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2501 Solomons Place Wylie, TX 75098

4 Beds 2 Baths 2,337 sqft Built 2020

$474,715

List Price

$2,410

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 08, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $203.13
  • 6 Days on Market
  • MLS # : 14483123
  • Updated Date : 12/08/2020 at 16:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,337 sqft
  • Baths : 2 full
Listing Agent

Highland Homes Realty

Listing Agent's Description

MLS# 14483123 - Built by Highland Homes - May completion! ~ Gourmet kitchen with cabinets, wall mount microwave-oven, built-in gas cooktop, granite countertop, farmhouse sink, direct vent stone fireplace with gas logs, lever door handles, satin nickel plumbing fixtures, master bay window, Green Belt view of Corp of Engineers property with covered patio, walking distance to the lake, school and amenity center.

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*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Zip Code: 75098

ZipNIR 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
A.b. Harrison Intermediate School Primary Regular 658 39 8
Frank Mcmillan Junior High School Middle Regular 656 43 10
Wylie East High School High Regular 1,718 109 8

A.b. Harrison Intermediate School

  • Education Level: Primary
  • # of students: 658
  • # of teachers: 39
8
GreatSchools Rating

Frank Mcmillan Junior High School

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

Wylie East High School

  • Education Level: High
  • # of students: 1,718
  • # of teachers: 109
8
GreatSchools Rating
 

$427,244$522,187$474,715

PURCHASE PRICE

$2,169$2,651$2,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,410
EXPENSES Loan Payment -$1,751
Property Tax -$396
Property Insurance -$162
HOA -$82
Property Management Fees -$99
CASH FLOW
-$80

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.

$474,715

PROJECTED PRICE

$2,410

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.9%
Maintenance Year (1-5) 3.00%
Vacancy 6.93%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$127,799

INVESTMENT

$127,799

Down Payment
$118,679
Rehab Estimate
$2,000
Closing Costs
$7,121

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,751

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $118,679
Loan Amount $356,036
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$25,638

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,410

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $2,360

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,2503$2,3004$2,410
$2,410
RENT COMPS ANALYSIS
  • 2501 Solomons Place Wylie, TX 4
    • 4 beds 2 baths ∙ 2,337 Sqft ∙ Built 2020 4 beds 2 baths ∙ 2,337 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,410
    • $1.03
    •  
  • 1831 Pacific Pearl Lane St. Paul, TX 1
    • 3 beds 2 baths ∙ 2,236 Sqft ∙ Built 2018 3 beds 2 baths ∙ 2,236 Sqft ∙ Built 2018
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.96
    •  
  • 2129 Bishop Barrel Lane St. Paul, TX 2
    • 3 beds 2 baths ∙ 2,180 Sqft ∙ Built 2017 3 beds 2 baths ∙ 2,180 Sqft ∙ Built 2017
    LEASED 08/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.03
    •  
  • 1905 Bishop Barrel Lane St. Paul, TX 3
    • 3 beds 3 baths ∙ 2,215 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,215 Sqft ∙ Built 2017
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.04
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Highland Homes Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14483123
Last Updated: 12/08/2020
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