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2770 Clearwater Drive Prosper, TX 75078

4 Beds 4 Baths 2,934 sqft Built 2020

$564,900

List Price

$2,470

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $192.54
  • 6 Days on Market
  • MLS # : 14462520
  • Updated Date : 10/29/2020 at 17:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,934 sqft
  • Baths : 3 full , 1 half
Listing Agent

Britton Homes

Listing Agent's Description

PERRY HOMES NEW CONSTRUCTION! Home office with French doors and dining room adjacent to entry. Two-story entry and family room with a wood mantel fireplace and a wall of windows. Kitchen opens to morning area. Primary suite with 11-foot ceiling. Garden tub, separate glass-enclosed shower, dual sinks and two walk-in closets in the primary bath. Second bedroom downstairs. Upstairs game room. Extended covered backyard patio. Two-car garage.

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: 75078

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $123k515k

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

Zip Code: 75078

ZipNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000Rent in $11263004

* 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
Windsong Elementary School Primary Regular NA
Reynolds Middle School Middle Regular 1,048 68 8
Prosper High School High Regular 1,868 120 9

Windsong Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Reynolds Middle School

  • Education Level: Middle
  • # of students: 1,048
  • # of teachers: 68
8
GreatSchools Rating

Prosper High School

  • Education Level: High
  • # of students: 1,868
  • # of teachers: 120
9
GreatSchools Rating
 

$508,410$621,390$564,900

PURCHASE PRICE

$2,223$2,717$2,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,470
EXPENSES Loan Payment -$2,084
Property Tax -$1,076
Property Insurance -$197
HOA -$51
Property Management Fees -$99
CASH FLOW
-$1,037

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.

$564,900

PROJECTED PRICE

$2,470

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.0%
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-$18k-$16k-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

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$151,699

INVESTMENT

$151,699

Down Payment
$141,225
Rehab Estimate
$2,000
Closing Costs
$8,474

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% down payment or higher enables the proceeds from the asset to cover all costs.

$2,084

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $141,225
Loan Amount $423,675
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

-$18

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,470

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,487

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,4703$2,4954$2,5905$2,600
$2,600
RENT COMPS ANALYSIS
  • 2770 Clearwater Drive Prosper, TX 2
    • 4 beds 4 baths ∙ 2,934 Sqft ∙ Built 2020 4 beds 4 baths ∙ 2,934 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,470
    • $0.84
    •  
  • 16505 Toledo Bend Court Prosper, TX 1
    • 4 beds 3 baths ∙ 2,807 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,807 Sqft ∙ Built 2014
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.84
    •  
  • 16412 Amistad Avenue Prosper, TX 3
    • 4 beds 3 baths ∙ 2,869 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,869 Sqft ∙ Built 2020
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.87
    •  
  • 16617 Amistad Avenue Prosper, TX 4
    • 5 beds 4 baths ∙ 3,095 Sqft ∙ Built 2014 5 beds 4 baths ∙ 3,095 Sqft ∙ Built 2014
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,590
    • $0.84
    •  
  • 16213 Harper Road Prosper, TX 5
    • 5 beds 4 baths ∙ 3,092 Sqft ∙ Built 2015 5 beds 4 baths ∙ 3,092 Sqft ∙ Built 2015
    LEASED 10/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.84
    •  
PROPERTY LISTING DETAILS
Larry Delzell
Britton Homes
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14462520
Last Updated: 10/29/2020
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