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208 Palomino Road Hickory Creek, TX 75065

4 Beds 2 Baths 2,248 sqft Built 2015

INVESTimate

$355,000

List Price

$1,950

$1,755 - $2,145

Rent Est.

$387,873  ( +9.26%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2015
  • Price/Sqft : $157.92
  • 8 Days on Market
  • MLS # : 14416017
  • Updated Date : 08/20/2020 at 04:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,248 sqft
  • Baths : 2 full
Listing Agent

Ebby Halliday, Realtors

Listing Agent's Description

PRIDE OF OWNERSHIP is evident in this inviting, open-concept home. Stunning, custom, wrought-iron front door sets the tone as you enter...Loads of natural light, floor to ceiling stone fireplace, kitchen with granite, upgraded stainless appliances & 42 inch custom cabinets & a cozy breakfast nook. Private master suite offers tray ceiling, garden tub, glass shower & double sinks. Decorative lighting, crown molding, hardwood floors & arched doorways all add to the elegance of this home. A wonderful backyard with extended covered patio & Trex deck with hot tub (optional) -- ideal for relaxing and entertaining. This gorgeous home has been lovingly maintained and shows like new. A must see!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 75065

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210k220k230k240k250kPrice in $117k253k

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

Zip Code: 75065

ZipNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8871817

* 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
 

$319,500$390,500$355,000

PURCHASE PRICE

$1,755$2,145$1,950

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

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$6.0k-$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$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,950
EXPENSES Loan Payment -$1,310
Property Tax -$664
Property Insurance -$157
HOA -$63
Property Management Fees -$99
CASH FLOW
-$342

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$355,000

PROJECTED PRICE

$1,950

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 9.26%
Maintenance Year (1-5) 8.00%
Vacancy 6.39%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$99,825

INVESTMENT

$99,825

Down Payment
$88,750
Rehab Estimate
$5,750
Closing Costs
$5,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,310

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $88,750
Loan Amount $266,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,207

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,950

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,950

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,8503$1,9504$1,9955$2,200
$2,200
RENT COMPS ANALYSIS
  • 208 Palomino Road Hickory Creek, TX 3
    • 4 beds 2 baths ∙ 2,248 Sqft ∙ Built 2015 4 beds 2 baths ∙ 2,248 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.87
    •  
  • 3207 Cliff Oaks Drive Corinth, TX 1
    • 4 beds 2 baths ∙ 1,984 Sqft ∙ Built 1997 4 beds 2 baths ∙ 1,984 Sqft ∙ Built 1997
    LEASED 07/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.91
    •  
  • 2808 Warwick Drive Corinth, TX 2
    • 4 beds 2 baths ∙ 2,256 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,256 Sqft ∙ Built 2001
    LEASED 09/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.82
    •  
  • 3300 Juneau Drive Corinth, TX 4
    • 4 beds 2 baths ∙ 2,393 Sqft ∙ Built 2004 4 beds 2 baths ∙ 2,393 Sqft ∙ Built 2004
    LEASED 10/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.83
    •  
  • 205 Palomino Road Hickory Creek, TX 5
    • 4 beds 3 baths ∙ 2,418 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,418 Sqft ∙ Built 2015
    LEASED 06/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.91
    •  
PROPERTY LISTING DETAILS
Brandi Jackson
Ebby Halliday, Realtors
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14416017
Last Updated: 08/20/2020
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