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428 Madison Avenue Fairview, TX 75069

3 Beds 3 Baths 2,227 sqft Built 2019

$340,000

List Price

$2,300

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

Built 2019 NEW CONSTRUCTION
November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 2019
  • Price/Sqft : $152.67
  • 2 Days on Market
  • MLS # : 14461659
  • Updated Date : 11/02/2020 at 03:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,227 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Gorgeous Townhome with an open Floor Plan! CB Jeni Homes Perry Floor Plan. 3 bedroom, 2.5 Baths, 1 living, 1 Dining, Game room, 2 car garage set in the lovely Apple's Crossings Community. Both Master Bedroom and Family Room have large window seats. The Master Bedroom's Closet is huge! Come see this stunning floor plan. This Townhome is a must see! Easy access to major thoroughfares. Great Fairview location close to shops and dining. Contact Elena at 940-453-8720 for any questions. 2 Dogs in home will be crated during showing.

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: 75069

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $122k472k

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

Zip Code: 75069

ZipNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400Rent in $10122551

* 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
Mcgowen Elementary School Primary Regular 674 44 7
Faubion Middle School Middle Regular 976 64 7
Mckinney High School High Regular 2,486 148 7

Mcgowen Elementary School

  • Education Level: Primary
  • # of students: 674
  • # of teachers: 44
7
GreatSchools Rating

Faubion Middle School

  • Education Level: Middle
  • # of students: 976
  • # of teachers: 64
7
GreatSchools Rating

Mckinney High School

  • Education Level: High
  • # of students: 2,486
  • # of teachers: 148
7
GreatSchools Rating
 

$306,000$374,000$340,000

PURCHASE PRICE

$2,070$2,530$2,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,300
EXPENSES Loan Payment -$1,254
Property Tax -$674
Property Insurance -$156
HOA -$170
Property Management Fees -$99
CASH FLOW
-$53

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$340,000

PROJECTED PRICE

$2,300

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 3.00%
Vacancy 6.39%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$92,100

INVESTMENT

$92,100

Down Payment
$85,000
Rehab Estimate
$2,000
Closing Costs
$5,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,254

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $85,000
Loan Amount $255,000
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$13,194

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,300

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $2,327

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,1003$2,3004$2,6005$2,690
$2,690
RENT COMPS ANALYSIS
  • 428 Madison Avenue Fairview, TX 3
    • 3 beds 3 baths ∙ 2,227 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,227 Sqft ∙ Built 2019
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.03
    •  
  • 5617 Emerson Court Fairview, TX 1
    • 3 beds 2 baths ∙ 1,965 Sqft ∙ Built 2010 3 beds 2 baths ∙ 1,965 Sqft ∙ Built 2010
    LEASED 10/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.02
    •  
  • 359 Spring Meadow Drive Fairview, TX 2
    • 4 beds 2 baths ∙ 2,024 Sqft ∙ Built 2011 4 beds 2 baths ∙ 2,024 Sqft ∙ Built 2011
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.04
    •  
  • 357 Parkvillage Avenue Fairview, TX 4
    • 3 beds 3 baths ∙ 2,558 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,558 Sqft ∙ Built 2004
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.02
    •  
  • 6205 Millie Way Mckinney, TX 5
    • 4 beds 3 baths ∙ 2,446 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,446 Sqft ∙ Built 2016
    LEASED 08/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,690
    • $1.10
    •  
PROPERTY LISTING DETAILS
Elena Moore
Coldwell Banker Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14461659
Last Updated: 11/02/2020
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