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935 Honey Locust Drive Fate, TX 75087

4 Beds 3 Baths 2,757 sqft Built 2021

INVESTimate

$381,829

List Price

$2,070

$1,863 - $2,277

Rent Est.

$397,140  ( +4.01%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
FACTS
  • Built In 2021
  • Price/Sqft : $138.49
  • 9 Days on Market
  • MLS # : 14414815
  • Updated Date : 08/24/2020 at 09:16
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,757 sqft
  • Baths : 3 full
Listing Agent

Classic Property Management

Listing Agent's Description

Modern Design with White and Grey Color Palate. Crisp White Deluxe Kitchen Cabinets with Stainless Built in Appliances, Grey Island, and Glass Backsplash with Under Cabinet Lighting and Big Walk In Pantry. Elegant stacked stone fireplace in sharp white rises to the ceiling in the family room against the contrast of warm grey brown wood tile floors that run throughout the first floor. Huge Owner retreat with deck mount, jetted tub with separate tile floor seamless shower will remind you that there IS something to the name Bloomfield Homes… its details. The oversized lot has a 2.5 car garage, a covered back patio, on a quiet street. Many community amenities within walking distance!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Woodcreek

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Woodcreek

ZipNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8882171

* 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
Harry Herndon Intermediate School Primary Regular 408 27 7
Harry Herndon Intermediate School Middle Regular 408 27 7
Royse City High School High Regular 1,410 88 5

Harry Herndon Intermediate School

  • Education Level: Primary
  • # of students: 408
  • # of teachers: 27
7
GreatSchools Rating

Harry Herndon Intermediate School

  • Education Level: Middle
  • # of students: 408
  • # of teachers: 27
7
GreatSchools Rating

Royse City High School

  • Education Level: High
  • # of students: 1,410
  • # of teachers: 88
5
GreatSchools Rating
 

$343,646$420,012$381,829

PURCHASE PRICE

$1,863$2,277$2,070

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$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$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,070
EXPENSES Loan Payment -$1,409
Property Tax -$687
Property Insurance -$187
HOA -$47
Property Management Fees -$99
CASH FLOW
-$359

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$381,829

PROJECTED PRICE

$2,070

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.01%
Maintenance Year (1-5) 3.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$103,185

INVESTMENT

$103,185

Down Payment
$95,457
Rehab Estimate
$2,000
Closing Costs
$5,727

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,409

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $95,457
Loan Amount $286,372
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,498

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,070

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $2,061

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,9953$2,0704$2,1005$2,200
$2,200
RENT COMPS ANALYSIS
  • 935 Honey Locust Drive Fate, TX 3
    • 4 beds 3 baths ∙ 2,757 Sqft ∙ Built 2021 4 beds 3 baths ∙ 2,757 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,070
    • $0.75
    •  
  • 207 Mulberry Drive Fate, TX 1
    • 4 beds 3 baths ∙ 2,602 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,602 Sqft ∙ Built 2006
    property image
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.69
    •  
  • 421 Hackberry Drive Fate, TX 2
    • 4 beds 3 baths ∙ 2,730 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,730 Sqft ∙ Built 2006
    property image
    LEASED 09/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.73
    •  
  • 412 Magnolia Drive Fate, TX 4
    • 4 beds 3 baths ∙ 2,676 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,676 Sqft ∙ Built 2004
    property image
    LEASED 09/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.78
    •  
  • 308 Chinaberry Lane Fate, TX 5
    • 4 beds 3 baths ∙ 2,774 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,774 Sqft ∙ Built 2005
    property image
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.79
    •  
PROPERTY LISTING DETAILS
Marsha Ashlock
Classic Property Management
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14414815
Last Updated: 08/24/2020
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