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1432 Spinnaker Lane Azle, TX 76020

3 Beds 2 Baths 1,910 sqft Built 1995

$321,900

List Price

$1,780

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $168.53
  • 2 Days on Market
  • MLS # : 14517967
  • Updated Date : 02/20/2021 at 20:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,910 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty-fm

Listing Agent's Description

Stunning home in Oak Harbor lakeside community. Entry filled with natural light and incredible views. New roof, windows, storm door, insulation, oversized tile, wood laminate flooring. Beautifully updated kitchen, baths. Large kitchen includes custom cabinets, peninsula, granite, SS appl, sink, feature wall. Split bedrooms. Master w 8x9 sitting area, separate sinks, shower, claw foot tub. Storage throughout and added to garage. Additional flex room, plantation shutters - imagine craft, office, play or second living. Towering trees, 400SF patio, 175SF under roof. Greenhouse and tuff shed convey. HOA includes: sand volleyball court, beach, pavilion, playground, boat ramp and park. All amenities a short walk away.

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: Oak Harbor Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $99k318k

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

Neighborhood: Oak Harbor Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900200021002200Rent in $9122232

* 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
Walnut Creek Elementary School Primary Regular 510 28 6
Forte Junior High School Middle Regular 448 28 5
Azle High School High Regular 1,742 107 7

Walnut Creek Elementary School

  • Education Level: Primary
  • # of students: 510
  • # of teachers: 28
6
GreatSchools Rating

Forte Junior High School

  • Education Level: Middle
  • # of students: 448
  • # of teachers: 28
5
GreatSchools Rating

Azle High School

  • Education Level: High
  • # of students: 1,742
  • # of teachers: 107
7
GreatSchools Rating
 

$289,710$354,090$321,900

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$1,118
Property Tax -$700
Property Insurance -$138
HOA -$20
Property Management Fees -$99
CASH FLOW
-$295

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.

$321,900

PROJECTED PRICE

$1,780

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 3.8%
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-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k

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$91,054

INVESTMENT

$91,054

Down Payment
$80,475
Rehab Estimate
$5,750
Closing Costs
$4,829

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,118

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $80,475
Loan Amount $241,425
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$754

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,738

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,780
1$1,7802$1,8003$1,875
$1,875
RENT COMPS ANALYSIS
  • 1432 Spinnaker Lane Azle, TX 1
    • 3 beds 2 baths ∙ 1,910 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,910 Sqft ∙ Built 1995
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $0.93
    •  
  • 1304 Glenwood Drive Azle, TX 2
    • 4 beds 2 baths ∙ 2,152 Sqft ∙ Built 2015 4 beds 2 baths ∙ 2,152 Sqft ∙ Built 2015
    property image
    LEASED 11/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.84
    •  
  • 1317 Oak Harbor Boulevard Azle, TX 3
    • 3 beds 2 baths ∙ 1,906 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,906 Sqft ∙ Built 1988
    property image
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.98
    •  
PROPERTY LISTING DETAILS
Lynn Robbins
Keller Williams Realty-fm
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14517967
Last Updated: 02/20/2021
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