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2851 Cannon Drive Prosper, TX 75078

4 Beds 3 Baths 3,495 sqft Built 2020

$525,000

List Price

$2,630

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
FACTS
  • Built In 2020
  • Price/Sqft : $150.21
  • 11 Days on Market
  • MLS # : 14459711
  • Updated Date : 10/25/2020 at 11:16
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,495 sqft
  • Baths : 3 full
Listing Agent

Trendmaker Homes Dfw, Llc

Listing Agent's Description

MLS# 14459711 - Built by Trendmaker Homes - Ready Now! ~ Upon entry, you will find and elongated foyer with entrances to a private study, additional bedrooms, and Jack and Jill bathroom. Follow the foyer to a large family room with a formal dining room and open kitchen inclusive with center island, stainless steel appliances, corner walk-in pantry, and breakfast nook area. The secluded master suite provides the perfect relaxation spot and includes a spa like master bath and huge walk in closet. Highlighted Features: Formal dining Luxury kitchen Study Fireplace Bay window in primary suite Upstairs gameroom Media room Utility door to primary closet Covered patio Outdoor fireplace

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
 

$472,500$577,500$525,000

PURCHASE PRICE

$2,367$2,893$2,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,630
EXPENSES Loan Payment -$1,937
Property Tax -$1,000
Property Insurance -$229
HOA -$51
Property Management Fees -$99
CASH FLOW
-$686

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.

$525,000

PROJECTED PRICE

$2,630

PROJECTED RENT

0.50%

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

PROJECTED ANNUAL CASH FLOW

11530-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$141,125

INVESTMENT

$141,125

Down Payment
$131,250
Rehab Estimate
$2,000
Closing Costs
$7,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,937

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $131,250
Loan Amount $393,750
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$123

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,630

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $2,682

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,6303$2,6504$2,7005$2,900
$2,900
RENT COMPS ANALYSIS
  • 2851 Cannon Drive Prosper, TX 2
    • 4 beds 3 baths ∙ 3,495 Sqft ∙ Built 2020 4 beds 3 baths ∙ 3,495 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,630
    • $0.75
    •  
  • 16029 Brelsford Place Prosper, TX 1
    • 4 beds 4 baths ∙ 3,313 Sqft ∙ Built 2017 4 beds 4 baths ∙ 3,313 Sqft ∙ Built 2017
    property image
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.75
    •  
  • 16605 Dry Creek Boulevard Prosper, TX 3
    • 5 beds 4 baths ∙ 3,429 Sqft ∙ Built 2015 5 beds 4 baths ∙ 3,429 Sqft ∙ Built 2015
    property image
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.77
    •  
  • 1405 Coleto Creek Trail Prosper, TX 4
    • 5 beds 5 baths ∙ 3,573 Sqft ∙ Built 2019 5 beds 5 baths ∙ 3,573 Sqft ∙ Built 2019
    property image
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.76
    •  
  • 1705 Forest Park Drive Prosper, TX 5
    • 4 beds 5 baths ∙ 3,683 Sqft ∙ Built 2016 4 beds 5 baths ∙ 3,683 Sqft ∙ Built 2016
    property image
    LEASED 06/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.79
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Trendmaker Homes Dfw, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14459711
Last Updated: 10/25/2020
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