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2520 Whetstone Drive Corinth, TX 76210

4 Beds 3 Baths 2,750 sqft Built 1997

$308,900

List Price

$2,290

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $112.33
  • 1 Days on Market
  • MLS # : 14532472
  • Updated Date : 03/13/2021 at 01:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,750 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hathawayhs Penfed Tx

Listing Agent's Description

Updated 4 bedroom, 2 full bathroom home in Fairview West! The interior has been completely repainted and has new carpet. The well-appointed kitchen features new flooring, honey-hued cabinetry, recessed lighting, and an island. Spacious living room features a cozy wood-burning fireplace with a lovely mantle. Relax and unwind in the comfortable primary bedroom with an ensuite bathroom that offers dual sinks, a deep soaking tub and a large walk-in closet. Great transitional open floorplan to use extra living space for office, workout room, or dining area. Easy access to I35, shopping, and dining.

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: Fairview West

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Fairview West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9062171

* 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
Corinth Elementary School Primary Regular 554 40 5
Lake Dallas Middle School Middle Regular 941 65 7
Lake Dallas High School High Regular 1,275 79 6

Corinth Elementary School

  • Education Level: Primary
  • # of students: 554
  • # of teachers: 40
5
GreatSchools Rating

Lake Dallas Middle School

  • Education Level: Middle
  • # of students: 941
  • # of teachers: 65
7
GreatSchools Rating

Lake Dallas High School

  • Education Level: High
  • # of students: 1,275
  • # of teachers: 79
6
GreatSchools Rating
 

$278,010$339,790$308,900

PURCHASE PRICE

$2,061$2,519$2,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,290
EXPENSES Loan Payment -$1,073
Property Tax -$624
Property Insurance -$186
Property Management Fees -$99
CASH FLOW
$308

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.

$308,900

PROJECTED PRICE

$2,290

PROJECTED RENT

0.74%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 10.2%
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$1.2M

PROJECTED ANNUAL CASH FLOW

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

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$87,609

INVESTMENT

$87,609

Down Payment
$77,225
Rehab Estimate
$5,750
Closing Costs
$4,634

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,073

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $77,225
Loan Amount $231,675
See What Happens When You Reinvest Cash Flow

9.42

YEARS SAVED

$40,701

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,290

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,461

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,2003$2,2904$2,5005$2,700
$2,700
RENT COMPS ANALYSIS
  • 2520 Whetstone Drive Corinth, TX 3
    • 4 beds 3 baths ∙ 2,750 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,750 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,290
    • $0.83
    •  
  • 3112 Mason Avenue Corinth, TX 1
    • 4 beds 3 baths ∙ 2,483 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,483 Sqft ∙ Built 1998
    property image
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.85
    •  
  • 1810 Manchester Way Corinth, TX 2
    • 4 beds 2 baths ∙ 2,431 Sqft ∙ Built 2000 4 beds 2 baths ∙ 2,431 Sqft ∙ Built 2000
    property image
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.90
    •  
  • 103 Traveller Street Hickory Creek, TX 4
    • 4 beds 3 baths ∙ 2,667 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,667 Sqft ∙ Built 2016
    property image
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.94
    •  
  • 3606 Windsor Parkway Corinth, TX 5
    • 4 beds 3 baths ∙ 3,049 Sqft ∙ Built 2002 4 beds 3 baths ∙ 3,049 Sqft ∙ Built 2002
    property image
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.89
    •  
PROPERTY LISTING DETAILS
Wendy Galloway
Berkshire Hathawayhs Penfed Tx
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14532472
Last Updated: 03/13/2021
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