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814 N 2nd Street Princeton, TX 75407

3 Beds 2 Baths 2,204 sqft Built 2020

$278,900

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $126.54
  • 2 Days on Market
  • MLS # : 14467102
  • Updated Date : 11/07/2020 at 09:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,204 sqft
  • Baths : 2 full
Listing Agent

Compass Re Texas, Llc.

Listing Agent's Description

Beautiful brand new country style home, walking distance to Lacy elementary school. Open living, dining and kitchen floor plan with gorgeous windows let in beautiful natural light. Covered patio overlooking your backyard. 2 car garage with an extra spot for a third car on the driveway.

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: 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
 

$251,010$306,790$278,900

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$1,029
Property Tax -$581
Property Insurance -$155
Property Management Fees -$99
CASH FLOW
-$144

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.

$278,900

PROJECTED PRICE

$1,720

PROJECTED RENT

0.62%

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$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,909

INVESTMENT

$75,909

Down Payment
$69,725
Rehab Estimate
$2,000
Closing Costs
$4,184

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $69,725
Loan Amount $209,175
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$5,240

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,774

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,645
1$1,6452$1,6853$1,7204$1,7505$1,800
$1,800
RENT COMPS ANALYSIS
  • 814 N 2nd Street Princeton, TX 3
    • 3 beds 2 baths ∙ 2,204 Sqft ∙ Built 2020 3 beds 2 baths ∙ 2,204 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.78
    •  
  • 232 Timber Drive Princeton, TX 1
    • 4 beds 2 baths ∙ 1,984 Sqft ∙ Built 2010 4 beds 2 baths ∙ 1,984 Sqft ∙ Built 2010
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.83
    •  
  • 1008 Emerald Drive Princeton, TX 2
    • 4 beds 3 baths ∙ 2,143 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,143 Sqft ∙ Built 2019
    LEASED 12/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,685
    • $0.79
    •  
  • 417 Stonecreek Drive Princeton, TX 4
    • 3 beds 3 baths ∙ 2,312 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,312 Sqft ∙ Built 2007
    LEASED 09/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.76
    •  
  • 1405 Granite Path Princeton, TX 5
    • 4 beds 3 baths ∙ 2,147 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,147 Sqft ∙ Built 2017
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.84
    •  
PROPERTY LISTING DETAILS
Sean Davis
Compass Re Texas, Llc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14467102
Last Updated: 11/07/2020
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