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331 Spring Park Way Abilene, TX 79602

3 Beds 2 Baths 1,500 sqft Built 2020

$199,900

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $133.27
  • 4 Days on Market
  • MLS # : 14469914
  • Updated Date : 11/12/2020 at 16:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,500 sqft
  • Baths : 2 full
Listing Agent

Tommy Simons & Associates, Realtors

Listing Agent's Description

Great new construction in the new Carriage Hills subdivision and Wylie ISD! 1,500 sqft, 3 bedroom 2 bath home with built in microwave, luxury vinyl plank flooring, carpet in bedrooms, with easy access to retail & restaurants. Fenced backyard, sod, and sprinkler system are all included with this home! Seller is offering up to $5,000 seller's allowance with a full price offer! This is the total package!

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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: 79602

ZipNIR Market*CityMarket2010Year2005 Q3201970k80k90k100k110k120k130k140k150k160k170k180kPrice in $66k189k

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

Zip Code: 79602

ZipNIR Market*CityMarket2015Year20112019 Q28509009501000105011001150120012501300Rent in $8171309

* 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
Jackson Elementary School Primary Regular 547 29 6
Madison Middle School Middle Regular 900 62 4
Cooper High School High Regular 1,806 135 4

Jackson Elementary School

  • Education Level: Primary
  • # of students: 547
  • # of teachers: 29
6
GreatSchools Rating

Madison Middle School

  • Education Level: Middle
  • # of students: 900
  • # of teachers: 62
4
GreatSchools Rating

Cooper High School

  • Education Level: High
  • # of students: 1,806
  • # of teachers: 135
4
GreatSchools Rating
 

$179,910$219,890$199,900

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$738
Property Tax -$430
Property Insurance -$113
Property Management Fees -$99
CASH FLOW
$170

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$199,900

PROJECTED PRICE

$1,550

PROJECTED RENT

0.78%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 4.0%
Maintenance Year (1-5) 3.00%
Vacancy 9.90%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$54,974

INVESTMENT

$54,974

Down Payment
$49,975
Rehab Estimate
$2,000
Closing Costs
$2,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$738

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,975
Loan Amount $149,925
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$14,524

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,560

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4953$1,5504$1,5505$1,699
$1,699
RENT COMPS ANALYSIS
  • 331 Spring Park Way Abilene, TX 4
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.03
    •  
  • 234 Lollipop Trail Abilene, TX 1
    • 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 2008
    LEASED 12/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.00
    •  
  • 326 Miss Ellie Lane Abilene, TX 2
    • 3 beds 2 baths ∙ 1,426 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,426 Sqft ∙ Built 2011
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.05
    •  
  • 210 Miss Ellie Lane Abilene, TX 3
    • 3 beds 2 baths ∙ 1,501 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,501 Sqft ∙ Built 2008
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.03
    •  
  • 302 Marti's Way Abilene, TX 5
    • 4 beds 2 baths ∙ 1,575 Sqft ∙ Built 2020 4 beds 2 baths ∙ 1,575 Sqft ∙ Built 2020
    LEASED 09/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,699
    • $1.08
    •  
PROPERTY LISTING DETAILS
Tommy Simons
Tommy Simons & Associates, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14469914
Last Updated: 11/12/2020
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