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213 Fairway Meadows Drive Garland, TX 75044

4 Beds 2 Baths 2,286 sqft Built 1997

$339,000

List Price

$2,000

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1997
  • Price/Sqft : $148.29
  • 5 Days on Market
  • MLS # : 14465437
  • Updated Date : 11/04/2020 at 17:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,286 sqft
  • Baths : 2 full
Listing Agent

Rogers Healy And Associates

Listing Agent's Description

One story updated home in the sought after subdivision of Firewheel Estates! Beautiful open layout with lots of open space. Front office and dining room lead you into the spacious kitchen with an island, 5 burner gas cooktop and lots of granite countertop space. Kitchen overlooks the living room with a brick wood burning fireplace. Primary bedroom has an updated bathroom with dual sinks, soaking tub and a custom floor to ceiling tiled shower with frameless glass. Three other bedrooms with a secondary updated bathroom allow for plenty of living space. Large utility room with a sink leads out to a three car garage!

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: Firewheel Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $99k365k

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

Neighborhood: Firewheel Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000210022002300Rent in $9402330

* 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
 

$305,100$372,900$339,000

PURCHASE PRICE

$1,800$2,200$2,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,000
EXPENSES Loan Payment -$1,251
Property Tax -$797
Property Insurance -$159
HOA -$38
Property Management Fees -$99
CASH FLOW
-$343

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.

$339,000

PROJECTED PRICE

$2,000

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 7.6%
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$1.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$95,585

INVESTMENT

$95,585

Down Payment
$84,750
Rehab Estimate
$5,750
Closing Costs
$5,085

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$1,251

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $84,750
Loan Amount $254,250
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$682

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $2,000

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,9953$2,0004$2,0905$2,200
$2,200
RENT COMPS ANALYSIS
  • 213 Fairway Meadows Drive Garland, TX 3
    • 4 beds 2 baths ∙ 2,286 Sqft ∙ Built 1997 4 beds 2 baths ∙ 2,286 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.87
    •  
  • 230 Rustic Ridge Drive Garland, TX 1
    • 3 beds 2 baths ∙ 2,078 Sqft ∙ Built 1981 3 beds 2 baths ∙ 2,078 Sqft ∙ Built 1981
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.86
    •  
  • 5233 Turtle Cove Road Garland, TX 2
    • 4 beds 3 baths ∙ 2,248 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,248 Sqft ∙ Built 1987
    LEASED 06/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.89
    •  
  • 3921 Three Oaks Drive Garland, TX 4
    • 4 beds 3 baths ∙ 2,303 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,303 Sqft ∙ Built 2006
    LEASED 07/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $0.91
    •  
  • 518 Fairway Meadows Drive Garland, TX 5
    • 4 beds 3 baths ∙ 2,630 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,630 Sqft ∙ Built 1995
    LEASED 05/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.84
    •  
PROPERTY LISTING DETAILS
Travis Hitt
Rogers Healy And Associates
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14465437
Last Updated: 11/04/2020
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