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1222 Mountain Lake Road Dallas, TX 75224

4 Beds 2 Baths 1,680 sqft Built 2016

$320,000

List Price

$1,790

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $190.48
  • 4 Days on Market
  • MLS # : 14477531
  • Updated Date : 11/26/2020 at 18:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,680 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Urban Dallas

Listing Agent's Description

Move-in-ready home seeks new owner. Recently-built home blends into the neighborhood style while offering all the benefits of a newer home including open floor plan, large master bathroom and closet, outdoor room, high ceilings, stainless appliances, modern building materials and finishes, outdoor lighting and more. Home is well-maintained and loved. Four bedrooms offer flexibility for home office space. Get to know your friendly Elmwood neighbors and make this place your own. New additional retail, a park over I35 and more are coming soon making an already-great neighborhood an even more appealing place to call home. Keist park and Tyler Station are within walking distance for entertainment and dining.

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: Elmwood

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $86k243k

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

Neighborhood: Elmwood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9371734

* 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
Margaret B. Henderson Elementary School Primary Regular 525 35 5
Zan Wesley Holmes Jr. Middle School Middle Unknown 1,185 71 NA
Justin F. Kimball High School High Regular 1,442 90 2

Margaret B. Henderson Elementary School

  • Education Level: Primary
  • # of students: 525
  • # of teachers: 35
5
GreatSchools Rating

Zan Wesley Holmes Jr. Middle School

  • Education Level: Middle
  • # of students: 1,185
  • # of teachers: 71
NA
GreatSchools Rating

Justin F. Kimball High School

  • Education Level: High
  • # of students: 1,442
  • # of teachers: 90
2
GreatSchools Rating
 

$288,000$352,000$320,000

PURCHASE PRICE

$1,611$1,969$1,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,790
EXPENSES Loan Payment -$1,181
Property Tax -$759
Property Insurance -$124
Property Management Fees -$99
CASH FLOW
-$373

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.

$320,000

PROJECTED PRICE

$1,790

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 14.4%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,550

INVESTMENT

$90,550

Down Payment
$80,000
Rehab Estimate
$5,750
Closing Costs
$4,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,181

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $80,000
Loan Amount $240,000
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$215

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,790

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $1,722

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,5953$1,790
$1,790
RENT COMPS ANALYSIS
  • 1222 Mountain Lake Road Dallas, TX 3
    • 4 beds 2 baths ∙ 1,680 Sqft ∙ Built 2016 4 beds 2 baths ∙ 1,680 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $1.07
    •  
  • 2521 Alabama Avenue Dallas, TX 1
    • 4 beds 2 baths ∙ 1,373 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,373 Sqft ∙ Built 2006
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.02
    •  
  • 2932 Saint Bernard Street Dallas, TX 2
    • 4 beds 2 baths ∙ 1,550 Sqft ∙ Built 2016 4 beds 2 baths ∙ 1,550 Sqft ∙ Built 2016
    LEASED 06/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.03
    •  
PROPERTY LISTING DETAILS
Brenda Kronenberg
Keller Williams Urban Dallas
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14477531
Last Updated: 11/26/2020
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