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1116 Skylark Drive Burleson, TX 76028

3 Beds 2 Baths 1,694 sqft Built 2005

$230,000

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $135.77
  • 3 Days on Market
  • MLS # : 14508943
  • Updated Date : 02/06/2021 at 10:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,694 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty-fm

Listing Agent's Description

Beautiful Move in Ready home. This home features vaulted ceilings, split bedrooms and wood floors throughout. Open concept layout with great natural light and electric start fireplace. Master bedroom offers garden tub, separate shower, dual sinks and walk in closets. Wonderful large backyard with covered patio. Close proximity to schools and parks. Conveniently located near I35, shopping and restaurants

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: West Bend South

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $119k279k

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

Neighborhood: West Bend South

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2115012001250130013501400145015001550160016501700Rent in $11261734

* 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
Frazier Elementary School Primary Regular 569 36 7
Burleson High School High Regular 1,583 101 7

Frazier Elementary School

  • Education Level: Primary
  • # of students: 569
  • # of teachers: 36
7
GreatSchools Rating

Burleson High School

  • Education Level: High
  • # of students: 1,583
  • # of teachers: 101
7
GreatSchools Rating
 

$207,000$253,000$230,000

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$799
Property Tax -$551
Property Insurance -$125
HOA -$17
Property Management Fees -$99
CASH FLOW
-$41

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$230,000

PROJECTED PRICE

$1,550

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$799

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$6,600

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,580

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,6253$1,6754$1,7005$1,775
$1,775
RENT COMPS ANALYSIS
  • 1116 Skylark Drive Burleson, TX 1
    • 3 beds 2 baths ∙ 1,694 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,694 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.91
    •  
  • 1112 Melrose Drive Burleson, TX 2
    • 4 beds 2 baths ∙ 1,806 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,806 Sqft ∙ Built 2005
    property image
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.90
    •  
  • 1224 Sweetwater Drive Burleson, TX 3
    • 4 beds 2 baths ∙ 1,824 Sqft ∙ Built 2005 4 beds 2 baths ∙ 1,824 Sqft ∙ Built 2005
    property image
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.92
    •  
  • 853 Canyon Cove Drive Burleson, TX 4
    • 4 beds 2 baths ∙ 1,848 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,848 Sqft ∙ Built 2001
    property image
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.92
    •  
  • 900 Pebblecreek Drive Burleson, TX 5
    • 3 beds 2 baths ∙ 1,785 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,785 Sqft ∙ Built 2005
    property image
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.99
    •  
PROPERTY LISTING DETAILS
Brian Carr
Keller Williams Realty-fm
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14508943
Last Updated: 02/06/2021
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