Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

1907 Elm Creek Drive Garland, TX 75040

3 Beds 2 Baths 1,460 sqft Built 1991

INVESTimate

$239,900

List Price

$1,550

$1,395 - $1,705

Rent Est.

$265,809  ( +10.80%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1991
  • Price/Sqft : $164.32
  • 6 Days on Market
  • MLS # : 14416826
  • Updated Date : 08/23/2020 at 14:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,460 sqft
  • Baths : 2 full
Listing Agent

Keller Williams No. Collin Cty

Listing Agent's Description

Just the one you are looking for! This well cared for home with large mature trees and outstanding curb appeal is ready for the next owner, will that be you? Kitchen features granite counters and updated stainless appliances with breakfast bar that opens to living room. Vaulted ceiling in large living room overlooks peaceful backyard with covered patio and 8' fence with steel posts. Split master with spa like bath and custom Elfa shelving system in closet. Tile throughout with carpet in the bedrooms makes for less overall maintenance. Fresh exterior paint, upgraded light fixtures, 2 inch blinds and fans throughout. Full sprinkler system! Storage racks in oversized garage. Better hurry, this one won't last long!

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

Neighborhood: Northlake

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240kPrice in $88k243k

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

Neighborhood: Northlake

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8821734

* 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
Hillside Academy For Excel Primary Magnet 463 29 10
Classical Center At Brandenburg Middle School Middle Magnet 1,158 64 8
Sachse High School High Regular 2,859 159 7

Hillside Academy For Excel

  • Education Level: Primary
  • # of students: 463
  • # of teachers: 29
10
GreatSchools Rating

Classical Center At Brandenburg Middle School

  • Education Level: Middle
  • # of students: 1,158
  • # of teachers: 64
8
GreatSchools Rating

Sachse High School

  • Education Level: High
  • # of students: 2,859
  • # of teachers: 159
7
GreatSchools Rating
 

$215,910$263,890$239,900

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$885
Property Tax -$564
Property Insurance -$112
Property Management Fees -$99
CASH FLOW
-$110

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.

$239,900

PROJECTED PRICE

$1,550

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 10.80%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,324

INVESTMENT

$69,324

Down Payment
$59,975
Rehab Estimate
$5,750
Closing Costs
$3,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$885

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,975
Loan Amount $179,925
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$4,648

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $1,551

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4753$1,4954$1,4955$1,550
$1,550
RENT COMPS ANALYSIS
  • 1907 Elm Creek Drive Garland, TX 5
    • 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,460 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.06
    •  
  • 922 Navasota Drive Garland, TX 1
    • 3 beds 2 baths ∙ 1,303 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,303 Sqft ∙ Built 1982
    LEASED 11/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.07
    •  
  • 1834 Sage Drive Garland, TX 2
    • 3 beds 2 baths ∙ 1,422 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,422 Sqft ∙ Built 1986
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.04
    •  
  • 1805 Meridian Way Garland, TX 3
    • 3 beds 2 baths ∙ 1,388 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,388 Sqft ∙ Built 1971
    LEASED 10/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.08
    •  
  • 1828 Angelina Drive Garland, TX 4
    • 3 beds 2 baths ∙ 1,414 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,414 Sqft ∙ Built 1979
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.06
    •  
PROPERTY LISTING DETAILS
Tommy Apligian
Keller Williams No. Collin Cty
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14416826
Last Updated: 08/23/2020
BESbswy