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1724 Lomar Drive Carrollton, TX 75007

5 Beds 5 Baths 4,298 sqft Built 2006

$560,000

List Price

$3,650

$3.4K - $3.9K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $130.29
  • 3 Days on Market
  • MLS # : 14505320
  • Updated Date : 02/05/2021 at 19:54
CONSTRUCTION
  • Beds : 5
  • Floor Size : 4,298 sqft
  • Baths : 4 full , 1 half
Listing Agent

5th Stream Realty

Listing Agent's Description

An elegant home in a desirable neighborhood. Soaring ceilings, grand staircase, hand scraped hardwood floors, formal dining, two staircases, custom drapes, custom plantation shutters throughout the home. French doors to study off entry. Chef's kitchen, SS appliances, granite countertops, and interlocking glass and metal mosaic tile backsplash. Hugh master bedroom and bathroom with separate vanities, jetted tub, walk-in closets. Large Media room upstairs with surround sound, game room, and 3 bedrooms. Smart home technology includes Ecobee smart thermostats, Ring video doorbell, smart door lock entry. Covered patio, sprinklers, landscaped yard. Community pool, playground, walking trail, and great schools.

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: North Central Carrollton

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Neighborhood: North Central Carrollton

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11112171

* 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
Homestead Elementary School Primary Regular 597 42 8
Arbor Creek Middle School Middle Regular 894 59 8
Hebron High School High Regular 2,458 138 7

Homestead Elementary School

  • Education Level: Primary
  • # of students: 597
  • # of teachers: 42
8
GreatSchools Rating

Arbor Creek Middle School

  • Education Level: Middle
  • # of students: 894
  • # of teachers: 59
8
GreatSchools Rating

Hebron High School

  • Education Level: High
  • # of students: 2,458
  • # of teachers: 138
7
GreatSchools Rating
 

$504,000$616,000$560,000

PURCHASE PRICE

$3,285$4,015$3,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,650
EXPENSES Loan Payment -$1,945
Property Tax -$1,022
Property Insurance -$276
HOA -$50
Property Management Fees -$99
CASH FLOW
$258

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.

$560,000

PROJECTED PRICE

$3,650

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$154,150

INVESTMENT

$154,150

Down Payment
$140,000
Rehab Estimate
$5,750
Closing Costs
$8,400

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,945

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $140,000
Loan Amount $420,000
See What Happens When You Reinvest Cash Flow

6.92

YEARS SAVED

$47,240

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,650

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $3,729

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$3,450
1$3,4502$3,4953$3,6504$3,7005$3,750
$3,750
RENT COMPS ANALYSIS
  • 1724 Lomar Drive Carrollton, TX 3
    • 5 beds 5 baths ∙ 4,298 Sqft ∙ Built 2006 5 beds 5 baths ∙ 4,298 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $0.85
    •  
  • 2702 Sir Bedivere Lane Lewisville, TX 1
    • 5 beds 4 baths ∙ 4,414 Sqft ∙ Built 1999 5 beds 4 baths ∙ 4,414 Sqft ∙ Built 1999
    LEASED 11/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $0.78
    •  
  • 1023 River Rock Way Carrollton, TX 2
    • 5 beds 4 baths ∙ 4,060 Sqft ∙ Built 2015 5 beds 4 baths ∙ 4,060 Sqft ∙ Built 2015
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $0.86
    •  
  • 1304 Damsel Caitlyn Drive The Colony, TX 4
    • 5 beds 4 baths ∙ 4,049 Sqft ∙ Built 2015 5 beds 4 baths ∙ 4,049 Sqft ∙ Built 2015
    LEASED 09/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $0.91
    •  
  • 2537 Windsor Castle Way Lewisville, TX 5
    • 5 beds 4 baths ∙ 4,087 Sqft ∙ Built 2008 5 beds 4 baths ∙ 4,087 Sqft ∙ Built 2008
    LEASED 09/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $0.92
    •  
PROPERTY LISTING DETAILS
Todd Trinh
5th Stream Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14505320
Last Updated: 02/05/2021
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