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5229 Prairie Creek Drive Flower Mound, TX 75028

4 Beds 2 Baths 1,843 sqft Built 1985

$279,900

List Price

$2,000

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

October 28, 2020 RECENTLY ADDED
FACTS
  • Built In 1985
  • Price/Sqft : $151.87
  • 7 Days on Market
  • MLS # : 14460347
  • Updated Date : 10/30/2020 at 15:49
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,843 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty-fm

Listing Agent's Description

MULTIPLE OFFERS RECEIVED! Highest and Best Due by Saturday October 31 at 9:00pm. Embrace the spirit of making it your own! Bring your favorite decorating ideas and paint colors as you walk through this well cared for home ready for its new owners! Traditional one story home in Flower Mound with 3 bedrooms, optional 4th bedroom or study. An extra room is nestled in the back of the home for an office, playroom, or 2nd living area. Beautiful trees border this corner lot with a circular drive. Updates include Radiant Barrier in Attic, 2016 New AC, 2014 New Hot water heater. An easy commute means more time at home. All that's missing is you!

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: Prairie Creek

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $121k402k

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

Neighborhood: Prairie Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400Rent in $10772573

* 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
Prairie Trail Elementary School Primary Regular 609 41 8
Lamar Middle School Middle Regular 764 51 9
Marcus High School High Regular 2,439 151 8

Prairie Trail Elementary School

  • Education Level: Primary
  • # of students: 609
  • # of teachers: 41
8
GreatSchools Rating

Lamar Middle School

  • Education Level: Middle
  • # of students: 764
  • # of teachers: 51
9
GreatSchools Rating

Marcus High School

  • Education Level: High
  • # of students: 2,439
  • # of teachers: 151
8
GreatSchools Rating
 

$251,910$307,890$279,900

PURCHASE PRICE

$1,800$2,200$2,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,000
EXPENSES Loan Payment -$1,033
Property Tax -$483
Property Insurance -$134
Property Management Fees -$99
CASH FLOW
$251

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.

$279,900

PROJECTED PRICE

$2,000

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.8%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,924

INVESTMENT

$79,924

Down Payment
$69,975
Rehab Estimate
$5,750
Closing Costs
$4,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $69,975
Loan Amount $209,925
See What Happens When You Reinvest Cash Flow

9.42

YEARS SAVED

$42,569

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $1,981

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,9303$2,0004$2,0005$2,200
$2,200
RENT COMPS ANALYSIS
  • 5229 Prairie Creek Drive Flower Mound, TX 4
    • 4 beds 2 baths ∙ 1,843 Sqft ∙ Built 1985 4 beds 2 baths ∙ 1,843 Sqft ∙ Built 1985
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.09
    •  
  • 1316 Ponder Way Flower Mound, TX 1
    • 3 beds 2 baths ∙ 1,671 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,671 Sqft ∙ Built 1985
    property image
    LEASED 12/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.11
    •  
  • 1063 Colony Street Flower Mound, TX 2
    • 3 beds 3 baths ∙ 1,912 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,912 Sqft ∙ Built 1986
    property image
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,930
    • $1.01
    •  
  • 1133 Homestead Street Flower Mound, TX 3
    • 3 beds 2 baths ∙ 1,857 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,857 Sqft ∙ Built 1984
    property image
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.08
    •  
  • 1605 Century Oaks Drive Lewisville, TX 5
    • 4 beds 2 baths ∙ 2,000 Sqft ∙ Built 1984 4 beds 2 baths ∙ 2,000 Sqft ∙ Built 1984
    property image
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.10
    •  
PROPERTY LISTING DETAILS
Beth Brake
Keller Williams Realty-fm
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14460347
Last Updated: 10/30/2020
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