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1717 Lakeway Drive Cleburne, TX 76033

4 Beds 3 Baths 2,272 sqft Built 2020

$295,000

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $129.84
  • 2 Days on Market
  • MLS # : 14465375
  • Updated Date : 11/06/2020 at 23:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,272 sqft
  • Baths : 3 full
Listing Agent

Webb Kirkpatrick Real Estate, Inc

Listing Agent's Description

Beautiful new construction home by Mark Sims Construction. This home offers wonderful curb appeal with a front porch to greet your guests. The home has a fabulous kitchen with custom cabinets, granite countertops, stainless appliances, a walk-in pantry, and a large island. The kitchen, dining, and living area are open for easy entertaining. All the bedrooms are generously sized with great closet space. You won't mind doing laundry in the spacious laundry room with a window and extra storage. The downstairs guest bedroom could also be a home office or a dedicated home school space. The patio has been extended to provide additional outdoor entertaining space. The home is full foam encapsulated for low utilities

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: Cross Creek Estates

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240kPrice in $72k243k

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

Neighborhood: Cross Creek Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8881734

* 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
Gerard Elementary School Primary Regular 531 31 5
Smith Middle School Middle Regular 775 53 4
Cleburne High School High Regular 1,653 110 4

Gerard Elementary School

  • Education Level: Primary
  • # of students: 531
  • # of teachers: 31
5
GreatSchools Rating

Smith Middle School

  • Education Level: Middle
  • # of students: 775
  • # of teachers: 53
4
GreatSchools Rating

Cleburne High School

  • Education Level: High
  • # of students: 1,653
  • # of teachers: 110
4
GreatSchools Rating
 

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

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$1,088
Property Tax -$726
Property Insurance -$159
HOA -$12
Property Management Fees -$99
CASH FLOW
-$534

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$295,000

PROJECTED PRICE

$1,550

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 3.00%
Vacancy 6.39%
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-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0

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$80,175

INVESTMENT

$80,175

Down Payment
$73,750
Rehab Estimate
$2,000
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 80% 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

-0.08

YEARS SAVED

-$11

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $1,863

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,695
$1,695
RENT COMPS ANALYSIS
  • 1717 Lakeway Drive Cleburne, TX 1
    • 4 beds 3 baths ∙ 2,272 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,272 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.68
    •  
  • 806 Chestnut Grove Drive Cleburne, TX 2
    • 4 beds 2 baths ∙ 2,072 Sqft ∙ Built 2004 4 beds 2 baths ∙ 2,072 Sqft ∙ Built 2004
    LEASED 11/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.82
    •  
PROPERTY LISTING DETAILS
Hope Kirkpatrick
Webb Kirkpatrick Real Estate, Inc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14465375
Last Updated: 11/06/2020
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