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1920 Homestead Way Northlake, TX 76226

3 Beds 2 Baths 2,171 sqft Built 2016

$325,900

List Price

$2,330

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $150.12
  • 4 Days on Market
  • MLS # : 14480730
  • Updated Date : 12/03/2020 at 17:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,171 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathawayhs Penfed Tx

Listing Agent's Description

SPECTACULAR SINGLE-STORY HOME WITH 3 BEDROOMS AND 2 BATHROOMS IN THE HEART OF NORTHLAKE! Your family will love this stylish home graced with extensive plank floors, decorative lighting, and a cozy fireplace. Cooking is a breeze in the pristine kitchen showcasing an island, stainless steel appliances, and tons of countertop space. Retreat to the primary suite at the end of the day is graced with dual sinks, a separate shower, and a walk-in closet. Spend summer evenings on the covered patio or in the private backyard. This home is located near Harvest Meadows Park and Harvest Pond Walking Trail! Buyer & Buyer Agent to verify all info including, but not limited to, room dimensions, features, schools.

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

Zip Code: 76226

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $123k416k

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

Zip Code: 76226

ZipNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600Rent in $11262773

* 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
Justin Elementary School Primary Regular 506 33 5
Gene Pike Middle School Middle Regular 743 53 7
Northwest High School High Regular 2,793 170 6

Justin Elementary School

  • Education Level: Primary
  • # of students: 506
  • # of teachers: 33
5
GreatSchools Rating

Gene Pike Middle School

  • Education Level: Middle
  • # of students: 743
  • # of teachers: 53
7
GreatSchools Rating

Northwest High School

  • Education Level: High
  • # of students: 2,793
  • # of teachers: 170
6
GreatSchools Rating
 

$293,310$358,490$325,900

PURCHASE PRICE

$2,097$2,563$2,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,330
EXPENSES Loan Payment -$1,202
Property Tax -$765
Property Insurance -$153
HOA -$92
Property Management Fees -$99
CASH FLOW
$20

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.

$325,900

PROJECTED PRICE

$2,330

PROJECTED RENT

0.71%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 4.6%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$92,114

INVESTMENT

$92,114

Down Payment
$81,475
Rehab Estimate
$5,750
Closing Costs
$4,889

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,202

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,475
Loan Amount $244,425
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$17,541

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,330

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $2,464

    COMP ESTIMATED VALUE
  • $1.13

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,2953$2,3304$2,5005$2,500
$2,500
RENT COMPS ANALYSIS
  • 1920 Homestead Way Northlake, TX 3
    • 3 beds 2 baths ∙ 2,171 Sqft ∙ Built 2016 3 beds 2 baths ∙ 2,171 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,330
    • $1.07
    •  
  • 1713 Henderson Drive Northlake, TX 1
    • 3 beds 2 baths ∙ 2,031 Sqft ∙ Built 2015 3 beds 2 baths ∙ 2,031 Sqft ∙ Built 2015
    LEASED 09/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.08
    •  
  • 109 Cole Court Northlake, TX 2
    • 3 beds 2 baths ∙ 2,031 Sqft ∙ Built 2015 3 beds 2 baths ∙ 2,031 Sqft ∙ Built 2015
    LEASED 11/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.13
    •  
  • 1820 Lark Lane Argyle, TX 4
    • 3 beds 3 baths ∙ 2,192 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,192 Sqft ∙ Built 2017
    LEASED 09/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.14
    •  
  • 1816 Kaiser Cove Argyle, TX 5
    • 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,106 Sqft ∙ Built 2015
    LEASED 09/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.19
    •  
PROPERTY LISTING DETAILS
Wendy Galloway
Berkshire Hathawayhs Penfed Tx
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14480730
Last Updated: 12/03/2020
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