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Lot 80 Providence Way Nevada, TX 75173

3 Beds 2 Baths 2,167 sqft Built 2021

$417,000

List Price

$2,260

$2K - $2.5K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
SINGLE-FAMILY
March 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $192.43
  • 8 Days on Market
  • MLS # : 14537284
  • Updated Date : 03/22/2021 at 10:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,167 sqft
  • Baths : 2 full
Listing Agent

Powerstar Realty

Listing Agent's Description

New Providence Point Subdivision - Humboldt Plan by Cope Homes. The Humboldt model has 3 bedrooms, 2 baths, and a bonus room upstairs. Kitchen opens to a great room to dining & living room with high ceilings. Just outside the back door is an outdoor patio, perfect for enjoying the view of the spacious & serene 1.018 ACRE LOT! Providence Point is a step above surrounding subdivisions with its concrete streets and decorative street lamps at each house. You can also build your dream workshop on the large acre lot -- there are protective CCRs but no pesky HOA. Photos shown are of an almost identical of same floorplan, not actual (still building).

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

PRICE & RENT TRENDS

Zip Code: 75173

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $107k338k

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

Zip Code: 75173

ZipNIR Market*CityMarket2010Year20002019 Q210501100115012001250130013501400145015001550160016501700Rent in $10451741

* 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
Dorothy Smith Pullen Elementary School Primary Regular 610 39 7
Cain Middle School Middle Regular 941 50 7
Rockwall-heath High School High Regular 2,200 119 8

Dorothy Smith Pullen Elementary School

  • Education Level: Primary
  • # of students: 610
  • # of teachers: 39
7
GreatSchools Rating

Cain Middle School

  • Education Level: Middle
  • # of students: 941
  • # of teachers: 50
7
GreatSchools Rating

Rockwall-heath High School

  • Education Level: High
  • # of students: 2,200
  • # of teachers: 119
8
GreatSchools Rating
 

$375,300$458,700$417,000

PURCHASE PRICE

$2,034$2,486$2,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,260
EXPENSES Loan Payment -$1,448
Property Tax -$634
Property Insurance -$152
Property Management Fees -$99
CASH FLOW
-$74

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$417,000

PROJECTED PRICE

$2,260

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.7%
Maintenance Year (1-5) 3.00%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$112,505

INVESTMENT

$112,505

Down Payment
$104,250
Rehab Estimate
$2,000
Closing Costs
$6,255

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,448

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $104,250
Loan Amount $312,750
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$15,526

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,260

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $2,275

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$2,260
1$2,2602$2,2953$2,300
$2,300
RENT COMPS ANALYSIS
  • Lot 80 Providence Way Nevada, TX 1
    • 3 beds 2 baths ∙ 2,167 Sqft ∙ Built 2021 3 beds 2 baths ∙ 2,167 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $2,260
    • $1.04
    •  
  • 410 Normandy Lane Heath, TX 2
    • 4 beds 2 baths ∙ 2,207 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,207 Sqft ∙ Built 2001
    LEASED 12/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.04
    •  
  • 114 Dunford Drive Heath, TX 3
    • 3 beds 2 baths ∙ 2,168 Sqft ∙ Built 2002 3 beds 2 baths ∙ 2,168 Sqft ∙ Built 2002
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.06
    •  
PROPERTY LISTING DETAILS
Mark Cope
Powerstar Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14537284
Last Updated: 03/22/2021
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