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1416 Luke Street Irving, TX 75061

3 Beds 2 Baths 1,496 sqft Built 1998

$234,900

List Price

$1,560

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 22, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $157.02
  • 6 Days on Market
  • MLS # : 14489711
  • Updated Date : 12/22/2020 at 16:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,496 sqft
  • Baths : 2 full
Listing Agent

Re/max Dfw Associates

Listing Agent's Description

Darling home with nice backyard...Newer design with open concept.

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

Zip Code: 75061

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Zip Code: 75061

ZipNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9451734

* 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
Barton Elementary School Primary Regular 859 50 3
Crockett Middle School Middle Regular 911 56 5
Irving High School High Regular 2,429 164 4

Barton Elementary School

  • Education Level: Primary
  • # of students: 859
  • # of teachers: 50
3
GreatSchools Rating

Crockett Middle School

  • Education Level: Middle
  • # of students: 911
  • # of teachers: 56
5
GreatSchools Rating

Irving High School

  • Education Level: High
  • # of students: 2,429
  • # of teachers: 164
4
GreatSchools Rating
 

$211,410$258,390$234,900

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$867
Property Tax -$519
Property Insurance -$114
Property Management Fees -$99
CASH FLOW
-$38

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.

$234,900

PROJECTED PRICE

$1,560

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 10.1%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$67,999

INVESTMENT

$67,999

Down Payment
$58,725
Rehab Estimate
$5,750
Closing Costs
$3,524

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$867

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,725
Loan Amount $176,175
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$9,175

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $1,709

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$1,560
1$1,5602$1,5753$1,6954$1,7505$1,950
$1,950
RENT COMPS ANALYSIS
  • 1416 Luke Street Irving, TX 1
    • 3 beds 2 baths ∙ 1,496 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,496 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $1.04
    •  
  • 3921 Carver Place Irving, TX 2
    • 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,360 Sqft ∙ Built 2004
    property image
    LEASED 09/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $1.16
    •  
  • 217 Oakhaven Drive Grand Prairie, TX 3
    • 3 beds 2 baths ∙ 1,533 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,533 Sqft ∙ Built 1982
    property image
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.11
    •  
  • 3937 Carver Place Irving, TX 4
    • 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 2010 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 2010
    property image
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.16
    •  
  • 4120 High Crest Drive Irving, TX 5
    • 3 beds 2 baths ∙ 1,711 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,711 Sqft ∙ Built 1983
    property image
    LEASED 07/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.14
    •  
PROPERTY LISTING DETAILS
John Romeo
Re/max Dfw Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14489711
Last Updated: 12/22/2020
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