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518 N Main Street Princeton, TX 75407

3 Beds 2 Baths 2,709 sqft Built 1985

$297,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $109.63
  • 2 Days on Market
  • MLS # : 14477938
  • Updated Date : 11/28/2020 at 09:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,709 sqft
  • Baths : 2 full
Listing Agent

Fathom Realty

Listing Agent's Description

Open House Sat and Sunday 1-3. Wonderfully updated large one story home on 4 lots (block 6 lots 1,2,3,4 -around .33 acre) with lots of room for the whole family. Recent updates include:new gutters 6 inch rear and 5 inch front; all oversize & upgraded, new siding-front and lighting paint, all double panes are new and foundation repair. This unique home is move in ready. There is one room upstairs that could be a 4th bedroom - office - storage. Lots of parking with workshop out back.

SEE MORE

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
Godwin Elementary School Primary Regular 683 40 8
Clark Junior High School Middle Regular 540 33 8
Princeton High School High Regular 1,048 67 6

Godwin Elementary School

  • Education Level: Primary
  • # of students: 683
  • # of teachers: 40
8
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
 

$267,300$326,700$297,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,096
Property Tax -$619
Property Insurance -$184
Property Management Fees -$99
CASH FLOW
-$197

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$297,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,455

INVESTMENT

$84,455

Down Payment
$74,250
Rehab Estimate
$5,750
Closing Costs
$4,455

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,096

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,250
Loan Amount $222,750
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$3,308

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $1,978

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,8003$1,8004$1,950
$1,950
RENT COMPS ANALYSIS
  • 518 N Main Street Princeton, TX 3
    • 3 beds 2 baths ∙ 2,709 Sqft ∙ Built 1985 3 beds 2 baths ∙ 2,709 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.66
    •  
  • 800 N 6th Street Princeton, TX 1
    • 4 beds 3 baths ∙ 2,391 Sqft ∙ Built 1975 4 beds 3 baths ∙ 2,391 Sqft ∙ Built 1975
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.71
    •  
  • 1122 Grace Drive Princeton, TX 2
    • 4 beds 3 baths ∙ 2,447 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,447 Sqft ∙ Built 2005
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.74
    •  
  • 409 Jefferson Avenue Princeton, TX 4
    • 4 beds 2 baths ∙ 2,624 Sqft ∙ Built 1965 4 beds 2 baths ∙ 2,624 Sqft ∙ Built 1965
    LEASED 03/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.74
    •  
PROPERTY LISTING DETAILS
Jacque Swanner
Fathom Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14477938
Last Updated: 11/28/2020
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