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1815 Enchanted Cove Wylie, TX 75098

4 Beds 3 Baths 2,623 sqft Built 2014

INVESTimate

$359,900

List Price

$2,070

$1,863 - $2,277

Rent Est.

$391,751  ( +8.85%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2014
  • Price/Sqft : $137.21
  • 5 Days on Market
  • MLS # : 14418407
  • Updated Date : 08/25/2020 at 13:09
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,623 sqft
  • Baths : 3 full
Listing Agent

The Michael Group

Listing Agent's Description

Will Not Last! County living with a short walk to Lake Ray Hubbard. Pristine 1.5 story home with huge interior greenbelt lot just under a half-acre; riding mower included! Tile and wood-like laminate flooring appears in all common areas with carpet reserved for stairs, bedrooms and game room. 4th bed has French Doors and is used as study. Game room up with full bath could be 5th bedroom. Open kit features granite countertops, upgraded backsplash, island, SS appliances & 42” cabinets. Spacious master w tray ceiling, sitting area, dual sinks, garden tub, separate shower & walk-in closet w built-ins & extra storage. Enjoy the peace and quite of country living from your large covered patio. Don't Miss This One!

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

Zip Code: 75098

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $123k336k

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

Zip Code: 75098

ZipNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11262171

* 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
Cullins-lake Pointe Elementary School Primary Regular 764 52 5
J. W. Williams Middle School Middle Regular 814 41 8
Rockwall High School High Regular 2,323 134 8

Cullins-lake Pointe Elementary School

  • Education Level: Primary
  • # of students: 764
  • # of teachers: 52
5
GreatSchools Rating

J. W. Williams Middle School

  • Education Level: Middle
  • # of students: 814
  • # of teachers: 41
8
GreatSchools Rating

Rockwall High School

  • Education Level: High
  • # of students: 2,323
  • # of teachers: 134
8
GreatSchools Rating
 

$323,910$395,890$359,900

PURCHASE PRICE

$1,863$2,277$2,070

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$6.0k-$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$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,070
EXPENSES Loan Payment -$1,328
Property Tax -$745
Property Insurance -$179
HOA -$50
Property Management Fees -$99
CASH FLOW
-$331

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.

$359,900

PROJECTED PRICE

$2,070

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 8.85%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$101,124

INVESTMENT

$101,124

Down Payment
$89,975
Rehab Estimate
$5,750
Closing Costs
$5,399

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,328

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $89,975
Loan Amount $269,925
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,329

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,070

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,764

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7503$1,8954$1,8955$2,070
$2,070
RENT COMPS ANALYSIS
  • 1815 Enchanted Cove Wylie, TX 5
    • 4 beds 3 baths ∙ 2,623 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,623 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $2,070
    • $0.79
    •  
  • 2705 Lake Terrace Drive Wylie, TX 1
    • 4 beds 3 baths ∙ 2,708 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,708 Sqft ∙ Built 2005
    LEASED 10/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.63
    •  
  • 2915 Lake Vista Drive Wylie, TX 2
    • 4 beds 3 baths ∙ 2,538 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,538 Sqft ∙ Built 2006
    LEASED 09/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.69
    •  
  • 3004 Misty Way Drive Wylie, TX 3
    • 4 beds 3 baths ∙ 2,618 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,618 Sqft ∙ Built 2006
    LEASED 08/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.72
    •  
  • 3000 Misty Way Drive Wylie, TX 4
    • 5 beds 3 baths ∙ 2,916 Sqft ∙ Built 2006 5 beds 3 baths ∙ 2,916 Sqft ∙ Built 2006
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.65
    •  
PROPERTY LISTING DETAILS
Jeff Bilich
The Michael Group
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14418407
Last Updated: 08/25/2020
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