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601 Erie Street Cleburne, TX 76031

3 Beds 2 Baths 1,399 sqft Built 2020

$180,000

List Price

$1,270

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $128.66
  • 2 Days on Market
  • MLS # : 14471176
  • Updated Date : 11/14/2020 at 14:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,399 sqft
  • Baths : 2 full
Listing Agent

Our Town Real Estate

Listing Agent's Description

This home will be completed by December. Enjoy this brand new constructed 3 bedroom, 2 bathroom, open concept home with huge laundry room and additional pantry or storage room! This home will have custom cabinets, granite, and stainless steel appliances. This home sits on a corner lot and has a beautiful front porch as well as a huge back porch, which will be perfect for entertaining or just enjoying that perfect cup of coffee on! Pictures will be updated as progress continues!

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: 76031

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Zip Code: 76031

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8731734

* 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
Irving Elementary School Primary Regular 502 33 3
Wheat Middle School Middle Regular 701 52 4
Cleburne High School High Regular 1,653 110 4

Irving Elementary School

  • Education Level: Primary
  • # of students: 502
  • # of teachers: 33
3
GreatSchools Rating

Wheat Middle School

  • Education Level: Middle
  • # of students: 701
  • # of teachers: 52
4
GreatSchools Rating

Cleburne High School

  • Education Level: High
  • # of students: 1,653
  • # of teachers: 110
4
GreatSchools Rating
 

$162,000$198,000$180,000

PURCHASE PRICE

$1,143$1,397$1,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,270
EXPENSES Loan Payment -$664
Property Tax -$443
Property Insurance -$108
Property Management Fees -$99
CASH FLOW
-$44

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.

$180,000

PROJECTED PRICE

$1,270

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 7.0%
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$100k$200k$300k$400k$500k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k-$1.0k$0.0$1.0k$2.0k$3.0k$4.0k$5.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$49,700

INVESTMENT

$49,700

Down Payment
$45,000
Rehab Estimate
$2,000
Closing Costs
$2,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$664

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $45,000
Loan Amount $135,000
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$5,560

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,270

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,507

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,195
1$1,1952$1,2703$1,5504$1,6005$1,795
$1,795
RENT COMPS ANALYSIS
  • 601 Erie Street Cleburne, TX 2
    • 3 beds 2 baths ∙ 1,399 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,399 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,270
    • $0.91
    •  
  • 207 Robbins Street Cleburne, TX 1
    • 3 beds 2 baths ∙ 1,090 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,090 Sqft ∙ Built 2020
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $1.10
    •  
  • 216 Lovelady Cleburne, TX 3
    • 3 beds 2 baths ∙ 1,463 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,463 Sqft ∙ Built 2020
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.06
    •  
  • 1506 N Buffalo Avenue Cleburne, TX 4
    • 3 beds 2 baths ∙ 1,475 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,475 Sqft ∙ Built 2020
    LEASED 11/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.08
    •  
  • 223 Preston Drive Cleburne, TX 5
    • 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 2004
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.07
    •  
PROPERTY LISTING DETAILS
Jennifer Gibson
Our Town Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14471176
Last Updated: 11/14/2020
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