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649 Lazy River Drive Princeton, TX 75407

4 Beds 3 Baths 2,059 sqft Built 2020

$316,250

List Price

$2,000

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $153.59
  • 7 Days on Market
  • MLS # : 14486246
  • Updated Date : 12/14/2020 at 19:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,059 sqft
  • Baths : 3 full
Listing Agent

Meritage Homes Realty

Listing Agent's Description

Brand NEW energy-efficient home ready NOW! Oversized corner lot. The Preston plan spacious living area flows seamlessly outdoors to the covered back patio. Linen cabinets, gray granite counters, white hexagonal backsplash, polished white tile, and gray washed wood in our Refined package. Brookside amenities include community pool, playground and creekside walking trails. Known for their energy-efficient features, our homes help you live a healthier and quieter lifestyle while saving thousands of dollars on utility bills.

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MARKET HIGHLIGHTS

  • # 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)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)

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
Lacy Elementary School Primary Regular 695 47 6
Clark Junior High School Middle Regular 540 33 8
Princeton High School High Regular 1,048 67 6

Lacy Elementary School

  • Education Level: Primary
  • # of students: 695
  • # of teachers: 47
6
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
 

$284,625$347,875$316,250

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 -$1,167
Property Tax -$659
Property Insurance -$146
HOA -$33
Property Management Fees -$99
CASH FLOW
-$104

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$316,250

PROJECTED PRICE

$2,000

PROJECTED RENT

0.63%

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) 3.00%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$85,806

INVESTMENT

$85,806

Down Payment
$79,063
Rehab Estimate
$2,000
Closing Costs
$4,744

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,167

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $79,063
Loan Amount $237,188
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$9,320

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
  • $0.97

    LIST RENT PER SQFT
  • $1,966

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,730
1$1,7302$1,9953$2,0004$2,0505$2,050
$2,050
RENT COMPS ANALYSIS
  • 649 Lazy River Drive Princeton, TX 3
    • 4 beds 3 baths ∙ 2,059 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,059 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.97
    •  
  • 824 Spruce Lane Princeton, TX 1
    • 4 beds 2 baths ∙ 2,000 Sqft ∙ Built 2020 4 beds 2 baths ∙ 2,000 Sqft ∙ Built 2020
    LEASED 04/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $0.87
    •  
  • 816 Black Hawk Drive Princeton, TX 2
    • 3 beds 2 baths ∙ 2,068 Sqft ∙ Built 2018 3 beds 2 baths ∙ 2,068 Sqft ∙ Built 2018
    LEASED 12/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.96
    •  
  • 752 Cascade Lane Princeton, TX 4
    • 4 beds 3 baths ∙ 2,059 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,059 Sqft ∙ Built 2020
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.00
    •  
  • 625 Hidden Cove Princeton, TX 5
    • 4 beds 3 baths ∙ 2,059 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,059 Sqft ∙ Built 2020
    LEASED 08/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.00
    •  
PROPERTY LISTING DETAILS
Patrick Mcgrath
Meritage Homes Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14486246
Last Updated: 12/14/2020
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