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603 Erie Street Cleburne, TX 76031

3 Beds 2 Baths 1,435 sqft Built 2020

$180,000

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $125.44
  • 2 Days on Market
  • MLS # : 14471237
  • Updated Date : 11/14/2020 at 17:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,435 sqft
  • Baths : 2 full
Listing Agent

Our Town Real Estate

Listing Agent's Description

This brand new constructed 3 bedroom, 2 bathroom home will be completed by December! This open concept floor plan is very spacious and includes a gigantic laundry room as well as an additional storage room that would make a great walk in pantry or mud room! Custom cabinets, granite countertops, and stainless steel appliances will be installed soon. Enjoy the large covered back patio which is perfect for entertaining. This home is a must see and will be ready soon!

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

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$664
Property Tax -$443
Property Insurance -$110
Property Management Fees -$99
CASH FLOW
$234

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

$1,550

PROJECTED RENT

0.86%

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$600k$700k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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 30% 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

11.25

YEARS SAVED

$36,402

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $1,546

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,195
1$1,1952$1,5503$1,5504$1,6005$1,795
$1,795
RENT COMPS ANALYSIS
  • 603 Erie Street Cleburne, TX 3
    • 3 beds 2 baths ∙ 1,435 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,435 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.08
    •  
  • 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 2
    • 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 #: 14471237
Last Updated: 11/14/2020
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