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1430 Drake Lane Lewisville, TX 75077

3 Beds 2 Baths 1,278 sqft Built 1987

$232,000

List Price

$1,440

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 1987
  • Price/Sqft : $181.53
  • 2 Days on Market
  • MLS # : 14440184
  • Updated Date : 11/02/2020 at 05:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,278 sqft
  • Baths : 2 full
Listing Agent

Realty Hub Llc

Listing Agent's Description

Cozy home in the Lewisville neighborhood and ISD. Recently renovated with new flooring, appliances, lighting, and bathrooms. Nice 2 car garage with updated flooring. Perfect fit for a first time home buyer or a growing family or even a turn-key rental. Coming soon in early October!

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: Hunters Glen

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $92k290k

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

Neighborhood: Hunters Glen

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9631939

* 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
Valley Ridge Elementary School Primary Regular 535 40 5
Huffines Middle School Middle Regular 842 59 4
Lewisville High School High Regular 1,987 117 5

Valley Ridge Elementary School

  • Education Level: Primary
  • # of students: 535
  • # of teachers: 40
5
GreatSchools Rating

Huffines Middle School

  • Education Level: Middle
  • # of students: 842
  • # of teachers: 59
4
GreatSchools Rating

Lewisville High School

  • Education Level: High
  • # of students: 1,987
  • # of teachers: 117
5
GreatSchools Rating
 

$208,800$255,200$232,000

PURCHASE PRICE

$1,296$1,584$1,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,440
EXPENSES Loan Payment -$856
Property Tax -$400
Property Insurance -$101
Property Management Fees -$99
CASH FLOW
-$16

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.

$232,000

PROJECTED PRICE

$1,440

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.7%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$67,230

INVESTMENT

$67,230

Down Payment
$58,000
Rehab Estimate
$5,750
Closing Costs
$3,480

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$856

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,000
Loan Amount $174,000
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$12,616

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,440

    LIST RENT
  • $1.13

    LIST RENT PER SQFT
  • $1,435

    COMP ESTIMATED VALUE
  • $1.12

    COMP AVG. RENT PER SQFT
Comps Range
$1,440
1$1,4402$1,4503$1,5954$1,6505$1,692
$1,692
RENT COMPS ANALYSIS
  • 1430 Drake Lane Lewisville, TX 1
    • 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1987
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,440
    • $1.13
    •  
  • 2039 Mallard Drive Lewisville, TX 2
    • 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1987
    property image
    LEASED 03/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.13
    •  
  • 2040 Raven Lane Lewisville, TX 3
    • 3 beds 3 baths ∙ 1,461 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,461 Sqft ∙ Built 1995
    property image
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.09
    •  
  • 2036 Cardinal Lane Lewisville, TX 4
    • 3 beds 2 baths ∙ 1,453 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,453 Sqft ∙ Built 1998
    property image
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.14
    •  
  • 1314 Lark Lane Lewisville, TX 5
    • 3 beds 2 baths ∙ 1,494 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,494 Sqft ∙ Built 1980
    property image
    LEASED 06/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,692
    • $1.13
    •  
PROPERTY LISTING DETAILS
Niyi Efuwape
Realty Hub Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14440184
Last Updated: 11/02/2020
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