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1802 Brooks Drive Lancaster, TX 75134

3 Beds 2 Baths 1,765 sqft Built 2004

$225,000

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $127.48
  • 2 Days on Market
  • MLS # : 14475494
  • Updated Date : 11/21/2020 at 04:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,765 sqft
  • Baths : 2 full
Listing Agent

Paragon Realtors

Listing Agent's Description

Welcome home!! Move-in ready updated home in this quiet Lancaster neighborhood. Minutes from I-35 and I-20 The foyer opens to a bright dining room that could also make a great second living area. Brand new laminate in all public areas of the home with new carpet in the bedrooms. The open kitchen is freshly painted and opens to the huge family room. The owner's suite is separate from the guest bedrooms and features vaulted ceilings and a wonder ensuite with walk-in closet. The guest bedrooms are down a separate hall along with the guest bath. The utility room holds a full-size washer and dryer and leads to a large rear garage. The back yard makes a great place to relax with its raised deck. Won't last long!!

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: Pleasant Run Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Pleasant Run Estates

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
Rosa Parks-millbrook Elementary Primary Regular 559 31 6
Elsie Robertson Middle School Middle Regular 990 64 6
Lancaster High School High Regular 1,841 109 3

Rosa Parks-millbrook Elementary

  • Education Level: Primary
  • # of students: 559
  • # of teachers: 31
6
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
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$830
Property Tax -$573
Property Insurance -$129
HOA -$20
Property Management Fees -$99
CASH FLOW
-$41

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.

$225,000

PROJECTED PRICE

$1,610

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 11.8%
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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$7,382

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,611

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,575
1$1,5752$1,5953$1,6104$1,6495$1,725
$1,725
RENT COMPS ANALYSIS
  • 1802 Brooks Drive Lancaster, TX 3
    • 3 beds 2 baths ∙ 1,765 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,765 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $0.91
    •  
  • 1727 Reynolds Lancaster, TX 1
    • 3 beds 2 baths ∙ 1,773 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,773 Sqft ∙ Built 2001
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.89
    •  
  • 1726 Brooks Drive Lancaster, TX 2
    • 3 beds 2 baths ∙ 1,818 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,818 Sqft ∙ Built 2003
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.88
    •  
  • 2337 Bonnywood Drive Lancaster, TX 4
    • 3 beds 2 baths ∙ 1,817 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,817 Sqft ∙ Built 2005
    LEASED 04/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,649
    • $0.91
    •  
  • 2615 Frederick Street Lancaster, TX 5
    • 3 beds 2 baths ∙ 1,785 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,785 Sqft ∙ Built 2007
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.97
    •  
PROPERTY LISTING DETAILS
Elliot Collins
Paragon Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14475494
Last Updated: 11/21/2020
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