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1545 Elika Court Lewisville, TX 75067

3 Beds 2 Baths 1,833 sqft Built 2005

INVESTimate

$295,000

List Price

$1,770

$1,593 - $1,947

Rent Est.

$323,792  ( +9.76%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $160.94
  • 6 Days on Market
  • MLS # : 14418083
  • Updated Date : 08/22/2020 at 01:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,833 sqft
  • Baths : 2 full
Listing Agent

Competitive Edge Realty Llc

Listing Agent's Description

Welcome to this 1 story stylish residence nestled on a quiet and friendly street just minutes away from shopping and restaurants. This home has an open floor plan, great amenities & updates, spacious size bedrooms, large private backyard with nice patio for relaxing. Hardwood floors, tile and carpet in all bedrooms. The kitchen is equipped with gorgeous quartz counters, a custom backsplash. Formal dining room in addition to breakfast room provide plenty of options for entertaining. Entertainment center in living room is an awesome addition and will stay. This gorgeous home is sure to sell fast, so call now!

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: Garden Park

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280kPrice in $122k291k

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

Neighborhood: Garden Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001300140015001600170018001900Rent in $11261939

* 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
Degan Elementary School Primary Regular 650 41 5
Huffines Middle School Middle Regular 842 59 4
Lewisville High School High Regular 1,987 117 5

Degan Elementary School

  • Education Level: Primary
  • # of students: 650
  • # of teachers: 41
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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,593$1,947$1,770

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,770
EXPENSES Loan Payment -$1,088
Property Tax -$509
Property Insurance -$133
Property Management Fees -$99
CASH FLOW
-$59

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.

$295,000

PROJECTED PRICE

$1,770

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 9.76%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,088

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$12,777

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,770

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,778

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,7503$1,7504$1,7505$1,770
$1,770
RENT COMPS ANALYSIS
  • 1545 Elika Court Lewisville, TX 5
    • 3 beds 2 baths ∙ 1,833 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,833 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $0.97
    •  
  • 1525 Merryvale Court Lewisville, TX 1
    • 3 beds 2 baths ∙ 1,697 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,697 Sqft ∙ Built 2003
    property image
    LEASED 05/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.94
    •  
  • 1500 Glencairn Lane Lewisville, TX 2
    • 3 beds 2 baths ∙ 1,798 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,798 Sqft ∙ Built 2002
    property image
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.97
    •  
  • 802 Pebble Ridge Drive Lewisville, TX 3
    • 4 beds 2 baths ∙ 1,703 Sqft ∙ Built 1999 4 beds 2 baths ∙ 1,703 Sqft ∙ Built 1999
    property image
    LEASED 07/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.03
    •  
  • 1560 1560 Elika Court Lewisville, TX 4
    • 3 beds 2 baths ∙ 1,864 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,864 Sqft ∙ Built 2006
    property image
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.94
    •  
PROPERTY LISTING DETAILS
Elvia Nuno
Competitive Edge Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14418083
Last Updated: 08/22/2020
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