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315 Preston Drive Cleburne, TX 76033

3 Beds 2 Baths 1,690 sqft Built 2001

$225,000

List Price

$1,590

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $133.14
  • 4 Days on Market
  • MLS # : 14480465
  • Updated Date : 12/03/2020 at 12:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,690 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Arlington

Listing Agent's Description

Welcome to your new home! This beautiful brick home has everything your family needs. The bright living room features a wood burning fireplace and opens in to the eat-in kitchen with plenty of space and storage. In the master suite, you will find a large bathroom with soaking tub, glass enclosed shower, and dual walk in closets. With split bedrooms, you will find the additional bathroom and bedrooms to have plenty of space for all. The large back yard includes a covered porch and storage shed, and tons of room for the kids to play. Don't miss out on this beautiful home!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)

PRICE & RENT TRENDS

Neighborhood: Preston Meadow

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Preston Meadow

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9011734

* 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
Irving Elementary School Primary Regular 502 33 3
Wheat Middle School Middle Regular 701 52 4
Cleburne High School High Regular 1,653 110 4

Irving Elementary School

  • Education Level: Primary
  • # of students: 502
  • # of teachers: 33
3
GreatSchools Rating

Wheat Middle School

  • Education Level: Middle
  • # of students: 701
  • # of teachers: 52
4
GreatSchools Rating

Cleburne High School

  • Education Level: High
  • # of students: 1,653
  • # of teachers: 110
4
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,431$1,749$1,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,590
EXPENSES Loan Payment -$830
Property Tax -$554
Property Insurance -$125
Property Management Fees -$99
CASH FLOW
-$18

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.

$225,000

PROJECTED PRICE

$1,590

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$9,438

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,590

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,572

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5903$1,595
$1,595
RENT COMPS ANALYSIS
  • 315 Preston Drive Cleburne, TX 2
    • 3 beds 2 baths ∙ 1,690 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,690 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $0.94
    •  
  • 303 Preston Drive Cleburne, TX 1
    • 3 beds 2 baths ∙ 1,655 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,655 Sqft ∙ Built 2001
    LEASED 12/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.91
    •  
  • 1211 Davis Street Cleburne, TX 3
    • 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 2020
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.95
    •  
PROPERTY LISTING DETAILS
Holly Watson
Keller Williams Arlington
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14480465
Last Updated: 12/03/2020
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