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512 Castle Street Desoto, TX 75115

4 Beds 4 Baths 3,161 sqft Built 2019

$386,203

List Price

$2,490

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

Built 2019 NEW CONSTRUCTION
October 28, 2020 RECENTLY ADDED
FACTS
  • Built In 2019
  • Price/Sqft : $122.18
  • 8 Days on Market
  • MLS # : 14461297
  • Updated Date : 10/31/2020 at 21:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,161 sqft
  • Baths : 3 full , 1 half
Listing Agent

Homesusa.com

Listing Agent's Description

MLS# 14461297 - Built by First Texas Homes - Ready Now! ~ Beautiful two story home with wood floor entry. Granite countertop, ceramic floors, 5-burner cooktop, double oven, California island wwalk-in pantry in kitchen. Curved staircase wrod iron railings, stone fireplace to mantel, jetted tub in master bath, media room wsurround sound, wet-bar & media stage. Full sod front & back, gutters, radiant barrier decking, tankless water heater & much more!!

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: Summit Parks South

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320kPrice in $88k324k

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

Neighborhood: Summit Parks South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9452156

* 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
Ruby Young Elementary School Primary Regular 617 34 3
Desoto West Middle School Middle Regular 709 49 3

Ruby Young Elementary School

  • Education Level: Primary
  • # of students: 617
  • # of teachers: 34
3
GreatSchools Rating

Desoto West Middle School

  • Education Level: Middle
  • # of students: 709
  • # of teachers: 49
3
GreatSchools Rating
 

$347,583$424,823$386,203

PURCHASE PRICE

$2,241$2,739$2,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,490
EXPENSES Loan Payment -$1,425
Property Tax -$923
Property Insurance -$210
HOA -$46
Property Management Fees -$99
CASH FLOW
-$213

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$386,203

PROJECTED PRICE

$2,490

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 9.9%
Maintenance Year (1-5) 3.00%
Vacancy 6.69%
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-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$104,344

INVESTMENT

$104,344

Down Payment
$96,551
Rehab Estimate
$2,000
Closing Costs
$5,793

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,425

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $96,551
Loan Amount $289,652
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$4,643

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,490

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $2,473

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$2,195
1$2,1952$2,4453$2,4904$2,5005$3,000
$3,000
RENT COMPS ANALYSIS
  • 512 Castle Street Desoto, TX 3
    • 4 beds 4 baths ∙ 3,161 Sqft ∙ Built 2019 4 beds 4 baths ∙ 3,161 Sqft ∙ Built 2019
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,490
    • $0.79
    •  
  • 518 Rolling Hills Lane Desoto, TX 1
    • 4 beds 3 baths ∙ 2,950 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,950 Sqft ∙ Built 2005
    property image
    LEASED 05/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.74
    •  
  • 1105 Raspberry Lane Desoto, TX 2
    • 4 beds 3 baths ∙ 3,181 Sqft ∙ Built 2004 4 beds 3 baths ∙ 3,181 Sqft ∙ Built 2004
    property image
    LEASED 05/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,445
    • $0.77
    •  
  • 316 Oleander Drive Desoto, TX 4
    • 4 beds 3 baths ∙ 3,329 Sqft ∙ Built 2002 4 beds 3 baths ∙ 3,329 Sqft ∙ Built 2002
    property image
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.75
    •  
  • 1733 River Run Drive Desoto, TX 5
    • 4 beds 4 baths ∙ 3,455 Sqft ∙ Built 2016 4 beds 4 baths ∙ 3,455 Sqft ∙ Built 2016
    property image
    LEASED 08/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $0.87
    •  
PROPERTY LISTING DETAILS
Ben Caballero
Homesusa.com
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14461297
Last Updated: 10/31/2020
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