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941 Mountain Laurel Drive Prosper, TX 75078

4 Beds 5 Baths 3,599 sqft Built 2016

$655,000

List Price

$3,670

$3.4K - $3.9K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $181.99
  • 2 Days on Market
  • MLS # : 14514303
  • Updated Date : 02/06/2021 at 19:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,599 sqft
  • Baths : 3 full , 2 half
Listing Agent

Coldwell Banker Realty Plano

Listing Agent's Description

EXQUISITE LUXURY HIGHLAND HOME IN WINDSONG RANCH-A LIFESTYLE COMMUNITY- FEATURING 5 ACRE LAGOON POOL -SWIMMING, KYACK, CANOE, HIKE & BIKE TRAILS, D0G PARK, TENNIS. HOME FEATURES - PLANTATION SHUTTERS, WOOD FLRS DOWN, CUSTOM LIGHT FIXTURES -VAULTED CEILING IN FAMILY-4 CAR TANDEM GARAGE- MUD BENCH W. CUBBYS & DRAWERS, BUILT IN DESK IN KITCHEN, 10 FT ISLAND, DBLE OVENS. HOME INCLUDES A SS- 3 DOOR REFRIGERATOR, WASHER, DRYER, MEDIA ROOM EQUIPMENT & SCREEN,GAMEROOM W.BARN DOORS THAT CONCEAL THE PRINCESS BALCONY IN FAMILY RM FOR CHILREN SAFETY. THE ARTWORK IN FAMILY CONCEALS FLAT SCREEN WIRING- OVERSIZED ROOMS-MASTER, FAMILY, GAMRM, & MEDIA. HOME ALSO INCLUDES TRAMPOLINE &WOOD SWING & SLIDE IN BACKYARD- FRESH PAINT-

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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: Windsong Ranch

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $123k515k

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

Neighborhood: Windsong Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000320034003600Rent in $11263615

* 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
Windsong Elementary School Primary Regular NA
Reynolds Middle School Middle Regular 1,048 68 8
Prosper High School High Regular 1,868 120 9

Windsong Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Reynolds Middle School

  • Education Level: Middle
  • # of students: 1,048
  • # of teachers: 68
8
GreatSchools Rating

Prosper High School

  • Education Level: High
  • # of students: 1,868
  • # of teachers: 120
9
GreatSchools Rating
 

$589,500$720,500$655,000

PURCHASE PRICE

$3,303$4,037$3,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,670
EXPENSES Loan Payment -$2,275
Property Tax -$1,248
Property Insurance -$235
HOA -$134
Property Management Fees -$99
CASH FLOW
-$321

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$655,000

PROJECTED PRICE

$3,670

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 5.0%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
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$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$179,325

INVESTMENT

$179,325

Down Payment
$163,750
Rehab Estimate
$5,750
Closing Costs
$9,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,275

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $163,750
Loan Amount $491,250
See What Happens When You Reinvest Cash Flow

2

YEARS SAVED

$9,154

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,670

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $3,104

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$2,895
1$2,8952$2,9003$2,9954$3,2505$3,670
$3,670
RENT COMPS ANALYSIS
  • 941 Mountain Laurel Drive Prosper, TX 5
    • 4 beds 5 baths ∙ 3,599 Sqft ∙ Built 2016 4 beds 5 baths ∙ 3,599 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $3,670
    • $1.02
    •  
  • 15604 Governors Island Way Prosper, TX 1
    • 4 beds 4 baths ∙ 3,505 Sqft ∙ Built 2016 4 beds 4 baths ∙ 3,505 Sqft ∙ Built 2016
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,895
    • $0.83
    •  
  • 870 Elm Park Drive Prosper, TX 2
    • 4 beds 4 baths ∙ 3,250 Sqft ∙ Built 2019 4 beds 4 baths ∙ 3,250 Sqft ∙ Built 2019
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $0.89
    •  
  • 1424 Palestine Drive Prosper, TX 3
    • 4 beds 4 baths ∙ 3,448 Sqft ∙ Built 2006 4 beds 4 baths ∙ 3,448 Sqft ∙ Built 2006
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $0.87
    •  
  • 16021 Canyon Ridge Prosper, TX 4
    • 5 beds 5 baths ∙ 3,778 Sqft ∙ Built 2016 5 beds 5 baths ∙ 3,778 Sqft ∙ Built 2016
    LEASED 01/02/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $0.86
    •  
PROPERTY LISTING DETAILS
Laurel Silk
Coldwell Banker Realty Plano
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14514303
Last Updated: 02/06/2021
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