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970 Gladewater Drive Prosper, TX 75078

3 Beds 3 Baths 2,321 sqft Built 2019

$499,000

List Price

$2,270

$2K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2019
  • Price/Sqft : $214.99
  • 2 Days on Market
  • MLS # : 14526062
  • Updated Date : 03/06/2021 at 18:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,321 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty Frisco

Listing Agent's Description

Gently Loved & Lived In! 2020 Completed Highland Home-Desirable Corner Lot. Elevated Roof Pitch & Stone on Exterior. Upon Entry Tall Ceilings, Flowing Light Engineer Wood Floors, Extended Entry, 2 Beds & Full Bath, Study, Glass French Doors, Desirable Media Room & Half Bath. Open & Bright White Kitchen, Abundant Cabinetry with Pull Out Shelves, SS Frigidaire Appl., Modern Quartz Tops, Pendant Lighting, Single Bowl Sink, Gas CTop, Walk-In Pantry & Breakfast Nook with Bench Seating. Dining Area & Built-In Wine Hutch. Open Grand Room, Wood Shutters & Corner Gas FP. Large Owners Suite & Bath, Garden Tub & Shower, WIC. Covered Patio, Extended Sitting Area & Mounted TV. No MUD or PID, Need Owner Lease-Back.

SEE MORE

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

Zip Code: 75078

ZipNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $123k515k

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

Zip Code: 75078

ZipNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400260028003000Rent in $11263004

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

SCHOOLS

 
Sorry, we do not have sufficient school data for this neighborhood.
 

$449,100$548,900$499,000

PURCHASE PRICE

$2,043$2,497$2,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,270
EXPENSES Loan Payment -$1,733
Property Tax -$975
Property Insurance -$161
HOA -$100
Property Management Fees -$99
CASH FLOW
-$798

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.

$499,000

PROJECTED PRICE

$2,270

PROJECTED RENT

0.45%

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

PROJECTED ANNUAL CASH FLOW

11530-$16k-$14k-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

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$137,985

INVESTMENT

$137,985

Down Payment
$124,750
Rehab Estimate
$5,750
Closing Costs
$7,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 100% down payment or higher enables the proceeds from the asset to cover all costs.

$1,733

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $124,750
Loan Amount $374,250
See What Happens When You Reinvest Cash Flow

-0.08

YEARS SAVED

$0

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,270

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $2,280

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,2003$2,2704$2,4005$2,400
$2,400
RENT COMPS ANALYSIS
  • 970 Gladewater Drive Prosper, TX 3
    • 3 beds 3 baths ∙ 2,321 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,321 Sqft ∙ Built 2019
    • Rent
    • Rent Per SQFT
    •  
    • $2,270
    • $0.98
    •  
  • 16709 Spence Park Lane Prosper, TX 1
    • 3 beds 3 baths ∙ 2,252 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,252 Sqft ∙ Built 2017
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.95
    •  
  • 2300 Prospect Park Drive Prosper, TX 2
    • 3 beds 3 baths ∙ 2,207 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,207 Sqft ∙ Built 2019
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.00
    •  
  • 2309 Prospect Park Lane Prosper, TX 4
    • 4 beds 3 baths ∙ 2,423 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,423 Sqft ∙ Built 2016
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.99
    •  
  • 2404 Prospect Park Lane Prosper, TX 5
    • 3 beds 4 baths ∙ 2,423 Sqft ∙ Built 2016 3 beds 4 baths ∙ 2,423 Sqft ∙ Built 2016
    LEASED 09/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.99
    •  
PROPERTY LISTING DETAILS
Rene Burchell
Coldwell Banker Realty Frisco
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14526062
Last Updated: 03/06/2021
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