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116 Paradise Way Red Oak, TX 75154

4 Beds 3 Baths 3,081 sqft Built 2007

$350,000

List Price

$2,190

$2K - $2.4K

Rent Est.

PROPERTY INFO

January 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $113.60
  • 7 Days on Market
  • MLS # : 14501928
  • Updated Date : 01/18/2021 at 19:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,081 sqft
  • Baths : 3 full
Listing Agent

Opendoor Brokerage, Llc

Listing Agent's Description

This Red Oak two-story home offers granite countertops, and a two-car garage. This home is vacant and cleaned regularly.

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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: 75154

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240kPrice in $114k243k

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

Zip Code: 75154

ZipNIR Market*CityMarket2010Year20002019 Q210501100115012001250130013501400145015001550160016501700Rent in $10151734

* 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
D.t. Shields Elementary School Primary Regular 563 33 6
Red Oak Junior High School Middle Regular 872 52 6
Red Oak High School High Regular 1,794 115 5

D.t. Shields Elementary School

  • Education Level: Primary
  • # of students: 563
  • # of teachers: 33
6
GreatSchools Rating

Red Oak Junior High School

  • Education Level: Middle
  • # of students: 872
  • # of teachers: 52
6
GreatSchools Rating

Red Oak High School

  • Education Level: High
  • # of students: 1,794
  • # of teachers: 115
5
GreatSchools Rating
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,216
Property Tax -$763
Property Insurance -$205
HOA -$56
Property Management Fees -$99
CASH FLOW
-$148

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.

$350,000

PROJECTED PRICE

$2,190

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.4%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,216

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

2.17

YEARS SAVED

$5,349

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $2,411

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,1903$2,1954$2,2855$2,325
$2,325
RENT COMPS ANALYSIS
  • 116 Paradise Way Red Oak, TX 2
    • 4 beds 3 baths ∙ 3,081 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,081 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $0.71
    •  
  • 627 Magnolia Lane Glenn Heights, TX 1
    • 4 beds 3 baths ∙ 2,938 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,938 Sqft ∙ Built 2004
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.73
    •  
  • 304 Wisteria Way Red Oak, TX 3
    • 4 beds 3 baths ∙ 2,821 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,821 Sqft ∙ Built 2010
    LEASED 10/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.78
    •  
  • 219 Jacob Court Glenn Heights, TX 4
    • 4 beds 3 baths ∙ 2,942 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,942 Sqft ∙ Built 2001
    LEASED 09/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,285
    • $0.78
    •  
  • 217 Gatehouse Drive Red Oak, TX 5
    • 4 beds 3 baths ∙ 2,775 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,775 Sqft ∙ Built 2008
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,325
    • $0.84
    •  
PROPERTY LISTING DETAILS
Feras Rachid
Opendoor Brokerage, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14501928
Last Updated: 01/18/2021
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