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2061 Driskell Drive Corinth, TX 76210

3 Beds 2 Baths 1,741 sqft Built 1994

$265,000

List Price

$1,620

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1994
  • Price/Sqft : $152.21
  • 3 Days on Market
  • MLS # : 14461986
  • Updated Date : 11/06/2020 at 23:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,741 sqft
  • Baths : 2 full
Listing Agent

Turner Massey Realty, Llc.

Listing Agent's Description

Recently updated one-story home with a lovely, professionally landscaped treed yard and open stamped patio. Upon entering, you will find a nicely sized family room with brick fireplace that is double-sided to the family and dining area. The kitchen has lovely views of the backyard and has recently been refreshed with new paint and backsplash. Homeowners will enjoy the split floor plan with main bedroom with an ensuite bath and walk-in closet. Additional bedrooms share a main updated bath. Additional amenities include a large storage shed and additional paved parking.

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: Fairview West

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $115k336k

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

Neighborhood: Fairview West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800190020002100Rent in $8702171

* 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
Corinth Elementary School Primary Regular 554 40 5
Lake Dallas Middle School Middle Regular 941 65 7
Lake Dallas High School High Regular 1,275 79 6

Corinth Elementary School

  • Education Level: Primary
  • # of students: 554
  • # of teachers: 40
5
GreatSchools Rating

Lake Dallas Middle School

  • Education Level: Middle
  • # of students: 941
  • # of teachers: 65
7
GreatSchools Rating

Lake Dallas High School

  • Education Level: High
  • # of students: 1,275
  • # of teachers: 79
6
GreatSchools Rating
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$978
Property Tax -$536
Property Insurance -$128
Property Management Fees -$99
CASH FLOW
-$120

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.

$265,000

PROJECTED PRICE

$1,620

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 10.2%
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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$978

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$6,155

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,771

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,620
1$1,6202$1,7253$1,8004$1,8155$1,980
$1,980
RENT COMPS ANALYSIS
  • 2061 Driskell Drive Corinth, TX 1
    • 3 beds 2 baths ∙ 1,741 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,741 Sqft ∙ Built 1994
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $0.93
    •  
  • 1715 Mallard Drive Corinth, TX 2
    • 4 beds 2 baths ∙ 1,772 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,772 Sqft ∙ Built 1998
    property image
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.97
    •  
  • 1708 Redwood Drive Corinth, TX 3
    • 4 beds 2 baths ∙ 1,735 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,735 Sqft ∙ Built 1998
    property image
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.04
    •  
  • 1715 Cedar Elm Drive Corinth, TX 4
    • 3 beds 2 baths ∙ 1,804 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,804 Sqft ∙ Built 1998
    property image
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,815
    • $1.01
    •  
  • 1714 Cedar Elm Drive Corinth, TX 5
    • 3 beds 2 baths ∙ 1,881 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,881 Sqft ∙ Built 1998
    property image
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $1.05
    •  
PROPERTY LISTING DETAILS
Robin Massey
Turner Massey Realty, Llc.
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14461986
Last Updated: 11/06/2020
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