • 3 beds 2 baths ∙ 2,296 Sqft ∙ Built 2003 3 beds 2 baths ∙ 2,296 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,870
    • $0.81
    •  
  • 241 Flatwood Drive Little Elm, TX 1
    • 3 beds 2 baths ∙ 1,996 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,996 Sqft ∙ Built 2006
    property image
    LEASED 10/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $0.80
    •  
  • 629 Aqua Drive Little Elm, TX 2
    • 3 beds 3 baths ∙ 2,072 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,072 Sqft ∙ Built 2000
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.84
    •  
  • 217 Willowlake Drive Little Elm, TX 3
    • 3 beds 2 baths ∙ 1,962 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,962 Sqft ∙ Built 2003
    property image
    LEASED 10/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.89
    •  
  • 1040 Lake Trail Drive Little Elm, TX 4
    • 3 beds 3 baths ∙ 1,997 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,997 Sqft ∙ Built 1998
    property image
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.93
    •  
PROPERTY LISTING DETAILS
Corey Young
Re/max Dfw Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14535750
Last Updated: 03/20/2021
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