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316 Sweet Pea Lane Princeton, TX 75407

4 Beds 2 Baths 1,803 sqft Built 2020

$275,900

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $153.02
  • 3 Days on Market
  • MLS # : 14513727
  • Updated Date : 02/05/2021 at 16:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,803 sqft
  • Baths : 2 full
Listing Agent

Lgi Homes

Listing Agent's Description

The Reed plan by LGI Homes has 4 bedrooms, 2 baths, an open family room, a spacious kitchen with a large dining room and more, all on one level! This thoughtfully designed home comes with a plethora incredible upgrades already included like granite countertops, energy-efficient appliances, 42” upper wood cabinets, a beautifully landscaped front yard and an attached two-car garage. Ideally located in Princeton, homeowners at Princeton Crossroads will have quick access to incredible amenities, local schools and nearby conveniences.

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

Zip Code: 75407

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $114k243k

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

Zip Code: 75407

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8671734

* 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
Godwin Elementary School Primary Regular 683 40 8
Clark Junior High School Middle Regular 540 33 8
Princeton High School High Regular 1,048 67 6

Godwin Elementary School

  • Education Level: Primary
  • # of students: 683
  • # of teachers: 40
8
GreatSchools Rating

Clark Junior High School

  • Education Level: Middle
  • # of students: 540
  • # of teachers: 33
8
GreatSchools Rating

Princeton High School

  • Education Level: High
  • # of students: 1,048
  • # of teachers: 67
6
GreatSchools Rating
 

$248,310$303,490$275,900

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$958
Property Tax -$575
Property Insurance -$131
HOA -$27
Property Management Fees -$99
CASH FLOW
-$31

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.

$275,900

PROJECTED PRICE

$1,760

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.4%
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

PROJECTED ANNUAL CASH FLOW

11530-$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$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,114

INVESTMENT

$75,114

Down Payment
$68,975
Rehab Estimate
$2,000
Closing Costs
$4,139

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$958

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,975
Loan Amount $206,925
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$9,797

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,740

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,7503$1,7504$1,7605$1,900
$1,900
RENT COMPS ANALYSIS
  • 316 Sweet Pea Lane Princeton, TX 4
    • 4 beds 2 baths ∙ 1,803 Sqft ∙ Built 2020 4 beds 2 baths ∙ 1,803 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.98
    •  
  • 2207 Wainwright Street Princeton, TX 1
    • 3 beds 2 baths ∙ 1,658 Sqft ∙ Built 2019 3 beds 2 baths ∙ 1,658 Sqft ∙ Built 2019
    LEASED 02/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.97
    •  
  • 304 Wandering Stream Way Princeton, TX 2
    • 4 beds 2 baths ∙ 1,803 Sqft ∙ Built 2020 4 beds 2 baths ∙ 1,803 Sqft ∙ Built 2020
    LEASED 01/31/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.97
    •  
  • 301 Golden Sands Lane Princeton, TX 3
    • 4 beds 2 baths ∙ 1,803 Sqft ∙ Built 2020 4 beds 2 baths ∙ 1,803 Sqft ∙ Built 2020
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.97
    •  
  • 233 Enchanted Way Princeton, TX 5
    • 4 beds 2 baths ∙ 2,004 Sqft ∙ Built 2021 4 beds 2 baths ∙ 2,004 Sqft ∙ Built 2021
    LEASED 01/29/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.95
    •  
PROPERTY LISTING DETAILS
Mona Hill
Lgi Homes
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14513727
Last Updated: 02/05/2021
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