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111 Meredith Drive Fate, TX 75087

3 Beds 2 Baths 1,659 sqft Built 2021

$279,896

List Price

$1,770

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 2021
  • Price/Sqft : $168.71
  • 5 Days on Market
  • MLS # : 14463324
  • Updated Date : 10/30/2020 at 20:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,659 sqft
  • Baths : 2 full
Listing Agent

Meritage Homes Realty

Listing Agent's Description

Brand NEW energy-efficient home ready January 2021! Fix dinner at the Greenville’s sprawling kitchen island without missing any of the action in the great room. Light linen cabinets, dark gray quartz counters, stone backsplash, taupe carpet and tile, and tan oak vinyl in our Inspire package. Spend the weekends cooling off in Woodcreek’s community pool. With miles of trails, numerous playgrounds, and a well-equipped clubhouse, everything you need is just a short walk from home. Located just off I-30, Dallas is just over a half hour away. Known for their energy-efficient features, our homes help you live a healthier and quieter lifestyle while saving thousands of dollars on utility bills.

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: Woodcreek

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: Woodcreek

ZipNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8882171

* 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
Harry Herndon Intermediate School Primary Regular 408 27 7
Harry Herndon Intermediate School Middle Regular 408 27 7
Royse City High School High Regular 1,410 88 5

Harry Herndon Intermediate School

  • Education Level: Primary
  • # of students: 408
  • # of teachers: 27
7
GreatSchools Rating

Harry Herndon Intermediate School

  • Education Level: Middle
  • # of students: 408
  • # of teachers: 27
7
GreatSchools Rating

Royse City High School

  • Education Level: High
  • # of students: 1,410
  • # of teachers: 88
5
GreatSchools Rating
 

$251,906$307,886$279,896

PURCHASE PRICE

$1,593$1,947$1,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,770
EXPENSES Loan Payment -$1,033
Property Tax -$504
Property Insurance -$123
HOA -$47
Property Management Fees -$99
CASH FLOW
-$36

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$279,896

PROJECTED PRICE

$1,770

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.0%
Maintenance Year (1-5) 3.00%
Vacancy 6.93%
Length of Stay Years 2

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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$76,172

INVESTMENT

$76,172

Down Payment
$69,974
Rehab Estimate
$2,000
Closing Costs
$4,198

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $69,974
Loan Amount $209,922
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$12,967

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,770

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $1,788

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,6953$1,7704$1,9755$1,998
$1,998
RENT COMPS ANALYSIS
  • 111 Meredith Drive Fate, TX 3
    • 3 beds 2 baths ∙ 1,659 Sqft ∙ Built 2021 3 beds 2 baths ∙ 1,659 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $1.07
    •  
  • 912 Bald Cypress Drive Fate, TX 1
    • 4 beds 2 baths ∙ 1,674 Sqft ∙ Built 2015 4 beds 2 baths ∙ 1,674 Sqft ∙ Built 2015
    property image
    LEASED 02/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.01
    •  
  • 312 Hawthorn Drive Fate, TX 2
    • 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 2015
    property image
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.12
    •  
  • 778 Bosley Fate, TX 4
    • 3 beds 2 baths ∙ 1,812 Sqft ∙ Built 2017 3 beds 2 baths ∙ 1,812 Sqft ∙ Built 2017
    property image
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $1.09
    •  
  • 815 Sitwell Drive Fate, TX 5
    • 4 beds 2 baths ∙ 1,838 Sqft ∙ Built 2020 4 beds 2 baths ∙ 1,838 Sqft ∙ Built 2020
    property image
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,998
    • $1.09
    •  
PROPERTY LISTING DETAILS
Patrick Mcgrath
Meritage Homes Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14463324
Last Updated: 10/30/2020
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