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3050 Bates Drive Prosper, TX 75078

3 Beds 4 Baths 2,713 sqft Built 2020

$672,425

List Price

$2,510

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 29, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $247.85
  • 6 Days on Market
  • MLS # : 14491975
  • Updated Date : 12/30/2020 at 15:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,713 sqft
  • Baths : 3 full , 1 half
Listing Agent

Highland Homes Realty

Listing Agent's Description

MLS# 14491975 - Built by Highland Homes - August completion! ~ This WOW of a Large front courtyard home is perfect for a quick visit in this friendly neighborhood. Stunning 1 story featuring Double door entry brings you into this light, bright sunshiny home! Every bedroom has its own bath and spread out in the entertainment room and private study. Enjoy entertaining in the gourmet kitchen living-dining areas with sliding glass doors that bring the outside in and welcome you to the huge backyard through the large covered patio. North facing oversized (142 ft Deep) lot on a cul de sac. Ready for summer move in time to enjoy TWO outdoor living areas! Prosper ISD! Rock Hill High School!

SEE MORE

MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

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
Cynthia A. Cockrell Elementary School Primary Regular 778 54 10
Lorene Rogers Middle School Middle Regular 1,184 72 9
Prosper High School High Regular 1,868 120 9

Cynthia A. Cockrell Elementary School

  • Education Level: Primary
  • # of students: 778
  • # of teachers: 54
10
GreatSchools Rating

Lorene Rogers Middle School

  • Education Level: Middle
  • # of students: 1,184
  • # of teachers: 72
9
GreatSchools Rating

Prosper High School

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

$605,183$739,668$672,425

PURCHASE PRICE

$2,259$2,761$2,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,510
EXPENSES Loan Payment -$2,481
Property Tax -$1,314
Property Insurance -$184
HOA -$108
Property Management Fees -$99
CASH FLOW
-$1,676

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.

$672,425

PROJECTED PRICE

$2,510

PROJECTED RENT

0.37%

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$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$15k-$10k-$5.0k$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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$180,193

INVESTMENT

$180,193

Down Payment
$168,106
Rehab Estimate
$2,000
Closing Costs
$10,086

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$2,481

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $168,106
Loan Amount $504,319
See What Happens When You Reinvest Cash Flow

-0.33

YEARS SAVED

$661

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,510

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $2,523

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$2,425
1$2,4252$2,4953$2,5004$2,5105$2,650
$2,650
RENT COMPS ANALYSIS
  • 3050 Bates Drive Prosper, TX 4
    • 3 beds 4 baths ∙ 2,713 Sqft ∙ Built 2020 3 beds 4 baths ∙ 2,713 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,510
    • $0.93
    •  
  • 11504 Zoe Lane Mckinney, TX 1
    • 3 beds 3 baths ∙ 2,634 Sqft ∙ Built 2014 3 beds 3 baths ∙ 2,634 Sqft ∙ Built 2014
    property image
    LEASED 07/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,425
    • $0.92
    •  
  • 1313 Solana Drive Mckinney, TX 2
    • 4 beds 4 baths ∙ 2,785 Sqft ∙ Built 2016 4 beds 4 baths ∙ 2,785 Sqft ∙ Built 2016
    property image
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.90
    •  
  • 3663 E 1st Street Prosper, TX 3
    • 3 beds 3 baths ∙ 2,708 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,708 Sqft ∙ Built 2003
    property image
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.92
    •  
  • 11504 Skylor Avenue Mckinney, TX 5
    • 4 beds 4 baths ∙ 2,716 Sqft ∙ Built 2016 4 beds 4 baths ∙ 2,716 Sqft ∙ Built 2016
    property image
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.98
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Highland Homes Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14491975
Last Updated: 12/30/2020
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