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351 Witt Road Little Elm, TX 75068

3 Beds 2 Baths 1,660 sqft Built 1994

$393,000

List Price

$1,950

$1.8K - $2.1K

Rent Est.

PROPERTY INFO

January 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $236.75
  • 6 Days on Market
  • MLS # : 14506453
  • Updated Date : 01/25/2021 at 20:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,660 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Great investment opportunity! The seller has reduced price based on condition. Property is for sale, lease, owner finance. If your buyer wants upgrades to be finished out make a list and seller will consider the request however cost will be add to price.

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: 75068

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Zip Code: 75068

ZipNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
Weldon F. Corbell Elementary School Primary Regular 714 44 8
Robert Cobb Middle School Middle Regular 909 63 NA
Lone Star High School High Regular 1,365 105 NA

Weldon F. Corbell Elementary School

  • Education Level: Primary
  • # of students: 714
  • # of teachers: 44
8
GreatSchools Rating

Robert Cobb Middle School

  • Education Level: Middle
  • # of students: 909
  • # of teachers: 63
NA
GreatSchools Rating

Lone Star High School

  • Education Level: High
  • # of students: 1,365
  • # of teachers: 105
NA
GreatSchools Rating
 

$353,700$432,300$393,000

PURCHASE PRICE

$1,755$2,145$1,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,950
EXPENSES Loan Payment -$1,365
Property Tax -$824
Property Insurance -$123
Property Management Fees -$99
CASH FLOW
-$461

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.

$393,000

PROJECTED PRICE

$1,950

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.6%
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-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$109,895

INVESTMENT

$109,895

Down Payment
$98,250
Rehab Estimate
$5,750
Closing Costs
$5,895

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,365

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $98,250
Loan Amount $294,750
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$166

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,950

    LIST RENT
  • $1.17

    LIST RENT PER SQFT
  • $1,772

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,625
1$1,6252$1,7003$1,7504$1,8005$1,950
$1,950
RENT COMPS ANALYSIS
  • 351 Witt Road Little Elm, TX 5
    • 3 beds 2 baths ∙ 1,660 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,660 Sqft ∙ Built 1994
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.17
    •  
  • 2312 Hampton Drive Little Elm, TX 1
    • 4 beds 2 baths ∙ 1,506 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,506 Sqft ∙ Built 2001
    property image
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $1.08
    •  
  • 2301 Tailburton Little Elm, TX 2
    • 4 beds 2 baths ∙ 1,515 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,515 Sqft ∙ Built 2001
    property image
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.12
    •  
  • 1933 Joe Pool Drive Little Elm, TX 3
    • 3 beds 2 baths ∙ 1,669 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,669 Sqft ∙ Built 2003
    property image
    LEASED 11/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.05
    •  
  • 2300 Eagle Mountain Drive Little Elm, TX 4
    • 3 beds 2 baths ∙ 1,761 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,761 Sqft ∙ Built 2001
    property image
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.02
    •  
PROPERTY LISTING DETAILS
Cami Hobbs
Keller Williams Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14506453
Last Updated: 01/25/2021
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