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1824 Royal Lake Drive Grand Prairie, TX 75052

5 Beds 3 Baths 2,582 sqft Built 2020

$400,000

List Price

$2,170

$2K - $2.4K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $154.92
  • 2 Days on Market
  • MLS # : 14481556
  • Updated Date : 12/05/2020 at 02:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,582 sqft
  • Baths : 3 full
Listing Agent

Fathom Realty

Listing Agent's Description

New Construction by Royal Family Homes at the heart of Grand Prairie. This semi-custom 1 story home features 4 beds, 3 baths and 3 car garage with 10 ft ceilings throughout. Open concept living with wood look tile in the living areas. The kitchen boasts white cabinets, granite counters and SS appliances. The owners suite is tucked in for privacy with double vanities and a separate shower tub combo in the attached bathroom. Multi-generational living with an additional bed with attached bath at the front. Upgrades galore include foam insulation, Low E windows, full sprinkler system, mud room, recessed lighting, sink in utility and much more. Mid-January completion. Homes in the neighborhood start at $350K.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • . 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)

PRICE & RENT TRENDS

Neighborhood: Trailwood

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Trailwood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8931734

* 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
Moseley Elementary School Primary Regular 618 38 6
Harry S Truman Middle School Middle Regular 600 42 4
Dubiski Career High School High Regular 1,486 86 8

Moseley Elementary School

  • Education Level: Primary
  • # of students: 618
  • # of teachers: 38
6
GreatSchools Rating

Harry S Truman Middle School

  • Education Level: Middle
  • # of students: 600
  • # of teachers: 42
4
GreatSchools Rating

Dubiski Career High School

  • Education Level: High
  • # of students: 1,486
  • # of teachers: 86
8
GreatSchools Rating
 

$360,000$440,000$400,000

PURCHASE PRICE

$1,953$2,387$2,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,170
EXPENSES Loan Payment -$1,476
Property Tax -$974
Property Insurance -$176
HOA -$50
Property Management Fees -$99
CASH FLOW
-$605

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$400,000

PROJECTED PRICE

$2,170

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 12.2%
Maintenance Year (1-5) 3.00%
Vacancy 6.69%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$12k-$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$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$108,000

INVESTMENT

$108,000

Down Payment
$100,000
Rehab Estimate
$2,000
Closing Costs
$6,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $100,000
Loan Amount $300,000
See What Happens When You Reinvest Cash Flow

0

YEARS SAVED

$6

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,170

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,104

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9953$2,1704$2,2005$2,250
$2,250
RENT COMPS ANALYSIS
  • 1824 Royal Lake Drive Grand Prairie, TX 3
    • 5 beds 3 baths ∙ 2,582 Sqft ∙ Built 2020 5 beds 3 baths ∙ 2,582 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $2,170
    • $0.84
    •  
  • 2103 Matagorda Lane Grand Prairie, TX 1
    • 4 beds 2 baths ∙ 2,250 Sqft ∙ Built 2005 4 beds 2 baths ∙ 2,250 Sqft ∙ Built 2005
    LEASED 10/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.84
    •  
  • 2203 Terrell Drive Grand Prairie, TX 2
    • 4 beds 3 baths ∙ 2,502 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,502 Sqft ∙ Built 2005
    LEASED 01/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.80
    •  
  • 2216 Harrier Street Grand Prairie, TX 4
    • 4 beds 3 baths ∙ 2,724 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,724 Sqft ∙ Built 2012
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.81
    •  
  • 1440 Fleetwood Cove Drive Grand Prairie, TX 5
    • 4 beds 3 baths ∙ 2,771 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,771 Sqft ∙ Built 2008
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.81
    •  
PROPERTY LISTING DETAILS
Sakina Ismaelbay
Fathom Realty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14481556
Last Updated: 12/05/2020
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