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1501 Spinnaker Lane Azle, TX 76020

3 Beds 2 Baths 2,010 sqft Built 1988

$275,000

List Price

$1,690

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $136.82
  • 2 Days on Market
  • MLS # : 14507660
  • Updated Date : 01/30/2021 at 15:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,010 sqft
  • Baths : 2 full
Listing Agent

Stryve Realty

Listing Agent's Description

Great home in sought after, Oak Harbor Estates. Large living room with wood burning brick fireplace, master suite with sitting area, 2 large secondary bedrooms with walk-in closets, large kitchen with island and good sized breakfast nook, formal dining room with beautiful windows and tray ceiling. 400-square foot garage conversion provides nice flex use options and has two large storage closets. Lovely backyard with towering oak trees backing up to a heavily treed open field. HOA includes: sand volleyball court, beach, pavilion, playground, restrooms, boat launch and dock fishing. All amenities are just a short walk away. Enjoy your next beautiful sunrise from your front porch. HVAC 3yrs old

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: 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
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,521$1,859$1,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,690
EXPENSES Loan Payment -$955
Property Tax -$598
Property Insurance -$143
HOA -$20
Property Management Fees -$99
CASH FLOW
-$125

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.

$275,000

PROJECTED PRICE

$1,690

PROJECTED RENT

0.61%

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

PROJECTED ANNUAL CASH FLOW

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

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$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

2.17

YEARS SAVED

$4,196

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,690

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,755

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5503$1,6904$1,875
$1,875
RENT COMPS ANALYSIS
  • 1501 Spinnaker Lane Azle, TX 3
    • 3 beds 2 baths ∙ 2,010 Sqft ∙ Built 1988 3 beds 2 baths ∙ 2,010 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $0.84
    •  
  • 1101 New Meadow Drive Azle, TX 1
    • 3 beds 2 baths ∙ 1,896 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,896 Sqft ∙ Built 2006
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.79
    •  
  • 413 Glenhaven Drive Azle, TX 2
    • 4 beds 2 baths ∙ 1,824 Sqft ∙ Built 1968 4 beds 2 baths ∙ 1,824 Sqft ∙ Built 1968
    LEASED 09/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.85
    •  
  • 1317 Oak Harbor Boulevard Azle, TX 4
    • 3 beds 2 baths ∙ 1,906 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,906 Sqft ∙ Built 1988
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.98
    •  
PROPERTY LISTING DETAILS
Anne Andriotto
Stryve Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14507660
Last Updated: 01/30/2021
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