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2041 Lazy Lane Keller, TX 76262

4 Beds 3 Baths 3,022 sqft Built 1989

INVESTimate

$623,500

List Price

$3,640

$3,390 - $3,890

Rent Est.

$663,092  ( +6.35%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 1989
  • Price/Sqft : $206.32
  • 3 Days on Market
  • MLS # : 14419386
  • Updated Date : 08/25/2020 at 02:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,022 sqft
  • Baths : 2 full , 1 half
Listing Agent

Century 21 Mike Bowman, Inc.

Listing Agent's Description

Beautiful one acre property that is heavily treed. The large back yard is perfect for those outdoor gatherings with a diving pool and covered and open patios. The patios have an outdoor kitchen with built in grill and refrigerator and fireplace. Enjoy two- 2 car garages and a two car carport. Behind the stand alone garage is a student or in-law living space with bathroom. The stand alone garage is heated for the individual with hobbies. Windows on every wall so the views looking out are outstanding. Adjacent to the front entry is a sitting area that facilitates communication with the neighbors. The street presence is very attractive and automatic steel gates on the driveway add to the rich feeling.

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: Hickory Hollow Estates

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550kPrice in $123k575k

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

Neighborhood: Hickory Hollow Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600280030003200Rent in $11263378

* 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
Florence Elementary School Primary Regular 500 35 10
Bear Creek Intermediate School Middle Regular 781 42 9
Keller High School High Regular 2,645 145 10

Florence Elementary School

  • Education Level: Primary
  • # of students: 500
  • # of teachers: 35
10
GreatSchools Rating

Bear Creek Intermediate School

  • Education Level: Middle
  • # of students: 781
  • # of teachers: 42
9
GreatSchools Rating

Keller High School

  • Education Level: High
  • # of students: 2,645
  • # of teachers: 145
10
GreatSchools Rating
 

$561,150$685,850$623,500

PURCHASE PRICE

$3,276$4,004$3,640

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$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,640
EXPENSES Loan Payment -$2,300
Property Tax -$1,308
Property Insurance -$202
Property Management Fees -$99
CASH FLOW
-$269

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.

$623,500

PROJECTED PRICE

$3,640

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.00%
Appreciation Year (1-5) 6.35%
Maintenance Year (1-5) 8.00%
Vacancy 7.37%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$170,978

INVESTMENT

$170,978

Down Payment
$155,875
Rehab Estimate
$5,750
Closing Costs
$9,353

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,300

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $155,875
Loan Amount $467,625
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$13,401

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,640

    LIST RENT
  • $1.2

    LIST RENT PER SQFT
  • $3,309

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$2,775
1$2,7752$3,0003$3,4504$3,6405$3,995
$3,995
RENT COMPS ANALYSIS
  • 2041 Lazy Lane Keller, TX 4
    • 4 beds 3 baths ∙ 3,022 Sqft ∙ Built 1989 4 beds 3 baths ∙ 3,022 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $3,640
    • $1.20
    •  
  • 950 Randol Mill Avenue Keller, TX 1
    • 4 beds 3 baths ∙ 2,732 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,732 Sqft ∙ Built 1996
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,775
    • $1.02
    •  
  • 2016 Hickory Hollow Lane Keller, TX 2
    • 5 beds 4 baths ∙ 2,931 Sqft ∙ Built 1983 5 beds 4 baths ∙ 2,931 Sqft ∙ Built 1983
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.02
    •  
  • 1525 Oak Lane Southlake, TX 3
    • 4 beds 3 baths ∙ 3,363 Sqft ∙ Built 1983 4 beds 3 baths ∙ 3,363 Sqft ∙ Built 1983
    LEASED 10/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $1.03
    •  
  • 1625 Randol Mill Avenue Southlake, TX 5
    • 3 beds 3 baths ∙ 3,041 Sqft ∙ Built 1983 3 beds 3 baths ∙ 3,041 Sqft ∙ Built 1983
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,995
    • $1.31
    •  
PROPERTY LISTING DETAILS
Dave Edstrom
Century 21 Mike Bowman, Inc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14419386
Last Updated: 08/25/2020
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