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2609 Fountainview Drive Corinth, TX 76210

3 Beds 3 Baths 1,650 sqft Built 1986

$261,000

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

November 09, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $158.18
  • 7 Days on Market
  • MLS # : 14468143
  • Updated Date : 11/10/2020 at 19:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,650 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage, Llc

Listing Agent's Description

This Corinth two-story home offers granite countertops, a fireplace, and a two-car garage. This home is vacant and cleaned regularly.

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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: Fairview Meadows

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $109k288k

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

Neighborhood: Fairview Meadows

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8111968

* 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
 

$234,900$287,100$261,000

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$963
Property Tax -$528
Property Insurance -$123
Property Management Fees -$99
CASH FLOW
-$112

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.

$261,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.61%

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$100k$200k$300k$400k$500k$600k$700k$800k

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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,915

INVESTMENT

$74,915

Down Payment
$65,250
Rehab Estimate
$5,750
Closing Costs
$3,915

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$963

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,250
Loan Amount $195,750
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$6,483

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,671

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6003$1,6754$1,6955$1,700
$1,700
RENT COMPS ANALYSIS
  • 2609 Fountainview Drive Corinth, TX 2
    • 3 beds 3 baths ∙ 1,650 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,650 Sqft ∙ Built 1986
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.97
    •  
  • 3203 Athens Drive Corinth, TX 1
    • 3 beds 2 baths ∙ 1,535 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,535 Sqft ∙ Built 1997
    property image
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.04
    •  
  • 2706 Vistaview Drive Corinth, TX 3
    • 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 1987
    property image
    LEASED 09/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $1.11
    •  
  • 3110 Brett Road Corinth, TX 4
    • 3 beds 2 baths ∙ 1,836 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,836 Sqft ∙ Built 2001
    property image
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.92
    •  
  • 3012 Berkshire Lane Corinth, TX 5
    • 3 beds 2 baths ∙ 1,733 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,733 Sqft ∙ Built 1997
    property image
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.98
    •  
PROPERTY LISTING DETAILS
Feras Rachid
Opendoor Brokerage, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14468143
Last Updated: 11/10/2020
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