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870 Southgate Court Farmersville, TX 75442

3 Beds 2 Baths 2,527 sqft Built 2019

$425,000

List Price

$2,350

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2019
  • Price/Sqft : $168.18
  • 5 Days on Market
  • MLS # : 14521583
  • Updated Date : 02/24/2021 at 17:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,527 sqft
  • Baths : 2 full
Listing Agent

Ebby Halliday, Realtors Mckinney

Listing Agent's Description

New construction - 3 bedroom, 2 bath with Dining Room or Study. This home features include laminate flooring throughout most, carpet in the bedrooms and tile floors in the baths. The Master bath has granite countertops, double sinks, tile floors, a separate shower and a garden tub. Hall bath also features double lavs and tile flooring. Ceiling fans in all rooms and wood-burning Fireplace with granite face and hearth. A large covered patio for enjoying the evenings in this counter setting. Close to shopping and the new Collin County College under construction. NO HOA.

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: 75442

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $101k297k

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

Zip Code: 75442

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8381734

* 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
Farmersville Intermediate School Primary Regular 490 31 6
Farmersville Junior High School Middle Regular 373 24 8
Farmersville High School High Regular 450 35 6

Farmersville Intermediate School

  • Education Level: Primary
  • # of students: 490
  • # of teachers: 31
6
GreatSchools Rating

Farmersville Junior High School

  • Education Level: Middle
  • # of students: 373
  • # of teachers: 24
8
GreatSchools Rating

Farmersville High School

  • Education Level: High
  • # of students: 450
  • # of teachers: 35
6
GreatSchools Rating
 

$382,500$467,500$425,000

PURCHASE PRICE

$2,115$2,585$2,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,350
EXPENSES Loan Payment -$1,476
Property Tax -$826
Property Insurance -$173
Property Management Fees -$99
CASH FLOW
-$224

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.

$425,000

PROJECTED PRICE

$2,350

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 9.8%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$6.0k-$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$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

2

YEARS SAVED

$5,757

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,350

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $2,426

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1003$2,3504$2,550
$2,550
RENT COMPS ANALYSIS
  • 870 Southgate Court Farmersville, TX 3
    • 3 beds 2 baths ∙ 2,527 Sqft ∙ Built 2019 3 beds 2 baths ∙ 2,527 Sqft ∙ Built 2019
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.93
    •  
  • 861 Lester Burt Road Farmersville, TX 1
    • 3 beds 2 baths ∙ 2,240 Sqft ∙ Built 2008 3 beds 2 baths ∙ 2,240 Sqft ∙ Built 2008
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.94
    •  
  • 727 Lester Burt Road Farmersville, TX 2
    • 4 beds 3 baths ∙ 2,192 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,192 Sqft ∙ Built 2007
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.96
    •  
  • 865 Southgate Court Farmersville, TX 4
    • 3 beds 2 baths ∙ 2,591 Sqft ∙ Built 2020 3 beds 2 baths ∙ 2,591 Sqft ∙ Built 2020
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.98
    •  
PROPERTY LISTING DETAILS
Ann Fleet
Ebby Halliday, Realtors Mckinney
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14521583
Last Updated: 02/24/2021
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