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116 Enchanted Forest Drive Wylie, TX 75098

3 Beds 2 Baths 1,607 sqft Built 2006

$265,000

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $164.90
  • 2 Days on Market
  • MLS # : 14477727
  • Updated Date : 11/28/2020 at 16:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,607 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Pride of ownership radiates throughout this beautiful home! Open concept. Spacious living room with custom stone wood burning fireplace. Kitchen with ample counter and cabinet space. Mosaic backsplash. Breakfast area with lots of natural light. Large primary bedroom with stunning stone accent wall. Primary bath features dual sinks, garden tub, separate shower and large walkin-in closet. Split bedrooms. Tile floors. Covered backyard patio with outdoor kitchen is perfect for entertaining. Backyard shed with electricity. Additional feautures include crown molding, custom shelves, recessed lighting, newer dishwasher, microwave, roof (replaced in 2016), AC (replaced in 2016), and much more! Close to schools.

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

Zip Code: 75098

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Zip Code: 75098

ZipNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
R.f. Hartman Elementary School Primary Regular 495 31 9
Grady Burnett Junior High School Middle Regular 725 43 9
Wylie East High School High Regular 1,718 109 8

R.f. Hartman Elementary School

  • Education Level: Primary
  • # of students: 495
  • # of teachers: 31
9
GreatSchools Rating

Grady Burnett Junior High School

  • Education Level: Middle
  • # of students: 725
  • # of teachers: 43
9
GreatSchools Rating

Wylie East High School

  • Education Level: High
  • # of students: 1,718
  • # of teachers: 109
8
GreatSchools Rating
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$978
Property Tax -$548
Property Insurance -$120
Property Management Fees -$99
CASH FLOW
-$145

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.

$265,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.9%
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$100k$200k$300k$400k$500k$600k$700k$800k$900k

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$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$978

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

2.17

YEARS SAVED

$4,756

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,683

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6503$1,6754$1,7505$1,850
$1,850
RENT COMPS ANALYSIS
  • 116 Enchanted Forest Drive Wylie, TX 1
    • 3 beds 2 baths ∙ 1,607 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,607 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.00
    •  
  • 1305 Taos Lane Wylie, TX 2
    • 3 beds 2 baths ∙ 1,634 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,634 Sqft ∙ Built 2000
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.01
    •  
  • 104 Silvercreek Drive Wylie, TX 3
    • 3 beds 2 baths ∙ 1,507 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,507 Sqft ∙ Built 1998
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $1.11
    •  
  • 213 Lake Travis Drive Wylie, TX 4
    • 4 beds 2 baths ∙ 1,688 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,688 Sqft ∙ Built 2001
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.04
    •  
  • 222 Silvercreek Drive Wylie, TX 5
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 2007
    LEASED 04/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.03
    •  
PROPERTY LISTING DETAILS
Michael Kerr
Exp Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14477727
Last Updated: 11/28/2020
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