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1798 Overlook Drive Lancaster, TX 75146

3 Beds 3 Baths 1,946 sqft Built 2016

$239,000

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $122.82
  • 2 Days on Market
  • MLS # : 14474537
  • Updated Date : 11/21/2020 at 11:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,946 sqft
  • Baths : 2 full , 1 half
Listing Agent

Better Real Estate, Llc

Listing Agent's Description

Opportunity knocks! A MUST-SEE home that is situated in a quiet community on a cul-de-sac. Featuring a gorgeous balcony adorned to the front of the house, a key-less entry via Brinks Security, doorbell with video, ALL Frigidaire Kitchen appliances: Black microwave, stove, fridge, and dishwasher. Custom blinds throughout, all walk-in closets in each bedroom, vaulted ceilings, skylights, a 2 car electric garage with remotes, a community park, grill, and pool area runs on electric. The list goes on! Come see this beautiful property before it is too late!

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: Bear Creek Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Bear Creek Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9211734

* 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
Lancaster Elementary School Primary Regular 585 33 7
Elsie Robertson Middle School Middle Regular 990 64 6
Lancaster High School High Regular 1,841 109 3

Lancaster Elementary School

  • Education Level: Primary
  • # of students: 585
  • # of teachers: 33
7
GreatSchools Rating

Elsie Robertson Middle School

  • Education Level: Middle
  • # of students: 990
  • # of teachers: 64
6
GreatSchools Rating

Lancaster High School

  • Education Level: High
  • # of students: 1,841
  • # of teachers: 109
3
GreatSchools Rating
 

$215,100$262,900$239,000

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$882
Property Tax -$635
Property Insurance -$140
HOA -$33
Property Management Fees -$99
CASH FLOW
-$118

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.

$239,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 11.3%
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$100k$200k$300k$400k$500k$600k$700k$800k$900k

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$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,085

INVESTMENT

$69,085

Down Payment
$59,750
Rehab Estimate
$5,750
Closing Costs
$3,585

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$882

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,750
Loan Amount $179,250
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$3,265

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,742

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6703$1,7504$1,7505$1,775
$1,775
RENT COMPS ANALYSIS
  • 1798 Overlook Drive Lancaster, TX 2
    • 3 beds 3 baths ∙ 1,946 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,946 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.86
    •  
  • 1873 Eagle River Trail Lancaster, TX 1
    • 4 beds 2 baths ∙ 1,864 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,864 Sqft ∙ Built 2006
    LEASED 06/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.89
    •  
  • 2147 Candace Drive Lancaster, TX 3
    • 4 beds 2 baths ∙ 1,995 Sqft ∙ Built 2017 4 beds 2 baths ∙ 1,995 Sqft ∙ Built 2017
    LEASED 08/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.88
    •  
  • 1774 Pioneer Way Lancaster, TX 4
    • 3 beds 3 baths ∙ 1,970 Sqft ∙ Built 2015 3 beds 3 baths ∙ 1,970 Sqft ∙ Built 2015
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.89
    •  
  • 1455 Carsen Way Lancaster, TX 5
    • 3 beds 3 baths ∙ 1,939 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,939 Sqft ∙ Built 2014
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.92
    •  
PROPERTY LISTING DETAILS
Christopher Hottel
Better Real Estate, Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14474537
Last Updated: 11/21/2020
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