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1051 Summerplace Lane Southlake, TX 76092

3 Beds 2 Baths 2,130 sqft Built 1983

$410,000

List Price

$2,720

$2.5K - $3K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1983
  • Price/Sqft : $192.49
  • 5 Days on Market
  • MLS # : 14460240
  • Updated Date : 11/01/2020 at 19:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,130 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty Dpr

Listing Agent's Description

Southlake,Texas! This awesome ranch style home sits on an extra large corner lot with a huge backyard! It features 3 beds, 2 baths & includes two large living spaces. Enter the freshly painted kitchen which overlooks the formal living space, giving it the perfect open concept balance. Wood beams detail the ceiling and you have a great brick fire place from floor to ceiling to enjoy. The second living space can be utilized in many ways, currently it's used as a play area. It includes carpet and large built in cabinets with plenty of storage and a view & access of the huge backyard. The master bedroom is nice and secluded with plenty of privacy, dual vanities, walk in closets and a large shower.

SEE MORE

MARKET HIGHLIGHTS

  • . 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Summer Place

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $123k722k

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

Neighborhood: Summer Place

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2150020002500300035004000Rent in $11264415

* 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
Durham Intermediate School Primary Regular 628 42 10
Carroll Middle School Middle Regular 659 44 10
Carroll Middle School High Regular 659 44 10

Durham Intermediate School

  • Education Level: Primary
  • # of students: 628
  • # of teachers: 42
10
GreatSchools Rating

Carroll Middle School

  • Education Level: Middle
  • # of students: 659
  • # of teachers: 44
10
GreatSchools Rating

Carroll Middle School

  • Education Level: High
  • # of students: 659
  • # of teachers: 44
10
GreatSchools Rating
 

$369,000$451,000$410,000

PURCHASE PRICE

$2,448$2,992$2,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,720
EXPENSES Loan Payment -$1,513
Property Tax -$827
Property Insurance -$150
Property Management Fees -$99
CASH FLOW
$131

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.

$410,000

PROJECTED PRICE

$2,720

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.5%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$114,400

INVESTMENT

$114,400

Down Payment
$102,500
Rehab Estimate
$5,750
Closing Costs
$6,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,513

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $102,500
Loan Amount $307,500
See What Happens When You Reinvest Cash Flow

6.33

YEARS SAVED

$35,736

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,720

    LIST RENT
  • $1.28

    LIST RENT PER SQFT
  • $3,019

    COMP ESTIMATED VALUE
  • $1.42

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,7203$2,9004$3,1505$3,200
$3,200
RENT COMPS ANALYSIS
  • 1051 Summerplace Lane Southlake, TX 2
    • 3 beds 2 baths ∙ 2,130 Sqft ∙ Built 1983 3 beds 2 baths ∙ 2,130 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $2,720
    • $1.28
    •  
  • 315 Dove Creek Trail Southlake, TX 1
    • 3 beds 2 baths ∙ 1,955 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,955 Sqft ∙ Built 1977
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.33
    •  
  • 1021 Summerplace Lane Southlake, TX 3
    • 3 beds 2 baths ∙ 1,998 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,998 Sqft ∙ Built 1983
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.45
    •  
  • 1043 Summerplace Lane Southlake, TX 4
    • 3 beds 3 baths ∙ 2,203 Sqft ∙ Built 1979 3 beds 3 baths ∙ 2,203 Sqft ∙ Built 1979
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $1.43
    •  
  • 587 Shady Oaks Drive Southlake, TX 5
    • 4 beds 2 baths ∙ 2,192 Sqft ∙ Built 1981 4 beds 2 baths ∙ 2,192 Sqft ∙ Built 1981
    LEASED 05/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.46
    •  
PROPERTY LISTING DETAILS
Cerissa Lair
Keller Williams Realty Dpr
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14460240
Last Updated: 11/01/2020
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