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319 Sweet Pea Lane Princeton, TX 75407

5 Beds 3 Baths 2,700 sqft Built 2021

$327,900

List Price

$2,250

$2K - $2.5K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $121.44
  • 3 Days on Market
  • MLS # : 14523192
  • Updated Date : 02/26/2021 at 17:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,700 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lgi Homes

Listing Agent's Description

The Driftwood is the most spacious plan in the community of Princeton Crossroads. With 5 bedrooms, 2.5 baths and an open floor plan, this home has plenty of space for any lifestyle. The master bedroom is located on the main floor and includes an impressively sized walk-in closet. The second floor has an open game room along with the remaining 4 bedrooms. This home comes fully stocked with thousands of dollars in upgrades including energy-efficient kitchen appliances, granite countertops, stunning wood cabinets and an attached two-car garage, complete with a Wi-Fi-enabled opener installed.

SEE MORE

MARKET HIGHLIGHTS

  • . 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)
  • 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)

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
 

$295,110$360,690$327,900

PURCHASE PRICE

$2,025$2,475$2,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,250
EXPENSES Loan Payment -$1,139
Property Tax -$683
Property Insurance -$183
HOA -$27
Property Management Fees -$99
CASH FLOW
$118

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.

$327,900

PROJECTED PRICE

$2,250

PROJECTED RENT

0.69%

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$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$88,894

INVESTMENT

$88,894

Down Payment
$81,975
Rehab Estimate
$2,000
Closing Costs
$4,919

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,139

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $81,975
Loan Amount $245,925
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$24,098

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,250

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,228

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,995
1$1,9952$2,2503$2,350
$2,350
RENT COMPS ANALYSIS
  • 319 Sweet Pea Lane Princeton, TX 2
    • 5 beds 3 baths ∙ 2,700 Sqft ∙ Built 2021 5 beds 3 baths ∙ 2,700 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.83
    •  
  • 1410 Cordova Drive Princeton, TX 1
    • 5 beds 3 baths ∙ 2,700 Sqft ∙ Built 2019 5 beds 3 baths ∙ 2,700 Sqft ∙ Built 2019
    property image
    LEASED 05/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.74
    •  
  • 311 Golden Sands Lane Princeton, TX 3
    • 4 beds 3 baths ∙ 2,586 Sqft ∙ Built 2021 4 beds 3 baths ∙ 2,586 Sqft ∙ Built 2021
    property image
    LEASED 02/25/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.91
    •  
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 #: 14523192
Last Updated: 02/26/2021
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