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612 Turnstone Drive Little Elm, TX 75068

4 Beds 2 Baths 1,883 sqft Built 2009

$310,000

List Price

$1,810

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2009
  • Price/Sqft : $164.63
  • 3 Days on Market
  • MLS # : 14541232
  • Updated Date : 03/26/2021 at 17:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,883 sqft
  • Baths : 2 full
Listing Agent

Rekonnection, Llc

Listing Agent's Description

The perfect home in Paloma Creek community. This large one-story charmer boasts 3 bedrooms with a study or 4th bedroom. Perfect for the growing family, or working from home, or both! Check out the updated kitchen with granite counter tops and stainless steel appliances. Private and safe cul de sac location with covered patio and privacy fence in back. Enjoy all the amenities Paloma Creek has to offer including 4 pools, 2 clubhouses and year-round social events.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

PRICE & RENT TRENDS

Neighborhood: Paloma Creek South

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Paloma Creek South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
Paloma Creek Elementary School Primary Regular 670 41 6
Navo Middle School Middle Regular 1,077 65 7
Denton High School High Regular 2,166 140 6

Paloma Creek Elementary School

  • Education Level: Primary
  • # of students: 670
  • # of teachers: 41
6
GreatSchools Rating

Navo Middle School

  • Education Level: Middle
  • # of students: 1,077
  • # of teachers: 65
7
GreatSchools Rating

Denton High School

  • Education Level: High
  • # of students: 2,166
  • # of teachers: 140
6
GreatSchools Rating
 

$279,000$341,000$310,000

PURCHASE PRICE

$1,629$1,991$1,810

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,810
EXPENSES Loan Payment -$1,077
Property Tax -$650
Property Insurance -$136
HOA -$28
Property Management Fees -$99
CASH FLOW
-$180

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.

$310,000

PROJECTED PRICE

$1,810

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 6.0%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$87,900

INVESTMENT

$87,900

Down Payment
$77,500
Rehab Estimate
$5,750
Closing Costs
$4,650

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,077

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $77,500
Loan Amount $232,500
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$3,200

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,810

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,765

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7503$1,7954$1,8105$1,995
$1,995
RENT COMPS ANALYSIS
  • 612 Turnstone Drive Little Elm, TX 4
    • 4 beds 2 baths ∙ 1,883 Sqft ∙ Built 2009 4 beds 2 baths ∙ 1,883 Sqft ∙ Built 2009
    • Rent
    • Rent Per SQFT
    •  
    • $1,810
    • $0.96
    •  
  • 308 Oriole Drive Little Elm, TX 1
    • 3 beds 2 baths ∙ 1,701 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,701 Sqft ∙ Built 2005
    LEASED 11/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.97
    •  
  • 1201 Songbird Drive Little Elm, TX 2
    • 3 beds 2 baths ∙ 1,903 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,903 Sqft ∙ Built 2011
    LEASED 09/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.92
    •  
  • 1813 Rosson Road Little Elm, TX 3
    • 4 beds 2 baths ∙ 1,988 Sqft ∙ Built 2012 4 beds 2 baths ∙ 1,988 Sqft ∙ Built 2012
    LEASED 05/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.90
    •  
  • 632 Hummingbird Drive Little Elm, TX 5
    • 3 beds 2 baths ∙ 2,070 Sqft ∙ Built 2010 3 beds 2 baths ∙ 2,070 Sqft ∙ Built 2010
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.96
    •  
PROPERTY LISTING DETAILS
Ram Konara
Rekonnection, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14541232
Last Updated: 03/26/2021
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