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981 Caribou Drive Prosper, TX 75078

4 Beds 5 Baths 4,503 sqft Built 2012

$750,000

List Price

$3,880

$3.6K - $4.1K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2012
  • Price/Sqft : $166.56
  • 2 Days on Market
  • MLS # : 14511538
  • Updated Date : 02/06/2021 at 03:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 4,503 sqft
  • Baths : 4 full , 1 half
Listing Agent

Jp & Associates Frisco

Listing Agent's Description

IMMACULATE CUSTOM PAUL TAYLOR HOME ON OVER A THIRD ACRE WITH FOUR CAR GARAGE. THIS BEAUTIFUL 4 BED 4.5 BATH HOME BOASTS DECORATIVE LIGHTING, HARDWOODS, PLANTATION SHUTTERS, TWO STORY OPEN LIVING ROOM, AND CROWN MOLDING. HUGE EAT-IN KITCHEN WITH WALK IN PANTRY, OVER-SIZED ISLAND, DBL OVENS, AND GAS COOKTOP. ENJOY YOUR EVENINGS ON YOUR COVERED PATIO WITH FIREPLACE, KITCHEN, BUILT IN GRILL AND TV! MASTER BEDROOM FEATURES LARGE SITTING AREA AND STUNNING BATHROOM WITH CUSTOM CLOSET. LIVING ROOM FEATURES STONE FIREPLACE, BUILT INS AND SOARING CEILINGS. ALL BEDROOMS DOWN. OVERSIZED MEDIA, GAME ROOM W BAR AREA UPSTAIRS. EXEMPLARY PROSPER ISD! NEW CARPET, NEW OUTDOOR FRIDGE, NEW LIGHT FIXTURES & MIRRORS AND DISHWASHER.

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

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Cynthia A. Cockrell Elementary School Primary Regular 778 54 10
Reynolds Middle School Middle Regular 1,048 68 8
Prosper High School High Regular 1,868 120 9

Cynthia A. Cockrell Elementary School

  • Education Level: Primary
  • # of students: 778
  • # of teachers: 54
10
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
 

$675,000$825,000$750,000

PURCHASE PRICE

$3,492$4,268$3,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,880
EXPENSES Loan Payment -$2,605
Property Tax -$1,465
Property Insurance -$287
HOA -$63
Property Management Fees -$99
CASH FLOW
-$639

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.

$750,000

PROJECTED PRICE

$3,880

PROJECTED RENT

0.52%

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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$204,500

INVESTMENT

$204,500

Down Payment
$187,500
Rehab Estimate
$5,750
Closing Costs
$11,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,605

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $187,500
Loan Amount $562,500
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,299

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,880

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $3,895

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$3,500
1$3,5002$3,8803$3,9504$4,2505$4,250
$4,250
RENT COMPS ANALYSIS
  • 981 Caribou Drive Prosper, TX 2
    • 4 beds 5 baths ∙ 4,503 Sqft ∙ Built 2012 4 beds 5 baths ∙ 4,503 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $3,880
    • $0.86
    •  
  • 561 Hidden Lake Drive Prosper, TX 1
    • 4 beds 3 baths ∙ 4,547 Sqft ∙ Built 2005 4 beds 3 baths ∙ 4,547 Sqft ∙ Built 2005
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $0.77
    •  
  • 1020 Caribou Drive Prosper, TX 3
    • 4 beds 5 baths ∙ 4,413 Sqft ∙ Built 2011 4 beds 5 baths ∙ 4,413 Sqft ∙ Built 2011
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $0.90
    •  
  • 1021 Circle J Trail Prosper, TX 4
    • 5 beds 5 baths ∙ 4,667 Sqft ∙ Built 2015 5 beds 5 baths ∙ 4,667 Sqft ∙ Built 2015
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $0.91
    •  
  • 1801 Fostermill Drive Prosper, TX 5
    • 5 beds 4 baths ∙ 4,818 Sqft ∙ Built 2014 5 beds 4 baths ∙ 4,818 Sqft ∙ Built 2014
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $0.88
    •  
PROPERTY LISTING DETAILS
Rachel Walsh
Jp & Associates Frisco
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14511538
Last Updated: 02/06/2021
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