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1424 Prairie Drive Lancaster, TX 75146

4 Beds 3 Baths 2,953 sqft Built 2002

$277,500

List Price

$2,090

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $93.97
  • 2 Days on Market
  • MLS # : 14485359
  • Updated Date : 12/12/2020 at 07:16
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,953 sqft
  • Baths : 2 full , 1 half
Listing Agent

Jp And Associates Realtors

Listing Agent's Description

Is your New Year resolution is to be an homeowner? Well look no further. This is one of largest home in this most sought out Glendover community. This home has so much to offer for the price that I can't name it all in this discrption, so make an appointment to tour. Come & walk upto this two story home that is beautiful landscape and enter into an atmosphere for charm. Family room open up to the efficiently designed kitchen with ample storage & counter space without the crowded feeling and making every square inch count. Wood flooring thru out. The oversize master retreat is a MUST SEE that is situate for privacy and have rome for your King or Queen size furniture.

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

Neighborhood: Glendover Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Glendover Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9211777

* 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
Rolling Hills Elementary School Primary Regular 621 35 5
Elsie Robertson Middle School Middle Regular 990 64 6
Lancaster High School High Regular 1,841 109 3

Rolling Hills Elementary School

  • Education Level: Primary
  • # of students: 621
  • # of teachers: 35
5
GreatSchools Rating

Elsie Robertson Middle School

  • Education Level: Middle
  • # of students: 990
  • # of teachers: 64
6
GreatSchools Rating

Lancaster High School

  • Education Level: High
  • # of students: 1,841
  • # of teachers: 109
3
GreatSchools Rating
 

$249,750$305,250$277,500

PURCHASE PRICE

$1,881$2,299$2,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,090
EXPENSES Loan Payment -$1,024
Property Tax -$706
Property Insurance -$198
HOA -$13
Property Management Fees -$99
CASH FLOW
$51

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.

$277,500

PROJECTED PRICE

$2,090

PROJECTED RENT

0.75%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 11.3%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$79,288

INVESTMENT

$79,288

Down Payment
$69,375
Rehab Estimate
$5,750
Closing Costs
$4,163

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,024

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $69,375
Loan Amount $208,125
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$16,352

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,090

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $2,195

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$2,0903$2,1004$2,275
$2,275
RENT COMPS ANALYSIS
  • 1424 Prairie Drive Lancaster, TX 2
    • 4 beds 3 baths ∙ 2,953 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,953 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $0.71
    •  
  • 606 Chapman Drive Lancaster, TX 1
    • 4 beds 3 baths ∙ 2,693 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,693 Sqft ∙ Built 2007
    property image
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.69
    •  
  • 2608 Saint Andrews Drive Lancaster, TX 3
    • 4 beds 3 baths ∙ 2,707 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,707 Sqft ∙ Built 2002
    property image
    LEASED 09/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.78
    •  
  • 834 Smokey Oak Street Lancaster, TX 4
    • 5 beds 4 baths ∙ 3,010 Sqft ∙ Built 2006 5 beds 4 baths ∙ 3,010 Sqft ∙ Built 2006
    property image
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,275
    • $0.76
    •  
PROPERTY LISTING DETAILS
Lola Carey
Jp And Associates Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14485359
Last Updated: 12/12/2020
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