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10240 Cedar Lake Drive Providence Village, TX 76227

3 Beds 3 Baths 1,937 sqft Built 2003

INVESTimate

$249,900

List Price

$1,670

$1,503 - $1,837

Rent Est.

$273,715  ( +9.53%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2003
  • Price/Sqft : $129.01
  • 10 Days on Market
  • MLS # : 14414933
  • Updated Date : 08/23/2020 at 09:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,937 sqft
  • Baths : 2 full , 1 half
Listing Agent

Godwin Group, Llc.

Listing Agent's Description

Updates not usually found at this price point + Corner Lot & Walking distance to Providence Lake!Custom decor is highlighted by Towering Ceiling Height of Living Space and brightened by Numerous Windows that allow light to flow throughout. Custom Glazed Cabinetry in Kitchen compliments the Granite tones, while the Luxury Plank Flooring provides an ideal Contrast touch.Bay Window seat in kitchen is a cozy spot for guests to gather while entertaining,or enjoy the beautiful Landscaping with Mature Magnolia Trees.Other relaxation options include the Covered Back Patio framed with Lush Vines, or the Upstairs Covered Balcony with Ceiling Fan.Double Door Entrance to Master Bedroom, which offers a Garden Bath, Jet Tub.

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

Neighborhood: Providence

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $116k336k

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

Neighborhood: Providence

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11042171

* 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
Providence Elementary School Primary Regular 657 42 6
Navo Middle School Middle Regular 1,077 65 7
Billy Ryan High School High Regular 2,409 170 5

Providence Elementary School

  • Education Level: Primary
  • # of students: 657
  • # of teachers: 42
6
GreatSchools Rating

Navo Middle School

  • Education Level: Middle
  • # of students: 1,077
  • # of teachers: 65
7
GreatSchools Rating

Billy Ryan High School

  • Education Level: High
  • # of students: 2,409
  • # of teachers: 170
5
GreatSchools Rating
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$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$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$922
Property Tax -$545
Property Insurance -$139
HOA -$60
Property Management Fees -$99
CASH FLOW
-$95

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.

$249,900

PROJECTED PRICE

$1,670

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 9.53%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$5,954

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,719

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6703$1,6954$1,7005$1,745
$1,745
RENT COMPS ANALYSIS
  • 10240 Cedar Lake Drive Providence Village, TX 2
    • 3 beds 3 baths ∙ 1,937 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,937 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.86
    •  
  • 10217 Franklin Drive Providence Village, TX 1
    • 3 beds 3 baths ∙ 1,797 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,797 Sqft ∙ Built 2004
    property image
    LEASED 08/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.92
    •  
  • 10015 Cedar Lake Drive Providence Village, TX 3
    • 3 beds 3 baths ∙ 1,937 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,937 Sqft ∙ Built 2003
    property image
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.88
    •  
  • 9833 Walnut Hill Drive Providence Village, TX 4
    • 3 beds 3 baths ∙ 1,937 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,937 Sqft ∙ Built 2002
    property image
    LEASED 01/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.88
    •  
  • 10312 Franklin Drive Providence Village, TX 5
    • 4 beds 3 baths ∙ 2,010 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,010 Sqft ∙ Built 2005
    property image
    LEASED 05/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.87
    •  
PROPERTY LISTING DETAILS
Julie Godwin
Godwin Group, Llc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14414933
Last Updated: 08/23/2020
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