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495 Deer Canyon Way Princeton, TX 75407

3 Beds 3 Baths 2,239 sqft Built 2020

INVESTimate

$306,400

List Price

$1,840

$1,656 - $2,024

Rent Est.

$332,015  ( +8.36%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
FACTS
  • Built In 2020
  • Price/Sqft : $136.85
  • 10 Days on Market
  • MLS # : 14415111
  • Updated Date : 08/26/2020 at 05:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,239 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mcelroy Team Realty

Listing Agent's Description

This NEW construction Stanley floor plan features AMAZING stone exterior elevations! The formal dining room gives you plenty of space to entertain or you have the option of changing it to a 4th bedroom or a study. Upstairs is an ample loft space for games or movie nights. ***JANUARY 2020 COMPLETION DATE***PHOTOS ARE REPRESENTATIVE***

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MARKET HIGHLIGHTS

  • 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)
  • . 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)

PRICE & RENT TRENDS

Zip Code: 75407

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $114k243k

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

Zip Code: 75407

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8671734

* 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
Lacy Elementary School Primary Regular 695 47 6
Clark Junior High School Middle Regular 540 33 8
Princeton High School High Regular 1,048 67 6

Lacy Elementary School

  • Education Level: Primary
  • # of students: 695
  • # of teachers: 47
6
GreatSchools Rating

Clark Junior High School

  • Education Level: Middle
  • # of students: 540
  • # of teachers: 33
8
GreatSchools Rating

Princeton High School

  • Education Level: High
  • # of students: 1,048
  • # of teachers: 67
6
GreatSchools Rating
 

$275,760$337,040$306,400

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,130
Property Tax -$628
Property Insurance -$157
HOA -$33
Property Management Fees -$99
CASH FLOW
-$207

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.

$306,400

PROJECTED PRICE

$1,840

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.36%
Maintenance Year (1-5) 3.00%
Vacancy 6.39%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,196

INVESTMENT

$83,196

Down Payment
$76,600
Rehab Estimate
$2,000
Closing Costs
$4,596

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,130

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $76,600
Loan Amount $229,800
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$3,312

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,892

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,8403$1,8504$1,9505$1,999
$1,999
RENT COMPS ANALYSIS
  • 495 Deer Canyon Way Princeton, TX 2
    • 3 beds 3 baths ∙ 2,239 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,239 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.82
    •  
  • 1211 Arizona Princeton, TX 1
    • 4 beds 3 baths ∙ 2,169 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,169 Sqft ∙ Built 2017
    property image
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.81
    •  
  • 910 Spruce Lane Princeton, TX 3
    • 4 beds 3 baths ∙ 2,240 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,240 Sqft ∙ Built 2019
    property image
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.83
    •  
  • 751 Cascade Lane Princeton, TX 4
    • 4 beds 3 baths ∙ 2,260 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,260 Sqft ∙ Built 2020
    property image
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.86
    •  
  • 780 Cascade Lane Princeton, TX 5
    • 4 beds 3 baths ∙ 2,260 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,260 Sqft ∙ Built 2019
    property image
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,999
    • $0.88
    •  
PROPERTY LISTING DETAILS
Danny Mcelroy
Mcelroy Team Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14415111
Last Updated: 08/26/2020
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