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2512 Cherry Drive Little Elm, TX 75068

4 Beds 3 Baths 2,609 sqft Built 1999

$290,000

List Price

$1,910

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $111.15
  • 3 Days on Market
  • MLS # : 14469275
  • Updated Date : 11/13/2020 at 14:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,609 sqft
  • Baths : 2 full , 1 half
Listing Agent

Robert Elliott And Associates

Listing Agent's Description

Spacious traditional home in an established neighborhood,The Village of Woodlake, nestled in the heart of Little Elm with convenient access to North Dallas Tollway. The neighborhood has a stocked pond, pool, playground and walking trail.Once you enter the home there is a private study, spacious living room leading to the open kitchen. The open concept kitchen has an eat-in area leading to the large covered patio and pool size backyard. From the front door there is private stair access leading up to the 2nd-floor game room. The game room has a full equipped mini-kitchenette. There are 3 additional lovely bedrooms on the 2nd floor. This home has SEVERAL upgrades thru out the home (roof,new appliance,water heater)

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: The Villages of Woodlake

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: The Villages of Woodlake

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11162171

* 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
Lakeview Elementary School Primary Regular 581 38 6
Lakeside Middle School Middle Regular 1,181 69 3
Little Elm High School High Regular 1,866 97 6

Lakeview Elementary School

  • Education Level: Primary
  • # of students: 581
  • # of teachers: 38
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
 

$261,000$319,000$290,000

PURCHASE PRICE

$1,719$2,101$1,910

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,910
EXPENSES Loan Payment -$1,070
Property Tax -$608
Property Insurance -$178
HOA -$30
Property Management Fees -$99
CASH FLOW
-$75

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.

$290,000

PROJECTED PRICE

$1,910

PROJECTED RENT

0.66%

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) 8.00%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,600

INVESTMENT

$82,600

Down Payment
$72,500
Rehab Estimate
$5,750
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,070

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,500
Loan Amount $217,500
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$9,505

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,910

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $1,963

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,9103$1,9704$1,9755$2,100
$2,100
RENT COMPS ANALYSIS
  • 2512 Cherry Drive Little Elm, TX 2
    • 4 beds 3 baths ∙ 2,609 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,609 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $1,910
    • $0.73
    •  
  • 2309 Chestnut Drive Little Elm, TX 1
    • 4 beds 3 baths ∙ 2,609 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,609 Sqft ∙ Built 2001
    LEASED 01/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.69
    •  
  • 2240 Bradford Pear Drive Little Elm, TX 3
    • 4 beds 3 baths ∙ 2,609 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,609 Sqft ∙ Built 2000
    LEASED 08/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $0.76
    •  
  • 2329 Basswood Drive Little Elm, TX 4
    • 4 beds 3 baths ∙ 2,611 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,611 Sqft ∙ Built 2001
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.76
    •  
  • 2228 Birch Drive Little Elm, TX 5
    • 4 beds 3 baths ∙ 2,609 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,609 Sqft ∙ Built 1999
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.80
    •  
PROPERTY LISTING DETAILS
Alecia Wiegand
Robert Elliott And Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14469275
Last Updated: 11/13/2020
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