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1603 Waters Edge Drive Glenn Heights, TX 75154

4 Beds 4 Baths 2,979 sqft Built 2003

$275,000

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 2003
  • Price/Sqft : $92.31
  • 4 Days on Market
  • MLS # : 14460600
  • Updated Date : 11/06/2020 at 10:29
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,979 sqft
  • Baths : 3 full , 1 half
Listing Agent

Fathom Realty

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: Heritage Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Heritage Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9451734

* 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
Frank D. Moates Elementary School Primary Regular 641 39 4
Curtistene S Mccowan Middle School Middle Regular 846 52 2

Frank D. Moates Elementary School

  • Education Level: Primary
  • # of students: 641
  • # of teachers: 39
4
GreatSchools Rating

Curtistene S Mccowan Middle School

  • Education Level: Middle
  • # of students: 846
  • # of teachers: 52
2
GreatSchools Rating
 

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

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,015
Property Tax -$693
Property Insurance -$181
HOA -$10
Property Management Fees -$99
CASH FLOW
-$18

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.

$275,000

PROJECTED PRICE

$1,980

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 8.9%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$200k$400k$600k$800k

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 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,015

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$11,099

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $2,169

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,9803$2,1954$2,2005$2,350
$2,350
RENT COMPS ANALYSIS
  • 1603 Waters Edge Drive Glenn Heights, TX 2
    • 4 beds 4 baths ∙ 2,669 Sqft ∙ Built 2003 4 beds 4 baths ∙ 2,669 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $0.74
    •  
  • 712 Claire View Drive Desoto, TX 1
    • 3 beds 2 baths ∙ 2,400 Sqft ∙ Built 1991 3 beds 2 baths ∙ 2,400 Sqft ∙ Built 1991
    property image
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.75
    •  
  • 518 Rolling Hills Lane Desoto, TX 3
    • 4 beds 3 baths ∙ 2,950 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,950 Sqft ∙ Built 2005
    property image
    LEASED 05/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.74
    •  
  • 1229 Granada Drive Desoto, TX 4
    • 4 beds 3 baths ∙ 2,511 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,511 Sqft ∙ Built 2016
    property image
    LEASED 05/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.88
    •  
  • 715 Shady Meadow Lane Glenn Heights, TX 5
    • 4 beds 4 baths ∙ 2,678 Sqft ∙ Built 2016 4 beds 4 baths ∙ 2,678 Sqft ∙ Built 2016
    property image
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.88
    •  
PROPERTY LISTING DETAILS
Kimberly Darwin-scott
Fathom Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14460600
Last Updated: 11/06/2020
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