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3029 S College Avenue Decatur, TX 76234

3 Beds 2 Baths 2,046 sqft Built 2021

$306,000

List Price

$2,140

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $149.56
  • 1 Days on Market
  • MLS # : 14505523
  • Updated Date : 01/23/2021 at 22:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,046 sqft
  • Baths : 2 full
Listing Agent

Parker Properties

Listing Agent's Description

SOUTH MARTIN BRANCH!! New Construction by Malibu Homes located just minutes from Beautiful Town Square of Decatur! This home showcases an open concept featuring 3 Bedrooms, Study, 2 Baths & 2 Car Garage. The Kitchen offers SS appliance pkg. The Living area represents full stone FirePlace. Master Suite presents private sanctuary with separate shower, dual vanities, & walk in closet. Standard Options include, Hardwood,Tile & Carpet, Custom Built 42in Cabinets, Ceiling Fans, 15 SEER HVAC, Smart Thermostat, Fully Sodded, Irrigation, Front Beds, Gutters, Privacy Fence, Sec System. Completion Date Mar 2021. MAKE AN APPT NOW! 2920 Josie and 152 Windy Glen Available Also!

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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

Zip Code: 76234

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $96k243k

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

Zip Code: 76234

ZipNIR Market*Market2010Year20002019 Q2115012001250130013501400145015001550160016501700Rent in $11261734

* 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
Decatur High School High Regular 897 59 5

Decatur High School

  • Education Level: High
  • # of students: 897
  • # of teachers: 59
5
GreatSchools Rating
 

$275,400$336,600$306,000

PURCHASE PRICE

$1,926$2,354$2,140

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,140
EXPENSES Loan Payment -$1,063
Property Tax -$438
Property Insurance -$145
HOA -$21
Property Management Fees -$99
CASH FLOW
$374

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$306,000

PROJECTED PRICE

$2,140

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.6%
Maintenance Year (1-5) 3.00%
Vacancy 6.39%
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$20k

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$83,090

INVESTMENT

$83,090

Down Payment
$76,500
Rehab Estimate
$2,000
Closing Costs
$4,590

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$1,063

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $76,500
Loan Amount $229,500
See What Happens When You Reinvest Cash Flow

11.58

YEARS SAVED

$56,354

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,140

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $2,128

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,1403$2,200
$2,200
RENT COMPS ANALYSIS
  • 3029 S College Avenue Decatur, TX 2
    • 3 beds 2 baths ∙ 2,046 Sqft ∙ Built 2021 3 beds 2 baths ∙ 2,046 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,140
    • $1.05
    •  
  • 316 College Court Decatur, TX 1
    • 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 2017 3 beds 2 baths ∙ 1,784 Sqft ∙ Built 2017
    LEASED 12/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.12
    •  
  • 2924 Josie Drive Decatur, TX 3
    • 3 beds 2 baths ∙ 2,287 Sqft ∙ Built 2019 3 beds 2 baths ∙ 2,287 Sqft ∙ Built 2019
    LEASED 08/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.96
    •  
PROPERTY LISTING DETAILS
Cason Caraway
Parker Properties
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14505523
Last Updated: 01/23/2021
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