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1077 Tea Olive Lane Dallas, TX 75212

3 Beds 4 Baths 2,234 sqft Built 2018

$519,000

List Price

$3,120

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $232.32
  • 4 Days on Market
  • MLS # : 14512905
  • Updated Date : 02/04/2021 at 16:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,234 sqft
  • Baths : 3 full , 1 half
Listing Agent

Compass Re Texas, Llc.

Listing Agent's Description

Fantastic and fun David Weekley home with roof top deck! This home has 3 bedrooms, 3.1 bathrooms all in the 2,234 square feet located near Trinity Groves, Bishop Arts and Downtown Dallas! The first floor enters from your 2-car garage or front door with a bedroom and attached bathroom. The second floor has an open living space that features a kitchen with large granite island for entertaining, dining room and living room with a balcony that has views of downtown Dallas and a large greenbelt. The third floor has large master bedroom and bath, laundry room and third bedroom with private bathroom. Finally, there is a rooftop deck for relaxing and entertaining.

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: Muncie

NeighborhoodNIR Market*CityMarket2010Year2000201960k80k100k120k140k160k180k200k220k240kPrice in $60k243k

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

Neighborhood: Muncie

NeighborhoodNIR Market*CityMarket2010Year20002019 Q260070080090010001100120013001400150016001700Rent in $5601734

* 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
Sidney Lanier Expressive Arts Vanguard Primary Magnet 610 43 7
Thomas A. Edison Middle Learning Center Middle Regular 532 50 3

Sidney Lanier Expressive Arts Vanguard

  • Education Level: Primary
  • # of students: 610
  • # of teachers: 43
7
GreatSchools Rating

Thomas A. Edison Middle Learning Center

  • Education Level: Middle
  • # of students: 532
  • # of teachers: 50
3
GreatSchools Rating
 

$467,100$570,900$519,000

PURCHASE PRICE

$2,808$3,432$3,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,120
EXPENSES Loan Payment -$1,803
Property Tax -$1,231
Property Insurance -$156
HOA -$108
Property Management Fees -$99
CASH FLOW
-$277

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.

$519,000

PROJECTED PRICE

$3,120

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 12.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
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-$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$143,285

INVESTMENT

$143,285

Down Payment
$129,750
Rehab Estimate
$5,750
Closing Costs
$7,785

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,803

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $129,750
Loan Amount $389,250
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$4,658

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,120

    LIST RENT
  • $1.4

    LIST RENT PER SQFT
  • $3,105

    COMP ESTIMATED VALUE
  • $1.39

    COMP AVG. RENT PER SQFT
Comps Range
$2,975
1$2,9752$3,1203$3,1954$3,2505$3,500
$3,500
RENT COMPS ANALYSIS
  • 1077 Tea Olive Lane Dallas, TX 2
    • 3 beds 4 baths ∙ 2,234 Sqft ∙ Built 2018 3 beds 4 baths ∙ 2,234 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,120
    • $1.40
    •  
  • 4019 Puget Street Dallas, TX 1
    • 4 beds 3 baths ∙ 2,492 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,492 Sqft ∙ Built 2020
    property image
    LEASED 01/11/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,975
    • $1.19
    •  
  • 647 Aspen Valley Lane Dallas, TX 3
    • 3 beds 3 baths ∙ 2,376 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,376 Sqft ∙ Built 2018
    property image
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,195
    • $1.34
    •  
  • 1970 Kessler Heights Lane Dallas, TX 4
    • 3 beds 4 baths ∙ 2,204 Sqft ∙ Built 2017 3 beds 4 baths ∙ 2,204 Sqft ∙ Built 2017
    property image
    LEASED 02/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.47
    •  
  • 2021 Dennison Street Dallas, TX 5
    • 3 beds 3 baths ∙ 2,248 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,248 Sqft ∙ Built 2020
    property image
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.56
    •  
PROPERTY LISTING DETAILS
Bill Greenwald
Compass Re Texas, Llc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14512905
Last Updated: 02/04/2021
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