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701 Cedar Cove Drive Princeton, TX 75407

3 Beds 2 Baths 1,540 sqft Built 2009

$225,000

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2009
  • Price/Sqft : $146.10
  • 4 Days on Market
  • MLS # : 14495297
  • Updated Date : 01/07/2021 at 13:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,540 sqft
  • Baths : 2 full
Listing Agent

Redfin Corporation

Listing Agent's Description

Cozy 3 bed, 2 bath northeast facing home is perched on a cul-de-sac and is move-in ready! Functional floorplan features spacious rooms and split bedrooms for privacy. Recently replaced carpet in neutral color goes with any decor. Warm & inviting interior has lots of windows providing plenty of natural light! Kitchen located between the formal dining and the breakfast room and has black appliances and lots of cabinet and counter space. Owners retreat is a peaceful haven with an ensuite bath featuring a garden tub, separate shower and dual sinks. Fenced backyard with patio area for enjoying the outdoors!

SEE MORE

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
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$782
Property Tax -$469
Property Insurance -$116
HOA -$21
Property Management Fees -$99
CASH FLOW
$14

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$225,000

PROJECTED PRICE

$1,500

PROJECTED RENT

0.67%

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) 8.00%
Vacancy 6.39%
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$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$782

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$10,680

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,494

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5003$1,5504$1,5995$1,600
$1,600
RENT COMPS ANALYSIS
  • 701 Cedar Cove Drive Princeton, TX 2
    • 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 2009 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 2009
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.97
    •  
  • 725 Cedar Cove Drive Princeton, TX 1
    • 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 2007
    property image
    LEASED 10/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.97
    •  
  • 741 Cedar Cove Drive Princeton, TX 3
    • 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 2008
    property image
    LEASED 08/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.01
    •  
  • 212 Creekwood Drive Princeton, TX 4
    • 3 beds 2 baths ∙ 1,666 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,666 Sqft ∙ Built 2006
    property image
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $0.96
    •  
  • 216 Creekwood Drive Princeton, TX 5
    • 3 beds 2 baths ∙ 1,709 Sqft ∙ Built 2010 3 beds 2 baths ∙ 1,709 Sqft ∙ Built 2010
    property image
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.94
    •  
PROPERTY LISTING DETAILS
Monica Mccormick
Redfin Corporation
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14495297
Last Updated: 01/07/2021
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