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321 Steppes Court Weatherford, TX 76087

3 Beds 3 Baths 2,673 sqft Built 2016

$394,000

List Price

$2,560

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 2016
  • Price/Sqft : $147.40
  • 6 Days on Market
  • MLS # : 14461450
  • Updated Date : 10/30/2020 at 10:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,673 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty Ftworth

Listing Agent's Description

Your new Home for the Holidays! This pristine home in award-winning BROCK ISD offers 3 roomy bedrooms, 2.5 baths, office, formal dining and 3-car garage. The open living space, large island, 2 dining areas and wet bar are perfect for entertaining, and a long list of features includes hardwood floors, knotty alder cabinets, crown molding, with outdoor fireplace and TV! This home also includes a custom electrical package for Christmas lights - extra plugs in the eaves and ground with timer and additional spot lighting - solar and electric! The landscaping is immaculately designed and maintained in the front and back of the 1-acre lot. Abundance of storage and additional walking space in attic. Great neighborhood!

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: 76087

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $104k342k

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

Zip Code: 76087

ZipNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11212171

* 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
Brock Elementary School Primary Regular 552 34 5
Brock Middle School Middle Regular 271 18 7
Brock High School High Regular 352 28 8

Brock Elementary School

  • Education Level: Primary
  • # of students: 552
  • # of teachers: 34
5
GreatSchools Rating

Brock Middle School

  • Education Level: Middle
  • # of students: 271
  • # of teachers: 18
7
GreatSchools Rating

Brock High School

  • Education Level: High
  • # of students: 352
  • # of teachers: 28
8
GreatSchools Rating
 

$354,600$433,400$394,000

PURCHASE PRICE

$2,304$2,816$2,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,560
EXPENSES Loan Payment -$1,454
Property Tax -$838
Property Insurance -$182
HOA -$12
Property Management Fees -$99
CASH FLOW
-$25

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.

$394,000

PROJECTED PRICE

$2,560

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.0%
Maintenance Year (1-5) 8.00%
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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

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$110,160

INVESTMENT

$110,160

Down Payment
$98,500
Rehab Estimate
$5,750
Closing Costs
$5,910

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,454

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $98,500
Loan Amount $295,500
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$19,104

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,560

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $2,940

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$2,560
1$2,5602$2,750
$2,750
RENT COMPS ANALYSIS
  • 321 Steppes Court Weatherford, TX 1
    • 3 beds 3 baths ∙ 2,673 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,673 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,560
    • $0.96
    •  
  • 130 Brock Lane Millsap, TX 2
    • 4 beds 4 baths ∙ 2,498 Sqft ∙ Built 2016 4 beds 4 baths ∙ 2,498 Sqft ∙ Built 2016
    LEASED 09/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.10
    •  
PROPERTY LISTING DETAILS
Amy Moody
Keller Williams Realty Ftworth
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14461450
Last Updated: 10/30/2020
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