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3002 Norwich Lane Corinth, TX 76210

4 Beds 4 Baths 2,338 sqft Built 1997

$295,000

List Price

$1,990

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $126.18
  • 5 Days on Market
  • MLS # : 14473582
  • Updated Date : 11/18/2020 at 21:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,338 sqft
  • Baths : 3 full , 1 half
Listing Agent

Fathom Realty, Llc

Listing Agent's Description

Gorgeous 2-Story Home on Large Corner Lot just walking distance from Meadow Oaks Park. This lovely home offers an open floor plan, 2-dining areas, large living area, separate laundry room, hardwood flooring, 2 car garage and so much more! All bedrooms and 3 bathrooms are located upstairs, with 2 Master Suites. For those who love to cook this kitchen is for you! Lots of counter space for cooking and cabinets galore to store all your cooking supplies. When its time to relax step into your beautiful backyard were you will be greeted with a very large covered patio to take in the beautiful outdoors or entertain your guest. Hurry and come see your new home before it is gone!

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: Meadow Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Meadow Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8742171

* 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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,791$2,189$1,990

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,990
EXPENSES Loan Payment -$1,088
Property Tax -$596
Property Insurance -$162
HOA -$17
Property Management Fees -$99
CASH FLOW
$28

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.

$295,000

PROJECTED PRICE

$1,990

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.9%
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$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,088

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$18,286

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,990

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,028

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,9903$1,9954$2,0955$2,100
$2,100
RENT COMPS ANALYSIS
  • 3002 Norwich Lane Corinth, TX 2
    • 4 beds 4 baths ∙ 2,338 Sqft ∙ Built 1997 4 beds 4 baths ∙ 2,338 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,990
    • $0.85
    •  
  • 2402 Whetstone Drive Corinth, TX 1
    • 4 beds 2 baths ∙ 2,138 Sqft ∙ Built 1996 4 beds 2 baths ∙ 2,138 Sqft ∙ Built 1996
    property image
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.84
    •  
  • 2414 Lula Court Corinth, TX 3
    • 4 beds 3 baths ∙ 2,349 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,349 Sqft ∙ Built 1997
    property image
    LEASED 08/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.85
    •  
  • 2713 Tori Oak Trail Corinth, TX 4
    • 4 beds 2 baths ∙ 2,263 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,263 Sqft ∙ Built 2002
    property image
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.93
    •  
  • 3112 Mason Avenue Corinth, TX 5
    • 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
    •  
PROPERTY LISTING DETAILS
Jenny Gonzalez
Fathom Realty, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14473582
Last Updated: 11/18/2020
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