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3307 Northwood Drive Highland Village, TX 75077

4 Beds 4 Baths 3,568 sqft Built 1999

INVESTimate

$600,000

List Price

$3,200

$2,950 - $3,450

Rent Est.

$635,880  ( +5.98%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1999
  • Price/Sqft : $168.16
  • 6 Days on Market
  • MLS # : 14416557
  • Updated Date : 08/21/2020 at 20:41
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,568 sqft
  • Baths : 3 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Light & Bright Custom Home in The Overlook at Highland Shores with second story views of Lewisville Lake and surrounding hiking and bike trails. Great schools, Community Pool nearby and easy access to HV amenities & shopping. Living, Kitchen & Master look out to backyard oasis and pool with large covered patio. Lots of amenities including hand scraped hardwood floors, granite counters, great sized bedrooms, huge master close, custom molding, solid 8' doors, deep garage & radiant barrier roof. A Must See! **Seller to replace the carpet areas after closing.

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

Neighborhood: Highland Shores

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400kPrice in $123k439k

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

Neighborhood: Highland Shores

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2120014001600180020002200240026002800Rent in $11262941

* 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
Heritage Elementary School Primary Regular 651 39 10
Briarhill Middle School Middle Regular 955 66 9
Marcus High School High Regular 2,439 151 8

Heritage Elementary School

  • Education Level: Primary
  • # of students: 651
  • # of teachers: 39
10
GreatSchools Rating

Briarhill Middle School

  • Education Level: Middle
  • # of students: 955
  • # of teachers: 66
9
GreatSchools Rating

Marcus High School

  • Education Level: High
  • # of students: 2,439
  • # of teachers: 151
8
GreatSchools Rating
 

$540,000$660,000$600,000

PURCHASE PRICE

$2,880$3,520$3,200

RENT

DOWN PAYMENT
FINANCING

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

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,200
EXPENSES Loan Payment -$2,214
Property Tax -$1,098
Property Insurance -$233
HOA -$68
Property Management Fees -$99
CASH FLOW
-$512

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.

$600,000

PROJECTED PRICE

$3,200

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.98%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,750

INVESTMENT

$164,750

Down Payment
$150,000
Rehab Estimate
$5,750
Closing Costs
$9,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,214

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $150,000
Loan Amount $450,000
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$3,480

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,200

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $2,730

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,6003$2,8504$2,8505$3,200
$3,200
RENT COMPS ANALYSIS
  • 3307 Northwood Drive Highland Village, TX 5
    • 4 beds 4 baths ∙ 3,568 Sqft ∙ Built 1999 4 beds 4 baths ∙ 3,568 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $0.90
    •  
  • 2437 Shetland Drive Highland Village, TX 1
    • 4 beds 3 baths ∙ 3,436 Sqft ∙ Built 1993 4 beds 3 baths ∙ 3,436 Sqft ∙ Built 1993
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.73
    •  
  • 4203 Lansbury Drive Highland Village, TX 2
    • 4 beds 3 baths ∙ 3,476 Sqft ∙ Built 2006 4 beds 3 baths ∙ 3,476 Sqft ∙ Built 2006
    LEASED 10/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $0.75
    •  
  • 3101 Green Hollow Court Highland Village, TX 3
    • 4 beds 3 baths ∙ 3,702 Sqft ∙ Built 1996 4 beds 3 baths ∙ 3,702 Sqft ∙ Built 1996
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $0.77
    •  
  • 3025 Darlington Drive Highland Village, TX 4
    • 5 beds 3 baths ∙ 3,525 Sqft ∙ Built 2003 5 beds 3 baths ∙ 3,525 Sqft ∙ Built 2003
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $0.81
    •  
PROPERTY LISTING DETAILS
Sherri Elliott
Exp Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14416557
Last Updated: 08/21/2020
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