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3405 Veronica Drive Flower Mound, TX 75022

4 Beds 3 Baths 3,410 sqft Built 2000

INVESTimate

$499,000

List Price

$2,950

$2,700 - $3,200

Rent Est.

$519,359  ( +4.08%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 2000
  • Price/Sqft : $146.33
  • 5 Days on Market
  • MLS # : 14418112
  • Updated Date : 08/25/2020 at 11:50
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,410 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Realty-fm

Listing Agent's Description

Former model boasts hand-scraped hdwds, iron balusters, fine mldgs, custom finishes & P-shutters thruout! Share work or study in ofc w blt-ins & peninsula-style desk. Fmly & game rms w blt-ins. Island kitc w gas cktop & abundant cabinetry w work ctr lighting. Retreat to mstr ste w travertine bath, faux brick accent wall & captivating pool views from bay sit area. Relax in bkyd resort complete w cvrd patio w retractable screen door, stone columns, tropical c-fans & lush lndscp alongside refreshing swim pool w water falls & jump rock. Aggregate driveway w brick + epoxy gar flrs. (Xtras incl recent high-seer HVACs, Air purifier, H2O htrs & fence). Residents enjoy fitness ctr & extensive community amenities.

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: Wellington Estates

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k575k

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

Neighborhood: Wellington Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600280030003200Rent in $11263378

* 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
Liberty Elementary School Primary Regular 667 43 10
Mckamy Middle School Middle Regular 1,110 69 10
Flower Mound High School High Regular 2,550 157 10

Liberty Elementary School

  • Education Level: Primary
  • # of students: 667
  • # of teachers: 43
10
GreatSchools Rating

Mckamy Middle School

  • Education Level: Middle
  • # of students: 1,110
  • # of teachers: 69
10
GreatSchools Rating

Flower Mound High School

  • Education Level: High
  • # of students: 2,550
  • # of teachers: 157
10
GreatSchools Rating
 

$449,100$548,900$499,000

PURCHASE PRICE

$2,655$3,245$2,950

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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,950
EXPENSES Loan Payment -$1,841
Property Tax -$862
Property Insurance -$224
HOA -$68
Property Management Fees -$99
CASH FLOW
-$144

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.

$499,000

PROJECTED PRICE

$2,950

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.00%
Appreciation Year (1-5) 4.08%
Maintenance Year (1-5) 8.00%
Vacancy 7.37%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$137,985

INVESTMENT

$137,985

Down Payment
$124,750
Rehab Estimate
$5,750
Closing Costs
$7,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,841

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $124,750
Loan Amount $374,250
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$16,208

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,950

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $2,984

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$2,850
1$2,8502$2,9003$2,9504$2,9995$3,000
$3,000
RENT COMPS ANALYSIS
  • 3405 Veronica Drive Flower Mound, TX 3
    • 4 beds 3 baths ∙ 3,410 Sqft ∙ Built 2000 4 beds 3 baths ∙ 3,410 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $0.87
    •  
  • 4508 Delaina Drive Flower Mound, TX 1
    • 4 beds 4 baths ∙ 3,351 Sqft ∙ Built 2005 4 beds 4 baths ∙ 3,351 Sqft ∙ Built 2005
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $0.85
    •  
  • 3616 Karla Drive Flower Mound, TX 2
    • 5 beds 4 baths ∙ 3,212 Sqft ∙ Built 2002 5 beds 4 baths ∙ 3,212 Sqft ∙ Built 2002
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.90
    •  
  • 3629 Timothy Drive Flower Mound, TX 4
    • 4 beds 4 baths ∙ 3,453 Sqft ∙ Built 2004 4 beds 4 baths ∙ 3,453 Sqft ∙ Built 2004
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,999
    • $0.87
    •  
  • 4101 Marbella Drive Flower Mound, TX 5
    • 4 beds 3 baths ∙ 3,400 Sqft ∙ Built 2002 4 beds 3 baths ∙ 3,400 Sqft ∙ Built 2002
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.88
    •  
PROPERTY LISTING DETAILS
Kelly Huff
Keller Williams Realty-fm
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14418112
Last Updated: 08/25/2020
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